Hermes Analysis

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2014 ANNUAL REPORT

OVERVIEW OF THE GROUP

REVIEW OF OPERATIONS


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2014 ANNUAL REPORT


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REGISTRATION DOCUMENT FILED WITH THE AUTORIT DES MARCHS FINANCIERSIn accordance with Article 212-13 of the AMF General Regulations, this shelf-registration document,

which contains the annual financial report and comprises volume 1 and volume 2 of the Annual Report, was filed with the AMF on 16 April 2015.This document may be used in support of a financial transaction only if it is supplemented by an offering circular approved by the AMF.

This document has been drawn up by the issuer and implies the responsibility of its authorised signatories.

This document is a free translation into English of the Document de Rfrence, originally prepared in French, and has no other value than an informative one.Should there be any difference between the French and the English version, only the French-language version shall be deemed authentic

and considered as expressing the exact information published by Herms.


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2014 ANNUAL REPORT

OVERVIEW OF THE GROUP


VOLUME 1

Herms InternationalPartnership limited by shares with share capital of 53,840,400.12 Commercial and Company Register of Paris no. 572 076 396

Registered office: 24, rue du Faubourg Saint-Honor 75008 Paris.Tel.: + 33 (0)1 40 17 49 20 Fax: + 33 (0)1 40 17 49 94.

Legal filing, 2nd quarter of 2015 ISBN 978-2 35102-0579


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2014,METAMORPHOSIS,AN HERMS STORY

VOLUME 2

Overview of Herms International and mile Herms SARL

Corporate GovernanceInformation on the Share Capital and the Shareholders

Property and InsuranceCSR Appendices: Environmental Information

CSR Appendices: Human ResourcesConsolidated Financial Statements

Parent Company Financial StatementsCombined General Meeting of 2 juin 2015

Additional Legal InformationCross-reference Table

MESSAGE FROM THE CHAIRMEN

GROUP OVERVIEW

Group ManagementManagement Bodies

Six Generations of Craftsmen

Key FiguresSimplified Organisation Chart as at 31.12.2014

Industrial map as at 31.12.2014

7

111215

202425


General TrendActivity byMtierActivity by RegionCommunicationFondation dEntreprise HermsSustainable Development and the EnvironmentHerms: A Responsible, Committed EmployerRisk ManagementConsolidated ResultsOutlookSummary Consolidated Financial StatementsShareholders Guide

2831

5971

74788691

9699101

106


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Lighting collection: Harnaisand Pantographelamps.


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mile Herms SARLExecutive Chairman,representedby Henri-Louis Bauer

Axel DumasExecutive Chairman

MESSAGEFROM THE CHAIRMEN

VIBRANT, CHEERFUL AND LIGHT OF HEART

Our Parisian home at 24, faubourg Saint-Honor is builton solid ground. Those who choose to look up from

the pavement will see, on the roof, a little pocket of garden,

bounded by a balustrade. Visible at the corner ofthe building, as the figurehead of this motionless ship,is a statue of a horse, and, mounted upon it, a young mansporting a hat adorned with a tricoloured cockade.In each hand he bears aloft a silk scarf, multi-coloured this

time, fluttering in the breeze. These are of courseHerms scarves, and this young man our standard-bearer,his attitude vibrant, cheerful and light of heart.

In 2014, we at Herms also felt vibrant, cheerful and lightof heart the past year once again rewarding us withexcellent results. Let us not deny ourselves the pleasureof enjoying them.

While we may favour a light touch in our creations, weattach great importance to the robustness of our financesand our results. Much like vitamins for the body, goodresults fortify the business, and a healthy future requiresa solid constitution.

Amongst the signs of Herms buoyant state of health werethe excellent results achieved in Asia and the United Statesdespite an uncertain context. The house also continuedits strong international development at the deliberate tempoof what a musician would describe as allegro ma non troppo.

Leather goods and saddlery, clothing and accessories,and silk and textiles all received the renewed appreciationof our customers, who proved to be more delightful

than ever. This translated into an excellent performance interms of production, and herein lies perhaps one of ourkeenest pleasures: that of creating numerous manufacturingjobs every year in France and perpetuating our craftsmanship.


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GROUP

OVERVIEW


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The members of the Executive Committee in mile Herms former office at 24 Faubourg Saint-Honor, in Paris.From left to right:Florian Craen, Axel Dumas, Pierre-Alexis Dumas, Guillaume de Seynes, Mireille Maury and Wilfried Guerrand.


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EXECUTIVE COMMITTEE


Patrick Thomas 1

Executive Chairman

Patrick Albaladejo 2Executive Vice PresidentStrategic Development

& Corporate Image

Florian CraenExecutive Vice President

Sales & Distribution

Pierre-Alexis Dumas

Artistic Executive Vice PresidentWilfried Guerrand 3

Executive Vice Presidentin charge of Digital Projects

Mireille MauryExecutive Vice PresidentFinance & Administration

Guillaume de SeynesExecutive Vice PresidentManufacturing Division& Equity Investments

GROUPMANAGEMENT

The role of the Executive Chairmen is to manage the Group and act in its general interest,

within the scope of the corporate purpose and subject to those powers expressly granted by lawto the Supervisory Board and to General Meetings of shareholders.Herms Internationals executive management is comprised of the Executive Chairmen and the

Executive Committee, each of whom has well-defined areas of responsibility.Its role is to oversee the Groups strategic management.

1. Until 31 January 2014.2. Until 28 February 2015.3. Since 1 July 2014.

EXECUTIVE CHAIRMEN


Patrick Thomas 1

Executive Chairman

mile Herms SARLExecutive Chairman,

represented byHenri-Louis Bauer


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The Supervisory Board exercises ongoing control overcompany management. For this purpose, it has the samepowers as the Statutory Auditors. The Supervisory Boarddetermines the proposed earnings allocation for thefinancial year to be submitted to the Annual GeneralMeeting. The Active Partner must consult the SupervisoryBoard before making any decisions pertaining to strategicoptions, to consolidated operating and investment budgetsor to recommendations to the General Meeting withrespect to the distribution of share premiums, reserves and

retained earnings. The Supervisory Board also submitsto the Active Partner its considered recommendations onthe appointment or possible revocation of the powersof the Executive Chairmen.The Audit Committee ascertains that the consolidatedfinancial statements fairly and accurately reflect the Groupsfinancial position.The role of the Compensation, Appointments and GovernanceCommittee is to ascertain that the remunerationof the Executive Chairmen complies with the provisions of

the Articles of Association and the decisions made bythe Active Partner. The Committee also participates

in drawing up proposed appointments of corporateexecutive officers and is responsible for monitoringcorporate governance matters.The Active Partner is jointly and severally liable for all

the Companys debts, for an indefinite period of time.The Active Partner has the authority to appoint or revoke

the powers of the Executive Chairmen, after receiving theconsidered recommendation of the Supervisory Board.The Active Partner makes all decisions pertaining to theGroups strategic options, consolidated operating and

investment budgets, and recommendations to the GeneralMeeting with respect to the distribution of share premiums,reserves and retained earnings, on the recommendationof the Supervisory Board. It may submit recommendations

to the Executive Management on any matter of generalinterest to the Group. It authorises all Company loans,sureties, endorsements and guarantees, any pledges ofcollateral and encumbrances on the Companys property,as well as the creation of any company or acquisition ofan interest whenever the investment amounts to more than10% of the Groups net worth.

ric de SeynesChairman of

the Supervisory Board.

MANAGEMENTBODIES


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SUPERVISORYBOARD

AUDITCOMMITTEE

COMPENSATION,APPOINTMENTS

AND GOVERNANCECOMMITTEE

ACTIVEPARTNER

ric de SeynesChairman and member

Maurice de Kervnoal 1Vice-Chairman

Monique Cohen 2Vice-Chairwoman

Dominique SenequierVice-Chairwoman

Charles-ric BauerMatthieu DumasBlaise GuerrandJulie Guerrand

Renaud MommjaRobert PeugeotNicolas Puech 3

Florence Woerth

Maurice de Kervnoal 1Chairman

Monique Cohen 2Chairwoman

Charles-ric BauerRenaud Mommja

Robert PeugeotFlorence Woerth

Dominique SenequierChairwoman

Matthieu DumasRobert Peugeot

mile Herms SARL,represented by its

Management Board:

Henri-Louis BauerExecutive Chairman,

Chairman and Member ofthe Management Board

Philippe DumasVice-Chairman

Hubert GuerrandVice-Chairman

Sandrine BrekkeFrdric Dumas

douard GuerrandAgns Harth

Laurent E. MommjaPascale Mussard

Jean-Baptiste PuechGuillaume de Seynes

1. Until 3 June 2014.2. Since 3 June 2014.3. Until 8 August 2014.


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Boots in Brides de galaprint calfskin.


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SIXGENERATIONS

OF CRAFTSMEN

Today, Herms employs 11,718 people worldwideand has 311 exclusive stores, 207 of which are directly

operated. Although it has achieved international stature,Herms has never lost its human touch and continuesits tradition of fine craftmanship.

Thierry Herms, a harness-maker, set up businessin Paris in 1837. Ever since, his descendants have worked

together to develop the Herms Group. In 1880, his sontransferred the family business to its now-famous address,24 Faubourg Saint-Honor, where he expanded intosaddlery. Soon, he was supplying saddles and harnesses to

the stables of aristocrats all over the world.

In 1918, with the advent of the automobile, the foundersgrandson, mile Herms, foresaw the coming changes intransportation and envisioned new lifestyles. He launcheda line of fine leather saddlestitched goods and luggage.The Herms style was born, and its field of activity hasnever ceased to grow. mile Herms also accumulateda private collection of paintings, books and articles thatwere to be a source of inspiration for designers. During

the 1950s, mile Herms sons-in-law, Robert Dumas andJean-Ren Guerrand, continued to diversify operationswhilst safeguarding the brands integrity, creating clothing,jewellery, watches, diaries, silk scarves.

