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Coronavirus : Hermès will not increase its dividend or resort to short-time work

Coronavirus : Hermès will not increase its dividend or resort to short-time work

In a press release published on Monday 30 March, the Hermès Group stated that it would reduce its proposed dividend from 5 euros per share to 4.55 euros, the level paid in 2019, and that its Executive Chairmen would renounce any increase and would receive the same total remuneration this year as last year due to the coronavirus pandemic.

 

In the current health crisis, the Supervisory Board of the Hermès Group, acting on a proposal from the Executive Management, has decided to amend the proposal to distribute an ordinary dividend distribution to be submitted to the General Meeting of Shareholders on April 24, 2020 to reduce the amount from €5.00 to €4.55 per share, i.e. the same amount as in 2019.

The French luxury group also indicated that “the economic and financial solidity of its craft model” enabled it to maintain the basic salary of its 15,500 employees in France and worldwide without having recourse to exceptional public aid from the various States, particularly in France by renouncing the partial activity support system.

 

Hermès also announced that it will make a 20 million euro donation to AP-HP (Assistance Publique – Hôpitaux de Paris).

 

This contribution is in addition to the donations of more than 30 tonnes of hand sanitizer produced by its Parfum du Vaudreuil site and more than 31,000 masks from various company’s entities.

 

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It will be complemented by support for health services provided locally by its subsidiaries around the world.

 

Lire aussi > Coronavirus: despite cancellation of paris fashion week, Chanel will not use partial unemployment

 

Featured Photo :  © Hermès

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