Hermès confirms plans to hike prices on its $10,000 bags in response to U.S. tariffs [Fortune]
KERING SA UNSP/ADR (PPRUY)
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Source: Fortune
The French company, which had long resisted the sector-wide slowdown and became the most valuable luxury company ahead of LVMH earlier this week , said it plans to pass the additional costs from tariffs to its affluent customers. This will apply in addition to Hermès's planned price hike of 6-7% this year. Its bags comfortably cost over $10,000, with the rare ones even going up to over $85,000 “We are going to fully offset the impact of these new duties by increasing our selling prices in the United States from May 1, across all our business lines,” Hermès CFO Eric du Halgouet said in an interview with journalists on Thursday, Reuters reported Hermès warned it might do so during its annual results in February , as moving production is out of the question. “We're very attached to our production where it is,” executive chair Axel Dumas said, according to Bloomberg The Birkin and Kelly bag-maker shared its pricing plans along with its first-quarter results on Thursday. It repo
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