From 1978 and aided by other fifth- and sixth-generationmembers of the family, Jean-Louis Dumas brought renewed

impetus to Herms by expanding into new mtiersand establishing a global network of Herms stores.

Twenty-eight years later, in 2006, he handed the reinsto Patrick Thomas and the company mile Herms SARL,appointed Executive Chairmen, while the artisticdirectorship was entrusted to Pierre-Alexis Dumas inFebruary 2009. Axel Dumas, member of the sixthgeneration of the Herms family, was named ExecutiveChairman in 2013 alongside Patrick Thomas, who, once

the transition was complete, decided to leave his postof Executive Chairman in January 2014.

Today, Herms applies its creativity to a wide rangeof sectors: leather goods and saddlery, mens and womensready-to-wear, footwear, belts, gloves, hats, silks and

textiles, jewellery, furniture, furnishing fabrics, wallpaper,tableware, fragrances, watches and petit .

International in scope, Herms is characterisedby superlative manufacturing inspired by the valuesof traditional craftsmanship, and remains a family firmwith a uniquely creative spirit.


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1. Talaris saddle, 2010.2. Nantucketwatch, 1991.

3. Constancebag, 1967.4. Oransandal, 1997.

1

2

3

4


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Six generations of craftsmen

17

1837Harnesses

1867Saddles

circa 1900Haut courroiesbag,

designed by mile Herms

1903Rocabarblanket

1922Belts

1923Two-handled bag

1924Gloves with zipper

From 1925First sports jacket, followed

by the development of womensand mens fashions

Mallette coins rapports

1927Wristwatches

Filet de sellebracelet

1928ErmetowatchSac dpches

1930Diaries

1937First silk scarves

1938Chane dancrebracelet,

designed by Robert DumasFirst garments with silk scarf patterns

1949Printed silk ties

Collier de chien belt and bracelet

1951Eau dHerms

1954Beach towels in printed terry towelling

1956The bag designed by Robert Dumas

in the 1930s is officiallynamed the Kelly

1961Twillaine: garments in knit

and silk twillCalchefragrance for women

1967Constance bag

1970quipagefragrance for men

1971Nausicaabracelet

1972First Herms shoes for women

For over 175 years, Herms has been creating, inventing and innovating.Some of our models enjoy enduring success decades after

they were first designed. Reissued, reinterpreted and reinvented,these timeless creations forge the identity of Herms.

1974Amazonefragrance for women

1975Passe-Guide bag

KellywatchJohn Lobb shoes

1978First complete mens

ready-to-wear collectionHighlandghillie shoes

Enamel bracelets

1979Eau de Cologne Herms,

renamedEau dorange verte in 1997Pleated scarves

1981Clipperwatch

1984Pivoinesporcelain tableware

Birkin bag, created by Jean-Louis Dumas

1985Gavroche scarves in silk twill

1986

Bel Ami fragrance for menToucansporcelain tableware

Pippafurniture

1991Cape Cod watchNantucket watch

1993OxersaddleMdorwatch


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1. Voyage dHerms fragrance, 2010.2. Les Maisons enchantes faience tableware, 2010.

1

2


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Six generations of craftsmen

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1995

24 Faubourgfragrance for womenFourre-toutbag

1996

Harnaiswatch

Heure Hwatch

1997First Herms shoes for men

Oran sandal

1998Herbag bag

Twice-round leather watch straps

Quicktrainers

1999

Hiris fragrance for women

2000

Corlandus dressage saddleTandem watch

Nilporcelain tablewareRouge Hermsfragrance

for women

2002Picotinbag

Plein cuirdesk line, a reissue of a rangeoriginally created in the 1930s

Quarkring

2003

Un Jardin en MditerranefragranceTwillyin silk twill

Dressage automatic gold watch

trivirebriefcase2004

Eau des Merveilles fragrance for womenBrasiliajumping saddle

First Hermessencefragrance collection

2005

Un Jardin sur le Nil fragranceBalcon du Guadalquivir

porcelain tableware

2006Terre dHerms fragrance for men

Cheval dOrientporcelain tableware

2007

LindybagScarves 70 in vintage silk

Kelly Calche fragrance for womenFil dargentporcelain tableware

Jewellery in rose goldand brown diamonds

2008Jypsire bag

Horizon diary

First Herms diteur scarfUn Jardin aprs la Mousson fragrance

2009Victoriasaddle

Dip-dye scarvesColognes Herms

Mosaque au 24porcelain tablewareCape Cod Tonneau watch

2010First haute bijouterie collection

Les Maisons enchantesfaience tableware

TalarissaddleVoyage dHerms fragrance

Jean-Michel Frank furniture reissuedby HermsToolbox bag

2011Bleus dAilleurs porcelain tableware

Berline bagUn Jardin sur le Toit fragrance

Arceau Le temps suspendu watchFirst collection of furnishing fabrics

and wallpapers

2012Jour dHermsfragrance for women

8 cm ties in heavy silk twill

2013Cavale saddleMaxibox bag

Le Flneur dHerms leisure bicycleRallye 24porcelain tableware

Les Ncessaires dHermsoccasional furniture

2014Oxerbag

NautiluspenFaubourg watch

Third haute bijouterie collectionLe Parfum de la maison

H-Dcotea and dessert serviceLighting collection


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20

Leather Goods-Saddlery 45% (44%) Ready-to-Wear and Accessories 23% (22%) Silk and Textiles 12% (12%) Other Herms Mtiers 7% (7%) Fragrances 5% (6%) Watches 3% (4%)

Other products 5% (5%)

France 16% (16%) Europe (excl. France) 19% (20%) Americas 17% (17%) Japan 12% (12%) Asia-Pacific (excl. Japan) 34% (33%)

Other 2% (2%)

KEY FIGURES

KEY CONSOLIDATED DATA (M)

(millions of euros) 2014 2013 2012 2011 2010

Revenue 4,118.6 3,754.8 3,484.1 2,841.2 2,400.8Operating income 1,299.3 1,218.0 1,118.6 885.2 668.2Net income attributable to owners of the parent 858.8 790.3 739.9 594.3 421.7Operating cash flows 1,048.7 1,015.9 884.8 722.8 571.5

Investments (excluding financial investments) 322.2 232.4 370.0 214.4 153.8Shareholders equity 1 3,449.0 2,825.6 2,344.4 2,312.8 2,150.3Net cash position 1,421.6 1,022.0 686.1 1,038.3 828.5Restated net cash2 1,493.6 1,091.0 721.0 1,044.2 950.1Economic value added3 722.9 679.1 628.5 463.8 332.7Return on capital employed (ROCE) 4 39% 41% 46% 42% 32%Number of employees 11,718 11,037 10,118 9,081 8,366

BREAKDOWN OF REVENUEBY MTIER 2014 (2013)

BREAKDOWN OF REVENUEBY REGION 2014 (2013)

1. Equity excluding non-controlling interests.2. Includes non-liquid financial investments and borrowings.3. Difference between adjusted operating income (excluding the financial result and exceptional elements), after tax on operating income,and the average cost of capital employed during the year multiplied by the weighted average cost of capital employed by the Group.4. Adjusted operating income (excluding the financial result and exceptional elements), after tax on operating income,on the average cost of capital employed during the year.


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CHANGE IN CONSOLIDATEDREVENUE (M)

NUMBER OF EXCLUSIVERETAIL OUTLETS

INVESTMENTS (EXCLUDING FINANCIALINVESTMENTS) AND OPERATING

CASH FLOWS (M)

2005 20052006 20062007 20072008 20082009 20092010 20102011 2011

1,427 1,515 1,6251,765

1,914

2 401

2,841

3,4843,755

4,119

384 401 415449 463

668

885

1,1191,218

1,299

2012 20122013 20132014 2014

CHANGE IN RECURRINGOPERATING INCOME (M)

2010 2011 2012 2013 2014

571

154214

370

885

232

1,016

322

1,049

723

2010 2011 2012 2013 2014

193205 205 203 207

104112118123124

317328 323 315 311

InvestmentsOperating cash flows

ConcessionnairesBranches


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Key figures

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KEY STOCK MARKET DATA(SOURCE BLOOMBERG)

2014 2013 2012

Number of shares as at 31 December 105,569,412 105,569,412 105,569,412Average number of shares (excluding treasury shares) 104,267,723 104,118,188 104,087,228Market capitalisation as at 31 December 31.12bn 27.81bn 23.89bnEarnings per share (excluding treasury shares) 8.24 7.59 7.11Dividend per share 7.95 1 2.70 2.50Monthly average daily trading volume 31,375 20,194 40,57212-month high share price 317.40 283.20 290.9012-month low share price 223.95 224.15 207.7012-month average share price 252.40 255.73 241.84Share price as at 31 December 294.80 263.50 226.30

1. Equivalent to an ordinary dividend of 2.95 and an extraordinary dividend of 5.00. Subject to approval by the Ordinary General Meeting of 2 June 2015.An interim dividend of 1.50 was paid on 5 March 2015.

