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Hermès, the renowned luxury goods manufacturer, has long been synonymous with meticulous craftsmanship, high-quality materials, and a commitment to sustainability. However, in recent years, the company has taken significant steps to strengthen its supply chain operations. A critical component of this effort is the announcement that Hermès has significantly accelerated its payment terms for suppliers. This move not only underscores Hermès’ commitment to securing its supply chain but also highlights its long-standing strategy of fostering strong, mutually beneficial relationships with its partners. This article explores Hermès’ recent decision to pay its suppliers more quickly, the underlying factors influencing this change, and how it aligns with broader corporate policies and initiatives.
1. Hermès and the Importance of Supplier Relationships
For luxury brands like Hermès, maintaining a seamless, reliable supply chain is paramount. The company’s business model is rooted in ensuring that each product, from leather goods to silk scarves, is crafted with the highest levels of precision and care. To achieve this, Hermès relies on an extensive network of suppliers, each providing specialized materials or services that are integral to the production process.
The relationship between Hermès and its suppliers is not simply transactional but strategic. For many years, Hermès has cultivated a culture of long-term partnerships based on shared values, including a commitment to craftsmanship, sustainability, and ethical sourcing. To continue strengthening these relationships, the company has implemented various policies to support its suppliers, one of the most recent being faster payment terms.
2. Faster Payments: A Strategic Response to Market Challenges
In the face of ongoing global supply chain disruptions and economic uncertainties, Hermès’ decision to pay its suppliers more quickly can be seen as a response to the challenges that many suppliers face. The COVID-19 pandemic, for example, exposed the vulnerabilities of global supply chains, leading to delays, price increases, and financial strain for suppliers. In such a context, the ability of suppliers to maintain liquidity and financial stability has become a critical concern.
By accelerating payment timelines, Hermès not only helps its suppliers navigate these challenges but also secures its own supply chain. The company’s decision is in line with the broader trend in the luxury industry, where firms are increasingly prioritizing supply chain resilience. In doing so, Hermès demonstrates its commitment to not only securing its sources of supply but also investing in the sustainability and continuity of its partner network.
3. The Acquisition of Tannery d'Annonay: A Case in Point
One of the most significant steps Hermès has taken to safeguard its supply chain in recent years was the acquisition of the Tannery d'Annonay in Ardèche, France. The tannery, which specializes in high-quality leather, is a crucial supplier of the company’s leather goods division. Hermès’ acquisition of the tannery in 2020 followed a long-standing relationship, and it underscored the company’s strategy of vertical integration.
Through this acquisition, Hermès not only secured a critical supplier but also gained direct control over the production process, ensuring that its iconic leather goods could be crafted to the highest standards. By making this strategic move, Hermès demonstrated that it was willing to invest in securing the quality of its raw materials and the expertise required to maintain its competitive edge.
This acquisition also speaks to the company’s broader philosophy of “ownership” over key aspects of its production processes. By purchasing the tannery, Hermès ensured that it could maintain close control over the quality of the leather, as well as the knowledge and skillsets of the artisans who work there.
4. The Role of the Code de Conduite Fournisseurs (Supplier Code of Conduct)
Central to Hermès’ supplier relationships is its Supplier Code of Conduct, which outlines the ethical standards and practices that the company expects from its suppliers. This code covers a wide range of areas, including labor rights, environmental responsibility, and business integrity. Hermès uses the code to ensure that all suppliers align with the company’s values and to mitigate risks in its supply chain.
The implementation of faster payment terms aligns with the principles outlined in the Code of Conduct. For example, ensuring that suppliers are paid on time and promptly supports fair business practices, helping to strengthen the financial stability of smaller suppliers and artisans. This reflects Hermès’ broader commitment to responsible sourcing and ethical supply chain management.
Additionally, Hermès is committed to maintaining a dialogue with its suppliers, ensuring that they are treated with respect and transparency. By accelerating payment terms, Hermès not only addresses the immediate financial needs of its suppliers but also fosters long-term trust and collaboration.
hermès paie ses fournisseurs plus rapidement
hermès paie ses fournisseurs plus rapidement - BRIEF FILIÈRES