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The Italian investment company Exor announced yesterday, Tuesday May 24, the appointment of the CEO of Hermès, Axel Dumas, as a non-executive member of its board of directors.
This decision is part of Exor’s development in the luxury sector. In 2020, Exor began its expansion in the luxury segment by acquiring Hermès‘ majority stake in the Chinese luxury brand Shang Xia. Subsequently, the Italian group acquired a 24% stake in French luxury shoe designer Louboutin for €541 million.
The choice of Axel Dumas for this position is therefore far from being a coincidence. Heading the French leather goods house Hermès since 2013, he was appointed for a one-year term with the possibility of renewal.
“Axel is the sixth-generation leader of a family business that is the epitome of excellence and tradition, and is also known for its success in pursuing renewal and change,” Exor CEO John Elkann said in a statement.
At the same time, Exor also announced the appointment of board member Ajay Banga as chairman with immediate effect, separating the role from that of chief executive. Both roles were previously held by John Elkann.
Among the other investments of the Italian company in luxury, we can also mention the future completion of the sale of PartnerRe, a Bermudian reinsurance group, which will allow it to total a cash flow of 9 billion euros, useful in future investments in luxury. In addition, Exor is the majority shareholder of the car manufacturer Stellantis, which holds majority stakes in companies including the luxury sports car manufacturer Ferrari.
Finally, with the recent appointment of Dumas, the latter hopes to significantly accelerate its development in the luxury segment on a global scale.
Read also > VERY GOOD MOMENTUM FOR HERMÈS IN Q1
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The Italian investment company Exor announced yesterday, Tuesday May 24, the appointment of the CEO of Hermès, Axel Dumas, as a non-executive member of its board of directors.
This decision is part of Exor’s development in the luxury sector. In 2020, Exor began its expansion in the luxury segment by acquiring Hermès‘ majority stake in the Chinese luxury brand Shang Xia. Subsequently, the Italian group acquired a 24% stake in French luxury shoe designer Louboutin for €541 million.
The choice of Axel Dumas for this position is therefore far from being a coincidence. Heading the French leather goods house Hermès since 2013, he was appointed for a one-year term with the possibility of renewal.
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The Italian investment company Exor announced yesterday, Tuesday May 24, the appointment of the CEO of Hermès, Axel Dumas, as a non-executive member of its board of directors.
This decision is part of Exor’s development in the luxury sector. In 2020, Exor began its expansion in the luxury segment by acquiring Hermès‘ majority stake in the Chinese luxury brand Shang Xia. Subsequently, the Italian group acquired a 24% stake in French luxury shoe designer Louboutin for €541 million.
The choice of Axel Dumas for this position is therefore far from being a coincidence. Heading the French leather goods house Hermès since 2013, he was appointed for a one-year term with the possibility of renewal.
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