Customers queue up at the reopened main shop of French luxury group Hermes in Paris, France May 11, 2020. — Reuters pic
Net profits plunged 55 per cent to €335 million while its operational profitability fell to 21.5 per cent of revenue against 34.8 per cent a year earlier, a statement said. “This unprecedented crisis, which began at the start of the year and is still ongoing, allows us to test our business model’s strength,” Hermes Executive Chairman Axel Dumas said. Dumas said Hermes had “preserved jobs and maintained the basic salaries of its employees worldwide without having recourse to the exceptional governmental subsidies provided in various countries.
Source: News Formal (newsformal.com)
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