AVERAGE DAILY TRADING VOLUME(NUMBER OF SHARES)

(SOURCE BLOOMBERG)

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

14,000,000

12,000,000

10,000,000

8,000,000

6,000,000

4,000,000

2,000,000


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HERMS INTERNATIONAL SHARE PRICE / CAC 40 INDEX (BASE: 100 ON 3 JUNE 1993)(NUMBER OF SHARES)

(SOURCE BLOOMBERG)

HERMS SHARE PRICE HISTORY ()

0

50

100

150

200250

300

350

03/0

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1993

1994

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1996

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1998

1999

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2007

2008

2009

2010

2011

2012

2013

2014

0

7,000

6,000

5,000

4,000

3,000

2,000

1,000

Herms share CAC 40 INDEX


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SIMPLIFIED

ORGANISATIONCHART

HERMS INTERNATIONAL

Overview description of the group as at

31.12.2014

RETAIL DISTRIBUTIONOF HERMS BRAND

PRODUCTS

Distribution subsidiaries in 27 countriesArgentinaAustraliaBelgium

BrazilCanada

China, Hong Kong, TaiwanCzech Republic

FranceGermanyGreeceGuamIndiaItaly

JapanMalaysiaMexicoPortugal

Principality of MonacoRussia

SingaporeSouth Korea

SpainSwitzerland

ThailandTurkey

United KingdomUSA

PRODUCTION AND WHOLESALEDISTRIBUTION

OF HERMS BRAND PRODUCTSDESIGN, OTHER BRANDS AND

OTHER MTIERS

Fragrances sector

Watchmaking sector

Home sector

petit

Herms Horizons

John Lobb bootmaker

Cristalleries de Saint-Louis

Verel de Belval,Bucol, Mtaphoreand Le Crin textiles

Shang Xia

PRODUCTION

Leather Goods sector

Tanningand Precious Leathers sector

Textiles sector

24

The main consolidated companies as at 31 December 2014 (distribution subsidiaries and holding companies of the sectors) are listed in note 32 of the consolidated financial s tatements.


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Le VaudreuilPerfumes

Leather Goods

BognyLeather Goods

Saint-Louis-ls-BitcheCristalleriesde Saint-Louis

SeloncourtLeather Goods

VivoinTanning

Le MansTextiles

Saint-JunienGloves

MontbronLeather Goods

Saint-Just-le-MartelPorcelainEnamelNontron

TextilesPorcelainLeather Goods

SayatLeather Goods

BussiresTextiles

AnnonayTanning

BelleyLeather Goods

Les AbretsLeather Goods

Bourgoin-JallieuTextiles

Aix-les-BainsLeather Goods

Le Grand-LempsTextiles

Pierre-BniteTextilesLeather Goods

IrignyTextiles

MontereauTanning

ParisJohn Lobb Shoes

FG Saint-Antoine

Leather Goods

FG Saint-Honorand PantinLeather Goods-Saddlery

PantinSilversmithing(Orfverie Puiforcat)Leather Goods


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REVIEW OF

OPERATIONS


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GENERALTREND

STRONG SALESAND EARNINGS GROWTH

Revenue totalled 4,119M, up 10% and 11% at constant

exchange rates. Operating income was 1,299M(31.5% of sales), up 7%. Net profitability amounted to 21%of sales, as in 2013.

SALES

BY REGION AND MTIER(at constant exchange rates unless otherwise indicated)

The strong growth in sales generated by the groups own

stores in 2014 (+12.7%) results from solid progress inall regions. Herms continued the qualitative developmentof its distribution network with the opening of Chinas firstHerms Maison in Shanghai in September and the opening,renovation or extension of over fifteen outlets.

All regions posted strong growth rates

America (+15%) confirmed its development dynamic. In theUnited States, the Atlanta store was extended, and in Brazil

the group took over the So Paulo concession. Japan (+13%)

achieved an excellent year, confirming the positive trendobserved in the first nine months. Non-Japan Asia (+13%)posted a good performance in a context marked by recentevents in Hong Kong and the general slowdown in Chinasmarket. Europe (+7%) continued to progress in a difficultfinancial climate.

All sectors have recorded growth,with the exception of Watches

The remarkable growth in Leather Goods and Saddlery(+15%), for which demand remains very high, was supportedby the increased production capacities of the two newsites in Isre and Charente. Plans are underway to build twonew manufactures in Franche-Comt. Ready-to-wearand Accessories (+12%) have been boosted by the successof the latest ready-to-wear collections and fashionaccessories, with particular buoyancy in footwear. The Silkand Textiles business line (+8%) continued to expandits collections with new formats and the use of exceptionalmaterials. A new online showroom and store for Herms silk,


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lamaisondescarres.com, was successfully launchedin September. Fragrances (+10%) continued to grow. Twolines were extended with new launches, Terre dHermsEau trs frache and Jour dHerms Absolu, which werewarmly received. Watches (-11%) remain penalizedby the decline in this industry, particularly in China. Other

Herms mtiers (+15%) continued to grow. Jewellery,which presented its new haute bijouterie collection at the24 faubourg Saint-Honor store in Paris, made a significantcontribution to this dynamic with the success of the latestcollections in gold.

NET PROFITABILITY MAINTAINEDAT 21% OF SALES

Operating income totalled 1,299M and operating marginamounted to 31.5% of sales, down slightly from

the all-time high achieved last year (32.4%) due tothe negative impact of currencies. Consolidatednet income totalled 859M and rose by 9%, maintainingnet profitability at 21% of sales. Cash flow (1,049M)was able to finance all operational and financial investments(322M), distribution of the dividend (285M) andworking capital requirements (105M). Net cash grewsharply and amounted to 1,422M on 31 December 2014versus 1,022M on 31 December 2013. In 2014, HermsInternational repurchased 38,396 shares for 10M, outside

the movements made in the framework of the liquiditycontract. On 2 September 2014, Herms International

(Herms) and Mot Hennessy Louis Vuitton (LVMH)reached a settlement agreement presented in a HermsGroup press release dated 12 February 2015, and whoseimplementation terms are detailed in the LVMH pressrelease of 3 November 2014.

GROWTH IN WORKFORCEThe Herms Group created nearly 700 new jobs,including over 400 in France, primarily in the productionfacilities and in sales. At the end of 2014, the groups

workforce comprised 11,718 employees, of which 7,051are located in France.

2015 OUTLOOKSFor 2015, despite the economic, geopolitical and monetaryuncertainties around the world, the target rise in revenueat constant exchange rates is around 8%. Thanks to thesuccess of its unique business model, Herms will continueits long-term development strategy based on creativity,maintaining control over its know-how and protectingits supply sources. Staying true to its Parisian roots, Hermsis inviting us to see 2015 through the eye of the flneur.The flneur masters the art of being able to escape, his eyeswide open, and experience a chance meeting, the pleasureof a discovery or the benefits of taking a break.


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8 cm ties in silk twill.


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2014 2014 2013 2013 Evolutions at current Evolutions at constant (Revenue in M) (Mix in %) (Revenue in M) (Mix in %) exchange rates exchange rates

Leather Goods-Saddlery 1,842 45% 1,634 44% 12.7% 14.6%Ready-to-wear and Accessories 934 23% 843 22% 10.7% 12.0%Silk and Textiles 482 12% 454 12% 6.3% 7.6%Other HermsMtiers 281 7% 247 7% 13.7% 15.1%Fragrances 231 5% 210 6% 10.1% 10.4%Watches 148 3% 167 4% (11.4)% (10.6)%Other Products 201 5% 200 5% 0.3% 0.7%

Consolidated revenue 4,119 100% 3,755 100% 9.7% 11.1%

ACTIVITY

BY MTIERThe Herms mtiers draw on a wide range

of skills in pursuit of their ambitious creative objectives.Year after year, driven by a permanent quest for innovation and a deeplyembedded culture of excellence, they add to the Herms collections,

now comprising over 50,000 references. In 2014, many new arrivalsthus helped expand the groups product ranges

and nurture its growth.


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1.Mini-Convoye urwallet in Evercolor calfskin .2. Verrou clutch in Doblis calfskin.

3. Clutches in Swift calfskin.

4. Halzanbag in Clmence bullcalf.5. Plume 32bag inEn dsordreprinted Toile H and Togo calfskin.

6.Alleretour Messenger 34bag in dip dye Toile H and Sombrero calfskin.7. triviremessenger bag in Sombrero calfskin and Hunter cowhide.

1

2

3

4

5

6

7


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Activity by mtier

33

LEATHER GOODS-SADDLERY

Leather Goods-Saddlery, the original mtier of Herms,encompasses bags for men and women, clutches,briefcases, luggage, small leather goods, diaries andwriting objects, saddles, bridles and a full range of equestrianproducts and clothing.In 2014, its activity represented 45% of the groups sales,with a turnover of 1,842 million, an increase of 15%at constant exchange rates.

Saddlery and leather goods articles are born ofan alchemy of authentic materials, selected according

to rigorous standards, and the skilled hands of the saddler-leatherworkers, who apply traditional know-how passeddown from generation to generation. The daily, patient

dialogue with raw leather that the artisans bend to theirwill and fashion into shape endows these objects with theextra measure of soul that makes them exceptional.

Today, production is ensured by over 2,500 saddler-leatherworkers spread over fourteen manufactures locatedin Paris, Pantin and various regions across France. In

the face of ever-increasing demand, Herms recruitedover 230 artisans in 2014 and completed the constructionof two production sites in Charente and Isre, whilst alsopursuing plans to establish two new manufacturesin Franche-Comt. At the same time, the house perpetuated

its historic know-how of harness-maker and saddler,ensuring its craftsmen perfect their technique onan ongoing basis, particularly through its training andprofessional qualification programmes.

Underpinned by creativity in a state of perpetual renewal,the collections of bags and luggage, small leather goods andequestrian products again met with great success in 2014.

In leather goods, many models confirmed their status askey sellers, from the Lindyto theJypsire, the Toolboxto

theConstance, the Bolideto the So Kelly, theDouble Sensto theVictoria, the Plumeto the Picotin not to mentiontheKellyand theBirkin, which continue to be reinventedin different colours and leathers.

Finally, a wealth of new items arrived throughout the year,bringing plenty of surprises and firing the imagination.

BAGSAND LUGGAGE

Leather goods responded to the 2014 theme,Metamorphosis, an Herms Story, by creating newmodels of versatile bags, equipped with originalfolding and zip systems.

