Tanneries du Puy
2015
Why
Hermès Cuirs Précieux acquired a long-standing supplier known for box calf, for an undisclosed sum.
Impact
Secured one of the house's signature leathers.
Outcome
Operates within the group tanning division.
Hermès International
Luxury goods and fashionFounded 1837- HQ today: Paris, France
Reviewed by Swet Parvadiya
Company data updated: October 2026
Acquisitions
Hermès Acquisitions
4
Major Deals Covered
What are Hermès's biggest acquisitions?
This page covers 4 major deals from 2006 to 2015, each with its price where disclosed and the reason behind it.
- Major deals covered
- 4
- First deal
- 2006
- Most recent
- 2015
| Company | Year | Price | Purpose |
|---|---|---|---|
| Vaucher Manufacture Fleurier | 2006 | Undisclosed | Hermès took a 25% stake in the Swiss movement maker to secure mechanical watch movements. |
| Heng Long (majority stake) | 2011 | Undisclosed | Hermès bought a majority stake in Singapore crocodile-leather tannery Heng Long to secure exotic skins. |
| Tanneries d'Annonay | 2013 | Undisclosed | Acquired the Ardèche calf-leather tannery to secure supply of high-grade calfskin. |
| Tanneries du Puy | 2015 | Undisclosed | Hermès Cuirs Précieux acquired a long-standing supplier known for box calf, for an undisclosed sum. |
- What companies has Hermès bought?
- Major acquisitions by Hermès documented here include Tanneries du Puy (2015), Tanneries d'Annonay (2013), Heng Long (majority stake) (2011) and Vaucher Manufacture Fleurier (2006).
- What is Hermès's most recent acquisition?
- The most recent Hermès acquisition documented here is Tanneries du Puy, in 2015.
Tanneries d'Annonay
2013
Why
Acquired the Ardèche calf-leather tannery to secure supply of high-grade calfskin.
Impact
Increased control over the quality and traceability of leather for core bags.
Outcome
Operates within Hermès Cuirs Précieux.
Heng Long (majority stake)
2011
Why
Hermès bought a majority stake in Singapore crocodile-leather tannery Heng Long to secure exotic skins.
Impact
Brought exotic leather tanning inside the group under Hermès Cuirs Précieux.
Outcome
Part of the group tanning division.
Vaucher Manufacture Fleurier
2006
Why
Hermès took a 25% stake in the Swiss movement maker to secure mechanical watch movements.
Impact
Gave the watch business access to in-house-grade movements for lines such as the H08 and Arceau.
Outcome
Remains a minority holding supporting Hermès Horloger.
Hermès International's Growth & Acquisition Strategy
Hermès grows mainly through price increases, gradual leather capacity additions of roughly one new French workshop per year, store renovations and selective openings (Scottsdale and Nashville in 2025), and categories beyond bags such as jewelry, home and ready-to-wear. It avoids acquisitions of other brands and buybacks, and returns cash through dividends (€18.00 per share proposed for 2025).
How Hermès International Makes Money
Hermès sells its own products through roughly 300 exclusive stores (mostly directly operated) and hermes.com, with very little wholesale. About 55% of objects are made in in-house and exclusive workshops and 75% are made in France (2025). Leather Goods and Saddlery is the engine: ~$7.99B (€7.07B) of 2025 revenue (44%), with output capped by the number of trained artisans, so demand runs ahead of supply. Ready-to-wear and accessories (~$5.12B (€4.53B)), jewelry and home (~$2.33B (€2.06B)), silk (~$1.08B (€0.96B)), watches (~$622M (€0.55B)) and perfume and beauty (~$554M (€0.49B)) widen the client relationship. Bags are allocated by sales associates rather than sold on demand, which supports full-price selling and pricing power.
Hermès Acquisitions FAQ
What is Hermès International's historical approach to mergers and acquisitions (M&A)?
Hermès avoids large corporate conglomerate acquisitions, focusing exclusively on targeted, artisanal vertical integrations, acquiring generational French and European craft workshops, historic tanneries, crystal glassworks, and Swiss watch movement makers to protect its supply chain.
Why did Hermès acquire historic crystal manufactory Saint-Louis in 1989?
Hermès acquired Compagnie des Cristalleries de Saint-Louis (founded in Lorraine in 1586, the oldest crystal manufactory in France) to preserve centuries of mouth-blown crystal making and integrate high-end luxury barware and crystal lighting into Hermès Maison.
Why did Hermès acquire historic French silversmith Puiforcat in 1993?
In 1993, Hermès acquired Puiforcat (the master Parisian goldsmith and silversmith founded in 1820), preserving heritage Art Deco sterling silver cutlery, champagne goblets, and luxury tableware craftsmanship.
How did the acquisitions of Tanneries d'Annonay and Tanneries du Puy secure leather sourcing?
Hermès acquired historic French calfskin tanneries Tanneries d'Annonay (2013) and Tanneries du Puy (2015) in regional France, ensuring 100% control over the ethical sourcing, traditional vegetable tanning, and finishing of full-grain Box and Togo leathers.
Why did Hermès acquire a 30% strategic equity stake in Swiss movement maker Vaucher Manufacture Fleurier?
Hermès acquired a 30% stake in Vaucher Manufacture Fleurier in 2006, securing proprietary high-end Swiss mechanical movements and micro-rotor calibers for Hermès haute horlogerie timepieces.
How did Hermès acquire master Swiss dial maker Natéber and case maker Joseph Erard?
To achieve vertical integration in luxury watchmaking, Hermès acquired specialized Swiss case maker Joseph Erard Holding (2013) and high-precision dial maker Natéber (2012), consolidating them into Les Ateliers d'Hermès Horloger in Le Noirmont, Switzerland.
Why did Hermès acquire John Lobb bootmaker in Paris in 1976?
In 1976, Hermès acquired the prestigious Paris workshop and bespoke shoe operations of historic English bootmaker John Lobb (while the London bespoke shop remained independent), providing Hermès with world-leading bespoke men's footwear craftsmanship.
What criteria does Hermès prioritize when acquiring regional French craft workshops?
Hermès evaluates targets based on generational artisanal know-how (Living Heritage Company / EPV certification), uncompromising ethical standards, geographic presence in France, and alignment with Hermès' human-centric craft ethos.
What companies has Hermès acquired?
Unlike LVMH, Hermès does not buy other fashion brands. Instead, they execute massive, highly secretive acquisitions of their own supply chain. They have purchased multiple massive crocodile and alligator farms in Australia and the United States simply to guarantee absolute, monopolistic control over the highest-quality exotic skins in the world.
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