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Hermès Cuir Précieux announced the acquisition of one of its historical leather partners and suppliers, Tanneries du Puy, yesterday (November 26).
Tanneries du Puy is one of five tanneries in France specialising in calfskin, particularly, the « calf-box », used in several collections. Founded in 1946, the tannery is based the Auverne region and has supplied high-end brands all over the world, exporting around 50% of its production.
According to Hermès, the acquisition is part of its strategy to preserve unique know-how and secure its supplies, saving around 100 jobs. The Group has made a series of acquisitions since the 1990s such as Saint Louis crystalware, Puiforcat goldsmiths and Tannerie D’Annonay in 2013.
The amount of the transaction has not been disclosed. Tanneries du Puy has been controlled by the luxury shoemaker, JM Weston since 2011. Its turnover is estimated at around €20 million but has been reporting losses in recent years.
According to 2014 figures from the Conseil National du Cuir (CNC), the French Leather Council, the country has 43 tanneries, employing over 1,500 people.