How the Dumas family, heirs to the $49.2 billion Hermès fortune, turned a leather store into a luxury empire and became one of the wealthiest families in the world

Meira Gebel

March 19, 2019 8:06 PM

ERIC PIERMONT/AFP/Getty Images

Thierry Hermès, who was highly skilled with leather, opened a shop in Paris in 1837.

There are 16 heirs to the Herms fortune, but two cousins, Pierre-Alexis and Axel Dumas, are at the head of the ultra-luxurious Parisian fashion house that rakes in billions of dollars in profit each year .
Bloomberg estimates put the Dumas family fortune at $49.2 billion , making them one of the richest families in the world .
Herms, like Chanel , is one of just a handful of renowned retail businesses where a single family owns the controlling share .
Herms has become synonymous with exclusivity and perfection; its renowned Birkin bag can cost up to six figures.

Thierry Herms, an orphan , was skilled with leather so skilled, in fact, that his main clients in the 19th century were royal families.

Six generations later, the Herms family and brand is now known for its exclusive Parisian fashion house and a $49.2 billion fortune .

At the head of Herms, today are two cousins: Pierre-Alexis and Axel Dumas. Both are co-chairmen of the brand, Axel the CEO and Pierre-Alexis its creative director, whose father, Jean-Louis, revolutionized Herms from just selling perfectly crafted saddles to an international luxury retailer.

In the fashion industry, Herms is the ultimate status symbol: Its signature Birkin bag takes over 25 hours to make, costs up to six figures, and can be seen on the arms of celebrities and princesses.

Take a look at the history of Herms, and the family which is now one of the richest in the world that turned it into a fashion powerhouse.

See the rest of the story at Business Insider

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