Following a solid first financial quarter in 2016 (during which shoes performed better than usual), Hermès has made an investment outside of its own business. On Wednesday, the luxury brand announced it has taken a minority stake in footwear designer Pierre Hardy's namesake line.
Of course, Hardy has been designing shoes for Hermès since 1990 and jewelry since 2001, so the relationship is nothing new. Still, it's a big move and a major vote of confidence in the luxury footwear space for the French company, which also owns men's shoe brand John Lobb. "I'm delighted with our partnership with Pierre Hardy, which shows how proud we are to support creative talent and incredible expertise as part of this unique tribe that strives for excellence," said Hermès International Chief Executive Axel Dumas in a statement.
Hardy has helmed his own brand since 1999; he has opened three stand-alone stores, the most recent having opened in Japan, and collaborated with Gap in 2011. He's expanded into handbags more recently, and we'll surely be seeing more rapid growth in the years to come, with Hermès's resources.