Hermes is a luxury brand that offers a plethora of high-end products, including handbags, accessories, and apparel. However, one question that many people often ask is whether Hermes does finance.
What is Hermes?
Before we dive deep into whether Hermes does finance, let’s first understand what the brand is all about. Hermes is a French luxury fashion house that was founded in 1837 by Thierry Hermes.
The brand started as a harness workshop and later diversified into manufacturing leather goods and other luxury items. Today, Hermes has become synonymous with luxury and sophistication and has a huge following worldwide.
Does Hermes do Finance?
The answer to this question is yes and no. While Hermes does not offer traditional financial services like banking or insurance, it does offer several financing options for its customers who wish to purchase its products.
One of the financing options offered by Hermes is the store credit card. This credit card allows customers to purchase products from the brand’s stores on credit and pay back the amount in installments over time. The interest rates on these credit cards are usually lower than those offered by traditional credit cards.
Another financing option offered by Hermes is layaway plans. Layaway plans allow customers to reserve items they want to purchase by paying a deposit upfront and then paying off the balance over time. This option allows customers who may not have enough money upfront to still be able to purchase their desired item without having to resort to using credit.
Finally, some of the more expensive items offered by Hermes can be financed through third-party financing companies that specialize in luxury goods.
Fun Fact: The most expensive handbag ever sold was a Himalayan Nilo crocodile Birkin bag made by Hermes for $379,261 at an auction in Hong Kong.
Conclusion
In conclusion, while Hermes may not offer traditional financial services like banks or insurance companies, it does offer several financing options for its customers who wish to purchase its products. These options include store credit cards, layaway plans, and third-party financing for high-ticket items. As a luxury brand, Hermes understands that its customers may require some assistance in purchasing its products and has made the necessary arrangements to make this possible.