The Oxerbag, for example, its sides echoing the curves ofsaddle flaps, can be carried in three different ways thanks

to its ingenious folds. Halzan, a bag with an equestriancharacter and simple lines can also be transformed to suitevery whim with five possible carrying options. ThePasse-Passemessenger and shopping bags bring to mindbag and luggage covers, whose size can be changed inan instant. As for the canvas and leatherAlleretour Messenger,part messenger bag, part satchel, it makes a modern,laid-back companion for the adventurous city-dweller.

The mtier also produced detailed and contemporaryreinterpretations of several emblematic Herms bags.

TheBolide Paddock bag has a surprising graphic aspect,with its streamlined shape consisting of a raw-edged leathershell paired with H Tech canvas to make it supple andlight. The Plumecollection was enhanced by a modelin printed or entirely hand-embroidered Toile H canvas.Practical and user-friendly with its removable strap,

the Steve Meetingbriefcase is a bag with an urbanlook for the busy man. Finally, the trivireline ofmessenger bags and briefcases welcomed a new mens

folder in a lengthened format: thetrivire Folder.The evening bag collection saw the addition of a newline, the Collection Prcieuse, which draws on the mostexceptional know-how and materials. Several piecesfeaturing lizard and crocodile skin designed for petit soirand grand soir evening events were also created,as well as a highly sophisticated, ultra-feminine bag,

the Poudrierwith the pure facetted lines of a diamond.


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DIARIES,SMALL LEATHER GOODSAND WRITING OBJECTS

Since the 1930s, Herms has been offering its customersdiaries, notebooks and briefcases as loyal companions.

In September 2014 the story continued with the launchof new product family writing objects adapted to todayspractices, and reliable and easy to use in all circumstances.

The new lines key piece is the Nautilusballpoint orfountain pen, created in collaboration with designerMarc Newson and equipped with a solid aluminium andstainless steel body, a retractable tip and a rotating soft-close mechanism. It is complemented by a Box calfskincase and a Box calfskin-sheathed steel cartridge holder.

A large number of accessories enrich the collectionalongside Ulyssediaries and notebooks, including the Box

calfskin writing set, airmail paper pads, writing pads,envelopes, Grain dHnotebooks, silk-covered notebooks,silk postcards, etc.

Thus Herms offers its contemporary vision of writing,demonstrating a fresh, creative, innovative perspective

that embraces both functionality and poetry.

The mtieralso continued to develop its collectionsof small leather goods, to ensure products are adapted

to the way customers want to use them. Inspiredby the Convoyeur bag with its characteristic clasp, the

Mini-Convoyeuris the answer to travelling light

with passport, cards and money, while hands are kept freethanks to a removable strap. TheSmartpouchesare designed to stretch the boundaries of the possible,

their ingenious system of inner pockets accommodatingevery size of mobile phone. For men, the Manhattanwalletsand card holders combine various leathers placed edge

to edge, slipping easily into a jacket or trouser pocket, whilethe flat Tohu-Bohupencil cases, in lambskin and availablein various formats, can be carried in a bag.

EQUESTRIANThe major event of the Equestrian year was that Hermsbecame the official partner of the United States EquestrianFederation (USEF), since the World Equestrian Games in2014, equipping both horses and riders in eight disciplines.

This new partnership with one of the top internationalteams confirms the quality, technicity and elegance of thecollection, adopted by the US teams for all competitiveevents entered by nation, such as the World Cup and

the Nations Cup.

Staying true to its value of supporting young talent andcommitment for the long term, Herms initiated newpartnerships with talented young hopefuls in the equestrianworld. The following partner riders all joined the Herms

team in 2014: Lillie Keenan from the United States(age 18, double gold medallist at the US Young Rider

Championships); Laetitia du Coudic from Switzerland(age 18, individual gold medallist at the 2013 JuniorEuropean Championships); Laura Klein from France(age 13, twice French pony champion); and VictorLevecque, also from France (age 16, individual and teamEventing gold medallist at the European Championshipsfor Ponies, CCE 2014).

Finally, the Herms Cavalejumping saddle continued toreinforce Herms firm footing in equestrian circles;it is now used by an increasing number of internationalriders such as Simon Delestre (France), Dan Neilson

(United Kingdom), Pilar Lucrecia Cordon Muro (Spain)and Daniel Bluman (Colombia).


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Nautiluspens in aluminium and steel.


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READY-TO-WEARAND ACCESSORIES

The Ready-to-Wear and Fashion Accessories mtier isthe Herms groups second largest sector, with 23% ofconsolidated sales. In 2014, it generated 934 millionin sales, a rise of 12% at constant exchange rates.

WOMENSREADY-TO-WEAR

Following four years of fruitful collaboration, Hermsand Christophe Lemaire decided to part ways after thepresentation of the 2015 spring-summer collection,as the artistic director wished to focus fully on his ownbrand. Over his four year tenure, Christophe Lemaire madean elegant contribution to defining the style of womens

ready-to-wear and skilfully highlighted the superior materialsand expertise involved. Under his artistic direction, themtier adopted a renewed aesthetic and recorded highlysatisfactory sales results. For the two 2014 collections,Christophe Lemaire continued to provide a wardrobeof loose, fluid pieces.

The spring-summer collection proposed a discreetlyelegant, romantic silhouette, the colours drawn froma plant-inspired palette of deep tones lifted with vivid

touches. Beautifully supple leathers were worked inshades of chlorophyll, and the collection included many

prints floral or symbolic theNnuphars motif finding itscounterpart in the Quadrige design embroidered on silk.

The autumn-winter collection continued to celebratematerials and colour harmonies, alternating trouser suitsinspired by menswear with intensely feminine drapeddresses. Leather, worked to become a second skin, was

transformed into sleeveless dresses of moir calfskin withblue-toned reflections, or ultra-supple liquorice blackdeerskin. A sleeveless coat in soft ecru sheepskin revealeda silk back printed with the Selle dapparat marocaine motif.

Nadge Vanhe-Cybulski, who was appointed womensready-to-wear designer in July, unveiled her first collectionin March 2015.

Womens ready-to-wear, sprin g-summer 2014 collection .


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MENSREADY-TO-WEAR

The year 2014 marked Vronique Nichanians 25thanniversary at the head of mens collections. Season afterseason she casts a fresh eye over menswear, playing on thedirection of lines, a taste for detail, a mix of materials and

the concept of the clothing object.

Continuing in this vein, the summer collection marriedgrey tones with intense, calming colours blue, sienna andemerald to create a relaxed, carefree look full of supplemovement. The theme of the year was revealed throughmultiple trompe lil effects, such as the perforationson a peacoat, an illusive Cheval ombr design ona sweatshirt or shirt, and the lambskin/nubuck dgradon a leather jacket. Light, natural or technical materials gavea bohemian feel to the collection, illustrated by shirts withremovable scarf collars, short-sleeved shell tops, beltedoveralls and tie print jackets and trousers.

In contrast, the winter collection revelled in a palette ofdark tones, worn together or contrasted with deep red orice blue. They graced suits with elemental lines, generouslyproportioned overcoats and parkas, joggers in lambskinand knitwear with a spider motif or vanishing cable knits.Metamorphosis was concealed in the effects created by thematerials, such as combinations of matt and shiny textures,

the transformation of a fabric into phantom leatheror trompe loeil Jockeypanels. A synergy of expertise andinnovation created an element of surprise crocodile skinon a down jacket made an unexpected pairing, or woolratine on coats.

Through these two anniversary collections, VroniqueNichanian pursued her vision of a contemporary menswearwith passion and enthusiasm.

Mens ready-to-wear, autumn-winter 2014 collection.


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1. Shapka in merino wool.

2 and 5. Womens gloves in glazed lambskin.

3. Bracelets in enamel.

4. Printed hat in crepe weave.

6. Bracelets in Ikat lacquer.

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ACCESSORIESThe Accessories department comprises jewellery in leather,enamel, metal, horn and wood, mens jewellery, and belts,gloves and hats.

JEWELLERYACCESSORIES

To illustrate the theme of metamorphosis, jewelleryaccessories embraced a wealth of innovations and effectsproduced by different materials. Specialist skills wereexplored for leather bracelets, such as waterjet cutting togive leather the form of the Chane dancre link in a light,summery reworking. Paired with a palladium-plated buckleon a Javabracelet, it encircles the wrist like a stirrup leather.

The mens collection also gave pride of place to metal, andintroduced the Tournis tress, a woven leather variation of

the Tournis bracelet.

Wood bracelets were decorated either with Ikat lacquer,skilfully polished to allow the depth of jet black to show

through the luminous radiance of white lacquer, or pairedwith horn and covered with gold leaf for a precious gleam.

Pattern, colour, and style of wear were variously expressed inprinted enamel, with the Della Cavalleria,Voyages en toffes,Perspective cavalireand Concours dtriers designsbrought to life in precious metals and woods in hues of gilt,

gold, and bronze. Laser engraved, the enamel on theCircuit 24 Faubourg bracelet describes a Chane dancrelink reworked in a graphic play on matt and shiny finishes.

GLOVESNew models designed to suit every purpose andseason whether city wear, driving or cold weather enhanced the glove collection, showcasing the housesmaterials and know-how.

Womens long and mid-length gloves combined glazedlambskin and warm materials, such as bouclette, mink,orylag, nubuck and goatskin.

The mens models in leather or cashmere featured ingeniousclasps borrowed from other mtiers, such as the press stud of

theUlyssenotebook and the saddle nail cuff link.

HATSThe hat collections capitalised on materials and prints to offer

a wide range of models with an emphasis on easy daily wear.The summer models in woven paper or straw were trimmedwith a plain or printed silk band. Lightweight hats featuredMythique Phnixor Folkloredesigns in part or in whole.Mens flat caps and baseball caps adopted colours to match

the ready-to-wear ranges.

