Axel Dumas

Spear’s Review

With a market capitalisation of over $200 billion, Hermès is a huge player in the luxury world thanks to the deft leadership of executive chairman Axel Dumas, a descendant of the brand’s founder Thierry Hermès, and who first took on the CEO role in 2014. 

The stupendous growth (in 2023 group revenue grew by 21 per cent, and the company has weathered the turbulence in Asia affecting other luxury brands) has also made the leather goods and jewellery producer one of Europe’s biggest companies. After more than 185 years in business, the group is recording some of its biggest ever financial results, and, under Dumas, the firm has also made great strides in its watches division, moving the majority of manufacturing of its dials and cases in-house.

Perhaps one of Dumas’ most notable moves was bringing together fellow share-holding family members to pull together their stakes into one holding company, after long-time rival LVMH acquired around 23 per cent of shares in the business up to 2013. These ‘handbag wars’ were later put to rest when Bernard Arnault’s group gave up control of the majority of its holdings.