FRANCE: Hermès buys d'Annonay tannery to protect supplies
Hermès Cuirs Précieux, the tannery division of Hermès International, has taken control of its long-standing supplier, the Tannerie d'Annonay.
The value of the transaction has not been disclosed.
The French luxury brand said the acquisition was "part of a strategy to preserve and develop sources of supply and the expertise which they represent."
Located in Annonay in south-east France, the Tannerie d'Annonay has an 8,000 square metre manufacturing site and employs 80 staff. Best known for its Grison brand, more than 70% of the company's turnover is accounted for by exports.
Hermès' tannery division generated a turnover of EUR63m (US$84m) in 2011, an increase of 47% on the previous year.
It purchases, tans, dyes and finishes exotic skins and hides used in a multitude of products including leather goods, shoes, belts and clothing.
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