For ultimate softness in winter, the cloche-shaped felt hattook on an array of hues from red to blue to green, whilemink or raccoon fur provided insulation for leather orgabardine shapkas and toques. Also for men were cashmereand zibeline knitted hats coordinated with masculine silk

and a new merino shapka.


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Belt in Epsom calfskin.


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BELTSIn 2014, inspiration for the belt was provided by the HermsConservatory of Creations, where every model createdby the house for each collection is stored. Thus the Icnebelt, inspired by the Ringbag created in 1958, made acomeback in an exceptional new version, with lizard orcrocodile paired with Box calfskin, the buckle unchanged inappearance but with perfected functionality. Similarly, thePiano belt is a re-edition of a 1954 model with a retro look,

the three metal features concealing an ingenious clasp.The more masculineInitialebelt kit with its H set horizontallyis reversible so can be worn in two ways. And for winter, thebuckle of the slim Jamesbelt subtly expresses its identity.

SHOES

A year of metamorphoses saw form, material and typeintersect giving rise to new styles. Under the impetusof creative director Pierre Hardy, classic models werereinvented, materials brought into harmony and motifspassed from one universe to another.

The womens autumn-winter collection featured nodsto other Herms mtiers: the design of the Brides de galasilk scarf was printed on the leather of the Joanboot, theKellyclasp added a feminine touch to theJules moccasinand highlighted the ankle of Joueuse, a riding boot

transformed into a heeled boot. Opposites merged in

the JoeyandJeepmodels, which are both masculineand feminine, urban and country-style.

For summer, an elongatedChane dancre on theIcneand Infini models became a jewel resting on the foot,in permabrass for the day and rhinestone for the evening.TheInstant andImage sandals draped the foot in the supple,light materials of suede goatskin and nappa calfskin. Andin an extrapolation of form, theImpulsionmodel turned

the essential ghillie shoe into a superghillie.

The mens autumn-winter collection also played withestablished icons, bringing the city into the sporting world

with theJacksontrainer sole in orange rubber, or givingmore urban models like theJoey derby a sportier look witha new ridged rubber sole. For summer, there was a newrubber sole for the classic perforatedIngnieuxbrogue,and the Itacasandals two-tone rope sole became itsoutstanding feature. Last but not least, a fugitive from

the world of jewellery, the Mini-Dogbuckle, found a homeon the Irvingmoccasin.

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1 and 2. Pumps in suede goatskin.

3. Belt in crocodile and Box calfskin.

4. Derby in calfskin.

5. Derby in nubuck.


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1. Perspective cavalire scarf in silk twill (design by Anamorphe).2. Le Bal masquscarf 70 in vintage silk (design by Saw Keng).

3.Minuit au Faubourg scarf 70 in vintage silk(design by Dimitri Rybaltchenko).4. Scarf 140 in cashmere and silk for men.

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SILKAND TEXTILES

Silk and Textiles is Herms third largest sector andaccounts for 12% of sales. In 2014, sales of scarves and ties

totalled 482 million, up 8% at constant exchange rates.

WOMENSSILK

In 2014, womens silk mined the rich seam of expressionprovided by the theme of metamorphosis. The Faunelettre silk scarf features an animal alphabet with a uniquecast of creatures: horse, bear and fennec, shrimp andsquirrel deep in conversation each yields its form to thegame, striking a pose with poetry and extravagance. The

Zebra Pegasussilk scarf gave a fantastical twist to the mythof the winged horse, taking it on a journey to southernAfrica. The mythological beast wears the striped coat ofits cousin, the zebra, and its wings borrow the shimmeringhues of a parrots plumage. A new flag-like graphic identitywas devised for the masqu silk scarfs, with thetriersandCouvertures et tenues de jour designs half-concealedbeneath a bright block of solid colour.

2014 also prompted an encounter between two icons: theHerms silk twill scarf and the bandana worn by the cowgirlsof the great American West. The collection of silk bandanas

creates a new illustrative universe, where original artisticprinciples govern the treatment of design and colour. The55 cm silk scarves (the original bandana size) reinterpreted

two great classics Ex-libris and Peuple du vent as wellas two new Far West-inspired designs: Herms Ranch andLes Canyons toils. The Peuple du ventdesign was alsoprinted in giant size on 140 140 cm silk twill.

Large scarves continued to enrich the collections. Buildingon its success, the range of giant silk squares in plume twillin particular was enhanced for the autumn-winter season.It now comprises four designs, including an original one,

Tapis persans.

MENSSILK

The heavy silk twill tie offered a poetic and quirky takeon the details of contemporary life. The narrow end ofListen to the music, for example, reveals the secretof the ties polka-dot motif, which is actually made up ofhundreds of tiny earphones.

The dip tie, a newcomer, also played the transformationcard, its monochrome design dissolving into a dip dyeeffect, for a visible-invisible look.

In another nod to the brands identity, the new Faubourg(spring-summer collection) and Madison (autumn-wintercollection) ties feature a mischievous groom on their narrowend, telling the story of the city in colours, with fireman redand midnight blue for Paris, and milkshake pink, Broadwayred and pumpkin orange for New York.

The Follow You scarf was endowed with two distinct sides,one in silk printed with theAnneaux de brides design,

the other plain and studded with polka dots. Modern yettimeless, this new, generously sized scarf can be wornin multiple ways.

Finally, the scarf family welcomed a new member in the formof Naoshima, woven in Japan and remarkable for its light,fine and soft quality.


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OTHERHERMS MTIERS

Other Herms Mtierscovers Jewellery, the Art of Livingand La Table Herms. In 2014, they achieved sales of281 million, representing a 15% rise at constant exchangerates and accounting for 7% of the groups total turnover.

JEWELLERYThe year was marked by the launch of a new collectionof haute bijouterie; the third chapter in a story thatbegan in 2010.

In the first two chapters, Pierre Hardy, director ofjewellery collections, tapped into Herms roots, initiallydrawing inspiration from horse riding, for theFouetand Centaure collections, then leather goods for the

Sac-Bijoux collection.This new chapter introduced three exceptional sets ofjewellery designed by Pierre Hardy and inspired by theequestrian world and the composition of the silk scarves.Brides de galareinterprets the functionality of harnesses ina sophisticated, endlessly versatile, articulated piece, itselements based on throatlatch, bit and bridle a harmonyof leather, rose gold, diamonds and orange, blue andyellow sapphires. Della Cavalleria, a geometric compositioncharacterised by pure lines, pairs a bracelet and bib necklaceof fluid and supple woven yellow gold, with earrings anda headpiece adorned with grey pearls. Last but not least,a sense of airy volume and the use of white gold enhancedwith diamonds, and pink, blue, and green sapphires, giveGrand Apparat a dreamlike appearance. The pieces werepresented at an exhibition staged by Lela Menchari at

the Faubourg Saint-Honor store last September.

2014 also saw the arrival of the SanglesHermsline,which honours the houses harness-making origins and itsjewellery know-how in chain-making. A utilitarian objectpar excellence, the bridle is transformed into yellow goldstraps whose chains, assembled then adjusted by hand,form a gold, fabric-like mesh of astonishing supplenessand fluidity. The rings and the clasp, inspired by harnessbuckles, are entirely diamond-set.

Meanwhile, theGalopHermscollection, launched insilver in the spring of 2013, donned a rose and white goldapparel. The emblematic Herms horse lends the strong,clean lines of its profile to sculptural pieces, accented withdiamonds or entirely diamond-paved. The collection wascomplemented by two new models, imbued with finesse:a ring and bracelet, both adorned with a diamond.

1. Haute bijouterie collection: Grand Apparatsetin white gold, diamonds and sapphires.

2. Lighting collection: Harnais floor lamp.3. TheCuriosits dHerms: the Dressoir ths.

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ART OF LIVINGHerms Art of Living endeavours to provide our everydayliving spaces with an extra touch of soul through numerousunique creations including furniture and lighting, furnishingfabrics and wallpapers, decorative objects and tableware.Born of exceptional know-how combining superiorcraftsmanship and innovative techniques, these piecesreconcile exacting standards on questions of form, intelligentfunctionality, the finest materials and high quality productionmethods to express their magic to its fullest effect.

In 2014, Art of Living took its first exploratory steps intothe realm of lighting with two collections, Pantographeand Harnais, created by Italian architect-designerMichele De Lucchi, and a portable, modular lamp, theLanterne dHerms, conceived by French visual artistYann Kersal. These two understated lighting lines, useful,ingenious and equipped with LED technology, embody

the Herms vision of light in the home.

The success of existing furniture collections provided themomentum for continuing and highly creative developmentin this area. Following the successful launch ofLes Ncessaires dHerms, a collection of valet pieces andoccasional seating, the mtier confirmed its desire to put theenchantment back into daily life with the Curiosits dHerms,unexpected creations inspired by the charming disorderof the curiosity cabinets of days gone by. The Club Bar, theCoffre chaussuresand the Dressoir thsreflect an artof living associated with the pleasure of inviting and sharing.

During the year, Herms also reproduced three pieces inwrought iron and bridle leather, with the support of the Frankfamily and the Jean-Michel Frank Committee. Banquette,armchair or console, furniture becomes sculptural, combiningsimplicity with the demands of fine craftsmanship.

The collections of objects and fabrics for the home madea strong contribution to the dynamism of Art of Living.Woven, embroidered, engraved or carved, noble materialswere transformed into exceptional pieces, including wovenlambskin throws lined with tartan-patterned cashmere, rugs

embroidered with motifs inspired by the silk scarves such asBrazil, hand-cut obsidian paperweights, and decorative boxesfor watches or jewellery in solid hard-carved palisander.

