Axel Dumas is the worthy heir of Hermès. Indeed, today, the prestigious luxury house is managed by the sixth generation. He took over in 2013 and continues to fight for the sustainability of the company. A look back at the atypical career of one of the richest businessmen in France.
The academic and professional career of the manager of Hermès
Axel Dumas was born on July 3, 1970 in Neuilly-sur-Seine. He is one of the descendants of the founding family of Hermès which still holds more than half of its capital today. From his very early childhood, Axel Dumas was immersed in the world of luxury and high-end products.
Axel Dumas is the son of Olivier Dumas, doctor, and Michèle Dumas, deputy general director of Hermès. He is also the nephew of Jean-Louis Dumas, former CEO of the group from 1978 to 2006 who greatly contributed to the international development of the group.
Regarding his studies, Axel holds a master’s degree in law as well as a degree in philosophy. He also attended Sciences Po Paris and obtained an undergraduate degree in 1995. In 2010, he graduated from Harvard Business School.
As for his professional career, Axel Dumas followed his dreams in 1995 and went to Asia and more precisely to Beijing, to work as a banker within the Paribas company. Its mission was to supervise the granting of credits to projects operating in the fields of raw materials, energy and transport. The transition from Sciences Po to finance obviously did not pose a problem for him, since he declared, during a meeting with ESSEC students in partnership with the Tribune : ” I was the only one to have applied. »
Four years later, Axel went to New York and joined the American subsidiary of Paribas, where he contributed to the development of financing of industrial tools for developing countries.
The career of Axel Dumas within Hermès
It was in 2003, following the death of Michèle Dumas, Axel’s mother, that his uncle Jean-Louis Dumas, CEO of Hermès at the time, invited him to join the family business as a auditor within the financial department. Axel proves himself and very quickly stands out in the eyes of the boss at the time, Patrick Thomas. The latter declares, speaking of Axel: “ it’s brilliant and it goes extremely fast.“
Under his supervision, he gradually climbed the ranks. In 2006, he was appointed commercial director of Hermès jewelry. Two years later, he took over as head of the leather goods and saddlery department.
In May 2011, Axel became general director of operations. Two years later, alongside his mentor, Patrick Thomas, he co-directed the large French luxury group. Six months later, Axel found himself at the head of Hermès after the retirement of Patrick Thomas, the only CEO not part of the Hermès family.
The ambitions and objectives set by Axel Dumas
The objective of the manager of Hermès is to perpetuate the success of the family group by focusing mainly on the quality of the brand’s products. To do this, it insisted on keeping the majority of production sites in France. The goal is to keep the same manufacturing and design methods used during the company’s beginnings, while preserving the authenticity and Hermès imprint.
It also aims to ensure optimal expansion while making no changes to the company’s values. It is in this logic of preserving heritage that several activities (jewelry, perfumery, etc.) are booming today.
He also underlined, during his encounter with ESSEC students: “ what differentiates Hermès from other luxury brands is its know-how, its authenticity and its “manufacturing quality”. 118 years after the creation of the house by his ancestor Thierry Hermès, Hermès still makes the saddles that made it successful. »
Hermès-LVMH affair: The major challenge taken up by Axel Dumas
In 2010, Bernard Arnault, CEO and majority shareholder of LVMH, made a hidden entry into the capital of Hermès to the tune of 22%. The news obviously did not rejoice Axel Dumas, who was at Harvard at the time. He therefore decides to return as quickly as possible and attend all the crisis meetings. However, his family tempers him and dissuades him from making a hasty decision.
Olivier Diaz, partner in the Darrois Villey Maillot Brochier firm, called to find a solution, reports to The Express : “He was the most determined not to give up. » Philippe Ginestié, historical advisor to the family, continues: “He was a bit like a war leader, the most irreconcilable in the face of the enemy. »
The challenge for Axel was therefore to preserve the soul of the family group, a challenge carried out brilliantly since the group succeeded in diversifying and preserving its heritage. “We cannot predict the future, so we must be flexible and ready to face a possible crisis,” he explains to the Tribune.
Axel Dumas: personality and character traits
Axel Dumas is well known for his sense of humor and his quirky side. Indeed, in 2010, during the presentation of the leather collection, he prepared, in duo with Olivier Fournier, director of the artisanal leather goods division, a comedy show at the Palais des Congrès. 2,000 employees were present and benefited from the presentation. The same year, Axel wore unicorn makeup for the inauguration evening of the Hermès theme. Pierre Hardy, shoe creative director explains: “He has audacity, is not afraid to shake up the brand. » His cousin, Pierre-Alexis, assures that he is never bored with him in meetings. He demonstrates great oral skills and has an infectious laugh.
He still has a very demanding side and can sometimes be hurtful. A former executive of the group indicated to The Express : “He doesn’t like it when it doesn’t follow through. Sometimes then, his words exceed his thoughts.” He still manages to recognize his wrongs and express his regrets.
The fortune of Axel Dumas
Axel Dumas is one of the richest people in France. According to Challengesit has increased very impressively in recent years. While it was “only” 22.3 billion euros in 2016, it increased to 30.85 billion euros in 2017. In 2020, Axel Dumas’ fortune is estimated at 55.5 billion euros. Now, the magazine calculates the fortune of the Hermès family, which includes Axel Dumas, which is estimated at 78.7 billion euros.
