Hermes Buys Asprey's Bond Street Store
Luxury jewelry and accessories brand Asprey commands an enviable corner of Bond Street in London and now it looks like that property will have a new name over the door. The Observer reports that Hermès will buy the building and may buy the entire Asprey business. Hermès will purchase the building from Quinlan Private run by Derek Quinlan. Reportedly Hermès beat Chanel to the store.In a challenging luxury market, Hermès has continued to shine posting profits at a time when most other brands are wrestling with deep losses. The same can't be said for Asprey which has struggled recently and had two consecutive loss-making years with sales dropping from £17 million to £13 million. For the most part Hermès hasn't been in the acquisitions business, choosing to expand modestly and focus on their strengths but Asprey does have the kind of history and tradition that might appeal to Hermès.
The Observer speculates that the sale might provide a much-needed cash infusion for Derek Quinlan, whose portfolio has taken a deep in the past year or so. He is divesting himself of a lot of his property portfolio and has moved to Switzerland. The Asprey store sale could bring him as much as £25 million.
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