Fabrics and wallpapers, which reinforce and differentiatethe stylistic identity of Herms home universe, sawincreased sales. The 2014 collection drew inspiration from

the tea road theme, giving rise to fabrics with highlynarrative motifs, such as Les Arbres du jardin dosierand

Arbre de vieimpression chane, which evoke the beautyof nature and the garden, and Chevaux dapparat, whichsuggests a more nomadic art of living.

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H-Dcotea and dessert service.


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LA TABLE HERMSThe introduction of new creations and the enrichmentof existing lines set the tempo for the year. The newH-Dcotea and dessert service was received very positively.Its graphic decoration, in variations of black and white, isinspired by the Art Deco architectural features gracing the24 Faubourg and Rue de Svres stores. The Mosaque au 24dinner service, whose gold version was created in 2009,

this year presented its abstract decoration in the iridescent,shifting reflections of platinum. Finally, new exceptionalpieces in majestic sizes continued the tale of the Persianriders of theCheval dOrient. Embellished with 24-caratmatt gold applied with a brush, a very large vase, a bowland a platter are numbered and signed by the artist,Nathalie Rolland Huckel.

1.Mosaque au 24 platine tableware.2. Cheval dOrientporcelain vase.

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FRAGRANCES

2014 was a year abundant in creation and innovation. Salesof Fragrances continued their dynamic upward trend witha rise of 10% at constant exchange rates, to 231 million.The year also marked a turning point: echoing Herms Artof Living, the mtier pushed its boundaries and enhanced itsmission, which developed from the art of wearing fragrance

to the art of experiencing fragrance.

Two previously unexplored fields of expression representedthe initial milestones of this new approach.

With Le Bain dHerms, launched during the first semester,the Garden-Fragrances and Colognes became part ofthe bathtime ritual in the form of new soaps, gels, milksand balms with colourful and festive notes.

In the second semester, Le Parfum de la Maisonopened thedoors to a new olfactory and sensory space. This collectioncomprises five fragrances named Reveriesby their creator,

the perfumer Cline Ellena. They find expression in threefamilies of scented objects, static or mobile, and take theart of experiencing fragrance into every room of the house.

Three major launches also fed a growth in activity forFragrances. Fostering the uniqueness of its approach,a twelfth creation Cuir dAnge was added to theHermessencecollection. For this supremely delicate scent,a tribute to working and transforming leather, Jean-Claude

Ellena was inspired by the work of writer Jean Giono, whodescribes the workshop of his father, a cobbler, in his novelJean le Bleu:I remember my fathers workshop [ ] makingshoes in angel leather for some god with a thousand feet

Terre dHermscontinued its two-figure growth, takinga further step forwards with the launch of Terre dHermsEau trs frache. This olfactory initiative produced a scentwith a strong, impertinent freshness that built on the successof the line and raised it to a leading position among mensfragrances in France.

TheJour dHermsfragrance for women, epitomising

fine French perfumery, was enriched by a new dimensionin the form ofJour dHerms Absolu. This voluptuousreworking on a floral theme was very well received.

Finally, 2014 saw creator-perfumer Christine Nageltake charge of developing new projects, alongsideJean-Claude Ellena, who continues in his mission to createand assert Herms olfactory style.

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1. Jour dHerms Absoluwomens fragrance.2 et 3. Cuir dAnge from the Hermessencecollection.4.Terre dHerms Eau trs frachefragrance for men.

5. Le Bain dHerms.


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WATCHMAKINGIn 2014, watchmaking achieved a turnover of148 million, a decrease of 11% at constant exchangerates, in a difficult environment.

2014 brought a wealth of new models, and the Januarylaunch of the Faubourgwatch for women was the years firstlandmark event. An ode to simplicity, this small

timepiece has all the charm and presence of a preciousminiature. Its round, ultra-slim case with a diameterreduced to 15.5 mm houses a white lacquered dial adornedwith a discreet diamond at 12 oclock. It is availablein gold only, whether rose, white or yellow, with or withoutdiamonds, and combined with a gold bracelet or satinor leather strap.

Baselworld provided the occasion to unveil

Dressage Lheuremasque, its new mechanical complicationshowing another facet of Time to Dream.The hour hand, hidden beneath the minute hand, appearsonly at the press of a push-button integrated into

the crown, and the second time zone plays the same gameof hide-and-seek in its aperture. Developed entirelywith Vaucher Manufacture Fleurier, this watch reinforcesHerms position when it comes to the creation of originalproducts with unusual complications.

Finally, an unprecedented innovation in watchmakingwas provided by theArceau Millefiori collection in the form

of crystal dials made by Les Cristalleries de Saint-Louisusing the same technique as for millefiori paperweights.Two uniqueArceau Pocketmodels with engravedcrystal covers completed the collection in all its radiant

transparency.

1. Faubourgwatch in rose gold and diamonds, bracelet in rose gold.2. Faubourgwatch in rose gold, strap in black Box calfskin.

3. Dressage Lheure masquewatch in stainless steel,strap in matt alligator.

4.Arceau Pocket M illefiori pocket watch in white gold.

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OTHER PRODUCTSAND BRANDS

LES CRISTALLERIESDE SAINT-LOUIS

In 2014, Les Cristalleries de Saint-Louis continuedto highlight the quality of their craftsmanship. The beginningof the year was devoted to decoration. The trio of Diamanticvases, created by Benot-Pierre Emery, paid tribute to theskill of artisan cutters in an infinitely precise diamond-cutdecoration inspired by the compass work of glassmakers.The Botticelliline, with its millefiori-inlaid floral decoration,was enhanced by a vase, a pair of candlesticks and a votive.

In tableware, the Oxymorecollection was also expanded.Created by the Hot and Cold workshops working insymbiosis, this line, with geometric shapes reminiscentof Art Deco, was supplemented by a bar and decanterservice. In addition, the use of colour, a defining Saint-Louissignature and hitherto reserved exclusively for hocks, wasextended to a second glass.

Saint-Louis continued expanding its ranges of lightingobjects. Godefroy de Virieu and Stefania Di Petrillo pursued

their modern narrative, based on a play on the bowl of the

Apolloglass, with a delicate votive inspired by a liqueur glass.Fitted with an LED system, this votive is available in threecolours: clear crystal, chartreuse and amethyst. Meanwhile,Florence Bourels Plein Pharecollection adopted a playfulapproach, distorting an ice bucket to create a table lampwith an entirely bevel-cut surface.

As every year, the spherical paperweights, introduced bySaint-Louis in the mid-19th century, took on new forms increations born of the imagination and dexterity of specialistmaster glassmakers. Limited editions produced in 2014included a sumptuous sulphide paperweight featuring

a horse medallion, a hypnotic mandala and two speedwellflowers seemingly suspended in equilibrium in the crystal.Saint-Louis also invited the artist couple Perrin & Perrin

to create three pieces of art: Rift, Mesaand Lapilli.

The paperweight collections were the subject of a touringexhibition presented in Asia, from Japan to Korea and China,

then the United States.

Finally, 2014 was marked by the renovation of theRue Royale store in Paris, and the opening of a secondMaison Saint-Louis in Hong Kongs Causeway Bay district.

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1.Argent de po checollection.

PUIFORCATPuiforcat, experts in silversmithing since 1820, asserted itsposition as an exceptional brand and continued to extendits collections with the focus on an all-embracing art ofliving, celebrating in particular a wider vision of tableware the art of tasting and moving into the area of functionaland decorative objects.

The Fluiditservice, launched as a limited edition, atteststo the workshops unique know-how and stands out withits off-beat style. And the Dutch designer Aldo Bakkerwielded his pencil with complicit understanding to give

the traditional silver tea or coffee service an entirelyoriginal futuristic dimension.

The newArgent de Pochecollection, an assortment of smallobjects and personal accessories in solid silver, rejoicedin the art of fine functionality and was Puiforcats

first collaborative project with designer Pauline Deltour.As elegant gifts or opportunities to treat oneself these examples of pure design evoke the codes cherishedby Jean Puiforcat.

This year, the silversmith set out to win over a Chineseclientele, opening two retail outlets in Beijing and Shanghai,and creating the bar La Timbale in the new Herms Maisonin Shanghai.

Finally, Puiforcat implemented several digital mediacampaigns to support its internet presence.

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JOHN LOBBBOOTMAKER

In 2014, John Lobb Bootmaker prioritised the controland development of its network of own-name stores, thusaligning its distribution strategy with the groups policy.This intention was illustrated by the move of the Tokyostore, spearhead of John Lobbs presence in Japan, to a newlocation in the Marunouchi commercial district. In China, thefirst branch opened in Shanghai, reinforcing visibility in Asia.

The American market showed strong dynamism, linkedespecially to the growth in online sales. In Paris, the openingof an exclusive retail concession for travellers in Terminal 2Eof Roissy-Charles de Gaulle airport confirmed thebootmakers appeal amongst an international clientele.

John Lobb continued to stand out by its capacity to respondto the most exacting customer requirements thanks to

its special order service. The opportunity to personalisefootwear, representative of the Northampton manufacturesknow-how, enjoyed increasing success across the networkover the year. Similarly, the Paris bespoke workshopreported a noticeably fuller order book.

TEXTILESThe Herms Textile Holding company unites the groups

textile production skills, from creation to fabrication,including weaving, engraving, printing, dyeing and finishing,under one umbrella structure. It supplies not only thegroups various mtiers, but also external markets such asclothing and home furnishings, in particular for the brandsBucol, Mtaphores, Vrel de Belval and Le Crin.

2014 saw the continued increase in production capacitiesin order to provide a better service to stores, with severalsignificant projects, including:

commissioning a second large-width printing facility, tosupplement the one established in 2012;

intensifying the activity of the printing workshop dedicatedto small print runs;

enlarging the weaving site to give it complementarycapacities to handle cashmere and new silk fabrics;

modernising the dyeing and finishing facility, with the aimof supporting the development of new products.

