LVMH has been the top most luxury brand in the world and its owner Bernard Arnault is the richest man in the world with a net worth of roughly over $200 billion, this week. However, luxury bag and scarf maker Hermes has now become the second most valuable brand in the luxury market after its market value reached $218 billion this week.
Bloomberg reported that the Birkin maker had reached this historic milestone of over 200 billion. It recently overtook Novartis AG, a pharmaceutical giant from Switzerland. The high-end market has seen success since the pandemic as the demand for upscale goods has grown. The luxury brand, Hermes saw a rally of about 30 percent, to date in 2023.
The post pandemic scenario saw an upsurge for luxury goods worldwide, with the Chinese and Asian market contributing a large market share to its resurgence. The increased demand for luxury items has not only made Hermes the second most valuable luxury brand after LVMH Moet Hennessy and Louis Vuitton SE but has also placed it as the eight most valuable company in the European Stoxx 600 index.
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Hermes is well known for its luxury handbags. Birkin bags start at $8,500 and rare ones can cost up to $400,000. They are considered to be status symbols and many celebrity stars flaunt these bags on occasion.
Hermes first introduced these bags in 1984. They named these handcrafted bags after Jane Birkin, a French-English actor and singer. The Birkin as it is called quickly became popular and is a much-coveted luxury good.
The French luxury goods maker is not only famous for its handcrafted luxury bags but is also popular for its silk scarves. The silk scarves are sold under the Hermes label while its luxury totes and bags are sold under the Birkin brand.
Hermes has not only become the second most luxurious brand but has also overtaken national giants, some of which include Airbus, Renault, Carrefour and Societe Generale.
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