Silk and textile revenues increased 3% in 2018, the slowest growth of all business units of the French manufacturer of luxury goods.
Hermès International has become the latest victim of casual dress in men’s fashion after signaling a weakening in its silk business due to the lower appeal of ties.
Silk and textile revenues increased 3% in 2018, the slowest growth of all business units of the French manufacturer of luxury goods. The head of the company, Axel Dumas , said on Wednesday that the company has been introducing changes in production to adapt to new male preferences.
“There is a structural decline” in the ties, Dumas said at a media conference. “We have many developments in the future. We are introducing more scarves for men. “
As Goldman Sachs Group Inc. is committed to more relaxed dress standards, formal clothing manufacturers have been changing tactics to maintain sales growth.
The head of Hugo Boss AG , Mark Langer, said earlier this month that male dress codes will never return to the rigor of the 1990s, so he is diversifying his portfolio to include more sweaters and casual shoes instead of a So important approach to the costumes.
Hermès has been promoting its silk cashmere mix for men to boost demand for products like the Last Night Scarf of US $ 780, with the image of a DJ’s turntable.
The company also organizes parties and occasional events where clients are taught how to tie handkerchiefs while they are entertained with music and champagne.
The French manufacturer of Birkin bags also said that Chinese consumers’ demand continued to rise at the beginning of the year, following the growth of operating profits of 6% in 2018. The company raised worldwide prices around 3%. % of average last year.