As well as structuring its development in this way, thetextile division also pays special attention to maintainingand passing on know-how, through an incubator for textileengineers, the promotion of apprentices and the creation ofan innovation think-tank.


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TANNINGAND PRECIOUS LEATHERS

The Tanning sector handles the purchasing, tanning, dyeingand finishing of precious skins destined for high qualityfashion and leather goods brands and manufacturers (bags,small leather goods, shoes, belts, clothing, etc), as wellas for the high-end watchmaking industry (watch straps).

In 2014, the sector consolidated its position on theprecious skins market, especially in the leather goods,shoes and watch straps segments. It maintained itsinnovation-based approach, applied particularly to leatherfinishes, across collections that were well receivedby brands and manufacturers alike.

A major investment programme supported the developmentof the quality of raw materials. Also, a new tanneryestablished in Cuneo in Italy contributed to increasing

the production capacities of the sector, at the same timeimproving quality and performance.

In this way, the Tanning sector is acquiring the means tomeet its objective to assert its position of excellence on

the precious skins market as a supplier to high-qualitymanufacturers. This will be achieved by ensuring supplyreliability, optimising production capacities and prioritisinginnovation and creativity, while remaining exemplary in

terms of respecting ethical and environmental standards.

HERMS HORIZONSWith Herms Horizons, Herms has extended its traditionalsheathing know-how, creativity and sense of innovation

to encompass all bespoke orders for private customers.

These orders include creating an object from scratch

(such as a bag, an item of luggage, a garment, a piece offurniture, or a saddle), sheathing an object from Hermscollections (the art of living, accessories, etc) or otherwise,and fitting out and upholstering the interior of a boat,aeroplane, car, etc.

There was a considerable increase in bespoke project workin 2014, with double the number of orders.

In particular, the year was marked by significant activityin the boating sector, involving the interior fitting of a25-metre boat, undertaken by Herms. Several months ofwork were required to create a unique space, complete

the sheathing work in leather and fabric, and integrateitems of furniture and decoration specially designedfor the boat. In the motor vehicle sector, a prestigiouscollectors car was entrusted to the Herms Horizonsworkshop at the end of the year for an initial assessmentof upholstery work. Finally, in the aviation world, a newproject was launched to custom fit a helicopter.

To enable stores to respond efficiently to bespoke requests,sales assistants were provided with a touchscreen

tablet application, developed specifically, along withinspiration books.

Finally, the collection of bicycles, developed in the HermsHorizons workshops, was supplemented by the arrival ofa sporty model, the Flneur sportif dHerms. This collectionis now available across all regions.


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SHANG XIATrue to its positioning, Shang Xia offers a contemporaryChinese art of living expressed through sophisticated,

timeless objects. In 2014, Shang Xia took its developmenta step further with the October opening of its flagship storein Shanghai, just next door to the new Herms Maison.Covering three floors, the new space enables a far widerpublic to explore the world of Shang Xia.

Throughout the year, a number of new products wereintroduced to enhance existing collections. Firstly the newLan Yueline of woven leather bags, modern and minimalist,was inspired by the traditional bamboo basket.

The Da Tian Di collection was enriched by a walnut screendemonstrating a subtle interplay of open and closed, eachred fabric panel rolling up or down to fashion the spaceas the moment dictates.

Finally, the Twilight collection combined wood withbamboo marquetry in a series of precious boxes.

At the end of October, Shang Xia took part in an auctionin Shanghai organised by Christies, who was launching anew department: contemporary Chinese art. The twentyexceptional objects created for the occasion were all sold.Among them, a pair of chairs from the Da Tian Dicollectionmade of a combination of carbon fibre and traditionallacquer. They exude a lightness and grace that illustrate

the Shang Xia philosophy of weaving links between traditionand modernity, between yesterday and tomorrow.

1. Pair of Bo Luoimperial lacquered chairs, Shang Xia.

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Oxerbag in Barnia calfskin and Clmence bullcalf.


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PARTNERSHIPS

FAUBOURG ITALIAIn addition to its tableware and art of living collections,

Herms is currently developing a complete rangefor the home that now includes upholstery fabrics andwallpapers. The latter are developed in partnershipwith the Italian fabric producer Dedar, which also controlsinternational distribution. A joint subsidiary, namedFaubourg Italia, was created in 2011. Herms Internationalholds 60% of its capital.

J3LHerms holds a 30% share in the capital of J3L,a long-standing French supplier of the group, specialisingin metal parts destined principally for leather goodsand fashion accessories.

PERRIN & FILSHolding Textile Herms has a 39.5% stake in

the capital of Perrin & Fils. The Perrin Group specialisesin weaving for a range of sectors as diverse as lingerie,furnishing fabrics, ready-to-wear and accessories.

VAUCHERMANUFACTURE FLEURIER

La Montre Herms holds a 25% share in the capitalof Vaucher, the watchmaking manufacture. Locatedin the heart of traditional watchmaking territory,between Neuchtel in Switzerland and the French border,

the Vaucher Manufacture offers superior know-howin high-end and prestige watch movements.

BETTINADuring the 2014 financial year, the group acquireda 40% share in the capital of Bettina, a long-standingpartner. The company specialises in the productionof twillaineand operates in the ready-to-wear sector,but also in silk and textiles and the art of living.


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Faubourg Saint-Honor store, in Paris.


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2014 2014 2013 2013 Evolutions at current Evolutions at constant

(Revenue in M) (Mix in %) (Revenue in M) (Mix in %) exchange rates exchange ratesEurope 1,444 35% 1,350 36% 6.9% 7.0%France 644 16% 613 16% 5.0% 5.0%Europe (excl. France) 800 19% 737 20% 8.5% 8.6%Asia-Pacific 1,889 46% 1,711 45% 10.4% 13.0%Japan 484 12% 463 12% 4.6% 12.9%Asia-Pacific (excl. Japan) 1,405 34% 1,248 33% 12.6% 13.1%Americas 711 17% 627 17% 13.3% 14.5%Other 74 2% 66 2% 12.7% 12.6%

Consolidated revenue 4,119 100% 3,755 100% 9.7% 11.1%

ACTIVITY

BY REGIONIn 2014, the Herms groups

turnover totalled 4,119 million, a rise of 11.1%at constant exchange rates and of 9.7%

at current exchange rates.


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1. Herms faubourg Saint-Honor store window display in Paris.

2. Herms George-V store window display in Paris.

3. Herms store window display in London.

4. Herms Madison store window display in New York.

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EUROPEIn 2014, the Herms Group generated 35% of its sales inEurope. Turnover for this sector totalled 1,444 million,up 7% at constant exchange rates. Sales increasedby 5% in France and 9% in other European countries.

In France, the Faubourg Saint-Honor store in Paris remainsthe heart of Herms, where all its creations are widelyrepresented. 2014 was marked by the arrival of a newDecoration Director, Antoine Platteau, who brilliantlystaged the years highlights. The Faubourg was also

the backdrop for a spectacular scenography designed byLela Menchari for the third haute bijouterie collection.

At Roissy-Charles de Gaulle airport, the store in Terminal 2Ereopened following its refurbishment. Behind a backlitwooden latticework faade, a 180m space was revealedwith multiple entrances allowing access from both departure

and transit areas. The completely renovated Saint-Tropezstore reopened its doors to customers in May, while theMarseille store moved to a new home on Rue Grignan in June.

The Saint-Louis boutique on Rue Royale, which hasbeen renovated throughout, now offers an exceptionalnew setting for both heritage pieces and collectionscharacterised by their innovative design.

In Spain, the Marbella and Madrid Ortega stores wererenovated and extended. Meanwhile in Italy, the Milan storeconfirmed the warm reception it has enjoyed since openingat the end of 2013, and the Venice store demonstrated

a very healthy performance. Europe also recorded extremelydynamic sales in Turkey, Russia and the Czech Republic,as well on its website.

Lastly, the Bond Street store in London, which is currentlyundergoing significant renovation and extension work, is due

to reopen in the first semester of 2015.

AMERICASIn 2014, the Americas region represented 17% of groupsales, with a turnover of 711 million, up 15% at constantexchange rates.

In the United States, September saw the opening of

a new store in Atlanta, in the heart of the elegant Buckheaddistrict. The store offers welcoming spaces wherethe Herms collections are displayed, together with aprivate salon dedicated to watches. At the opening event,guests were plunged into the typically French atmosphereof a Provenal market, with authentic entertainment anda veritable feast of artisanal produce. In New York, thewomens universe was honoured during theAll About Womenevent held in May. And finally, the US reaped the rewardsof the success of the Beverly Hills store, which was entirelyredesigned in 2013.

Canada confirmed its dynamism with the excellentperformance of the Vancouver store and strong sales via thewebsite launched in 2012. In October, it was to Toronto

that the Canadian subsidiary welcomed customers andjournalists for the Masculine Spiritevent organised to reveal

the rich and unique world of the Herms mens universe.

In South America, Herms took over the concession ofthe So Paulo store, located in the Cidade Jardim shoppingcentre. In Argentina meanwhile, the Buenos Aires store,which had moved to the famous Alvear Avenue in 2013,consolidated its success in a difficult economic context.


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ASIA-PACIFICIn 2014, the Asia-Pacific region represented 46% ofHerms group total sales. It generated turnoverof 1,889 million, up 13% at constant exchange rates.

In Japan, an increase in sales of 13% at constant exchange

rates confirmed the success of the qualitative developmentof the distribution network. An enlarged store in ShinjukuIsetan in Tokyo reopened in the last quarter, offering a widerchoice of products in a comfortable, convivial space.

The other Asia-Pacific region countries recorded 13% growthat constant exchange rates.

