Hermès Plans to Expand its Luxury Market

News & Trends: Keeping things current can't be easy for a company with close to 200 years in fine goods, but somehow the house of Hermès manages.

Begun in 1837 as a Parisian saddle shop, Hermès now encompasses 17 different departments, which still includes saddles as well as perfume, apparel and tableware to jewelry and cashmere throws. Then there's the famous line of bags, including the much-coveted Birkin. Thanks to Pierre-Alexis Dumas, the company's artistic director, Hermès has expanded its range to also include a $7.6 million helicopter, a $2.1 million car and a $109 million yacht. And he plans on further expansion.

In an interview with the Wall Street Journal, Dumas revealed his plans to refresh and expand on the Hermès luggage line and the Hermès brand as a whole:

"Twenty years ago we did a hard-case suitcase in carbon fiber. It was quite innovative. I am very interested in expanding the line. We have to reinvent ourselves. If we launch a perfume and it is like what we did in the 70s, what's the point? We are constantly reassessing who we are. Hermès is going to expand more on space and home. If you have a very large boat, what are you going to put inside?"