Snap One Up

THE recession seemed like a far-removed concept for Hermes this morning, as the luxury retailer announced it is breeding its own crocodiles to keep up with the demand for its iconic handbags.

The Hermes chief executive, Patrick Thomas, told the Reuters Global Luxury Summit in Paris that - despite nurturing other areas of the business, such as fashion and textiles, to prevent the label being so reliant on leather bags - this area continues to be its fastest growing product line.

Customers currently join waiting lists which are often several years long for the classic Birkin and Kelly bags. After a lengthy wait, the bags can cost in excess of €35,000 each - owing in part to the extensive and expensive process of its production.

“We cannot face demand. We have massive over-demand. We are limited by our ability to train new craftsmen,” Thomas explained, whilst confirming that the company currently produces 3,000 crocodile bags a year.

“The world is not full of crocodiles,” he quipped, “except the stock exchange!”