Hermès Forced to Postpone Store Openings

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Hermès has postponed the openings of two stores in China. “We have a crisis, all luxury companies can feel it,” CEO Patrick Thomas said at a shareholders' meeting yesterday. “It would be illusory to think that Hermes can escape.” The company is also instituting a hiring freeze, except in the leather-goods department. So if Posh Spice wants 20,000 new Birkins this year, she shan't go hungry! Or something! [Bloomberg, WWD]