China's first Hermes Maison opening in Shanghai
Updated: 2014-09-18 15:04
The fifth Hermes Maison in the world celebrated its opening in Shanghai on Sept 12 2014.
Located in a heritage-listed building from the Twenties on the downtown shopping street of Huaihai Road, the four stories, 1,174-square-meter store opened to the public after six years of renovations.
Despite a recent slowdown in China's luxury market, largely attributed to the government's ongoing crackdown on corruption and gifting, Hermès chief exectuive Axel Dumas said the brand is still doing well in China, in part because it relies less on the gifting market than other brands, therefore benefitting from more customers buying luxury items for personal use.
"We are very, very confident about the Chinese market, there are many trends in the Chinese market and we are seeing many people now buying for themselves, there is also a refinement, a knowledge of what is luxury," said Dumas, a sixth generation member of the Hermès family, who added that the brand's Madison Avenue Maison opened during the financial crisis of 2008 and has gone on to perform well.
A cyclist rides past China's first and world's fifth Hermes Maison on Huahai Road in Shanghai, China, Sept 16 2014. [Photo/IC]