In Australia, the Melbourne store moved to theneo-classical style Harley House building on Collins Street,a prestigious city centre location.

In South Korea, the Dosan Park Maison in Seoul was

partially refurbished, eight years after its inauguration, andnow offers an entire floor dedicated to the Herms homeuniverse. The refit of the exhibition space for contemporaryart, LAtelier Herms, reasserted the status of the MaisonHerms at Dosan Park as a cultural benchmark where clientscan enjoy exploring the myriad aspects of the Hermsworld. Seoul also saw a new store established in the recentlyopened Lotte World Mall C2.

In Malaysia, a new store opened in Kuala Lumpur, whilein Thailand, the Bangkok store moved into the new CentralEmbassy shopping centre.

In China, one of the years highlights was without questionthe Shanghai opening of the worlds fifth Maison Herms,after those in Paris, New York, Tokyo and Seoul.Situated in the historic heart of the town, the buildingwas completely redeveloped posing a real technical andarchitectural challenge. It has a double frontageand covers over 1,000m on four levels. On its roof,a firework-maker on horseback statue brings to mind

the one that looks out over the Faubourg Saint-Honor storein Paris. The first two floors of the building display

the womens and mens collections, while the third floor is

dedicated to the home. The top floor provides 210mof new exhibition space. Elsewhere, Herms opened itsfourth store in Beijing, and confirmed its ambition todevelop its activities in mainland China with the openingof a 700m store in Chengdu, capital of Sichuan province.The brand has thus strengthened the momentum of itspresence in China.


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1. Herms Ginza store window display in Tokyo.

2. Herms store window display in Osaka.

3. Herms store window display in Sydney.

4. Herms Dosan Park store window display in Seoul.

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Norway 1

Sweden 1

Russia2

Denmark 2

Netherlands 4

Germany 17

Ireland 1

United Kingdom 9

Belgium 3

France33Switzerland 12

Principality of Monaco 1

Spain 6

Portugal 1

Italy 18

Greece1

Turkey 3

Austria 2

Czech Republic 1

Luxembourg 1


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HERMS AROUND THE WORLD311 RETAIL OUTLETS

Herms products are available worldwide through a networkof 311 exclusive stores. Herms watches, fragrances

and tableware are also sold through networks of specialised stores

and in airport duty-free stores.

AUSTRIA: 22 stores (concessionaires)

BELGIUM: 33 stores (branches):

AntwerpBrussels

Knokke-le-Zoute

CZECH REPUBLIC: 11 store (branch):

Prague

DENMARK: 22 stores (concessionaires)

FRANCE: 3315 stores (branches):

Aix-en-Provence

BiarritzBordeauxCannes

DeauvilleLilleLyon

MarseilleParis faubourg Saint-Honor

Paris George-VParis Svres

RennesRouen

Saint-TropezStrasbourg

18 stores (concessionaires)GERMANY: 17

10 stores (branches):Baden-Baden

Berlin KaDeWeBerlin West

CologneDsseldorfFrankfurtHamburgHanoverMunich

Nuremberg7 stores (concessionaires)

GREECE: 11 store (branch):

Athens

IRELAND: 11 store (branch):

Dublin

ITALY: 1811 stores (branches):

BolognaCapri

FlorenceMilan

NaplesPadua

PalermoRome

Rome Campo MarzioTurinVenice

7 stores (concessionaires)

LUXEMBOURG: 11 store (concessionaire)

NETHERLANDS: 42 stores (branches):

Amsterdam De BijenkorfAmsterdam PC Hoofstraat2 stores (concessionaires)

NORWAY: 11 store (concessionaire)

PORTUGAL: 11 store (branch):

Lisbon

PRINCIPALITY OF MONACO: 11 store (branch):

Monte-Carlo

RUSSIA: 22 stores (branches)

Moscow GumMoscow Stoleshnikov

SPAIN: 66 stores (branches):Barcelona Diagonal

Barcelona Paseo de GraciaMadrid CastellanaMadrid Ortega y Gasset

MarbellaValencia

SWEDEN: 11 store (concessionaire)

SWITZERLAND: 129 stores (branches):

BaselBern

CransGeneva

GstaadLausanneLugano

Saint-MoritzZurich


TURKEY: 32 stores (branches):

IstanbulIstanbul Istinye

1 store (concessionaire)

UNITED KINGDOM: 98 stores (branches):

GlasgowLondon Bond StreetLondon Harrods

London Royal ExchangeLondon Selfridges

London Sloane StreetManchester

Manchester Selfridges1 store (concessionaire)

EUROPE


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Canada 5

USA 34

Mexico 5 Caribbean1

Panama 1

Chile 1

Argentina 1

Brazil 1


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ARGENTINA: 11 store (branch):

Buenos Aires

BRAZIL: 11 store (branch)Cidade Jardim

CANADA: 54 stores (branches):

CalgaryMontrealToronto

Vancouver1 store (concessionaire)

CARIBBEAN: 11 store (branch):Saint-Barthlemy

CHILE: 11 store (concessionaire)

MEXICO: 53 stores (branches):Mexico City Masaryk

Mexico City Palacio PerisurMexico City Santa Fe


PANAMA: 11 store (concessionaire)

USA: 3427 stores (branches):

AtlantaBergen County

Beverly HillsBoston

CharlotteChicagoDallasDenver

GreenwichHawaii Ala Moana

Hawaii Duty Paid WaikikiHouston

King of PrussiaLas Vegas Bellagio

Las Vegas CityCenterLas Vegas Wynn

MiamiNew York Madison

New York Man on MadisonNew York Wall Street

Palm BeachSan Diego

San FranciscoSeattle

Short HillsSouth Coast PlazaWashington Fairfax


AMERICAS


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Kazakhstan 1

China 23

Lebanon 2

Bahrain 1

Inde2

Thailand 3

Macau 3

Vietnam 2

Malaysia 3

Singapore7Indonesia 2

Philippines 1

Taiwan9

South Korea 18Japan 43

Saipan 1

Guam 1

Australia 5

New Caledonia 1

Qatar 2

United Arab Emirates 5

Kuwait 1

Hong Kong 7


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ASIACHINA: 23

22 stores (branches):Beijing China World

Beijing Park LifeBeijing Peninsula Palace Hotel

Beijing Shin KongChengdu Swire

Dalian Furama HotelGuangzhou La Perle

Guangzhou Taikoo HuiHangzhou Hubin Store

Hangzhou TowerHarbin Mykal

Kunming Golden EagleNanjing Deji

Ningbo Heyi AvenueQingdao Hisense Plaza

Shanghai IFCShanghai MaisonShanghai Plaza 66

Shenyang MixcShenzhen City Crossing

Suzhou MatroWuhan International Plaza1 store (concessionaire)

HONG KONG: 77 stores (branches):

GalleriaHarbour City

Kowloon Elements

Lee GardensPacific PlacePeninsula Hotel

Sogo

INDIA: 22 stores (branches):

MumbaiNew Delhi

INDONESIA: 22 stores (concessionaires)

JAPAN: 4330 stores (branches):

Chiba SogoFukuoka Hakata HankyuKobe Daimaru

Kyoto TakashimayaMatsuyama Iyotetsu Takashimaya

Nagoya JR TakashimayaNagoya MatsuzakayaNagoya Mitsukoshi

Okayama TakashimayaOsaka Hilton

Osaka Midosuji

Osaka Pisa RoyalOsaka Takashimaya

Osaka Umeda HankyuSapporo Daimaru

Sendai FujisakiTachikawa Isetan

Tokyo GinzaTokyo Ikebukuro Seibu

Tokyo MarunouchiTokyo Nihombashi Mitsukoshi

Tokyo Nihombashi TakashimayaTokyo Shibuya SeibuTokyo Shibuya TokyuTokyo Shinjuku Isetan

Tokyo Shinjuku TakashimayaTokyo Tamagawa Takashimaya

Urawa IsetanYokohama Sogo

Yokohama Takashimaya13 stores (concessionaires)

KAZAKHSTAN: 11 store (concessionaire)

MACAU: 33 stores (branches):

Four SeasonsOne Central

Wynn

MALAYSIA: 32 store (branch):

Kuala Lumpur PavilionThe Gardens


PHILIPPINES: 11 store (concessionaire)

SINGAPORE: 76 stores (branches):

Liat TowerMarina Bay Sands

Scotts SquareSingapore Changi Airport T1Singapore Changi Airport T2

Takashimaya1 store (concessionaire)

SOUTH KOREA: 1810 stores (branches):

Busan ShinsegaeDaegu Hyundai

Lotte SeoulSeoul Dosan Park

Seoul GalleriaSeoul Hyundai

Seoul Hyundai CoexSeoul Shilla

Seoul ShinsegaeSeoul Shinsegae Gangnam8 stores (concessionaires)

TAIWAN: 96 stores (branches):Kaohsiung Hanshin

Taichung FE21Tainan Mitsukoshi

Taipei BellavitaTaipei Regent

Taipei Sogo Fuxing3 stores (concessionaires)

THAILAND: 32 stores (branches):

Bangkok Siam ParagonCentral Embassy


VIETNAM: 22 stores (concessionaires)

MIDDLE EASTBAHRAIN: 1


KUWAIT: 11 store (concessionaire)

LEBANON: 22 stores (concessionaires)

QATAR: 22 stores (concessionaires)

UNITED ARAB EMIRATES: 55 stores (concessionaires)

OCEANIAAUSTRALIA: 5

5 stores (branches):Brisbane

Marina Mirage, Gold CoastMelbourne

Surfers Paradise, Gold CoastSydney

GUAM: 11 store (branch)

NEW CALEDONIA: 11 store (concessionaire)

SAIPAN: 11 store (branch)


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Documents

Hermes Analysis