Paris based Hermes will open its store in the upscale Cidade Jardim shopping mall in Sao Paulo by mid September, Valor said, citing Guillaume de Seynes, deputy managing director at Hermes and a member of the company founding family.The decision underscores the resilience of Brazil economy and a gain in its currency, which favors sales of imported luxury goods amid the global economic downturn.Hermes 169 square meter store in Sao Paulo will offer the company 14 different lines of products including Kelly and Birkin bags, shoes, jewelry and accessories, de Seynes told Valor.Hermes stores worldwide rose to 286 last year from 234 in 2004, Valor said. The company is now scrutinizing investments more rigorously, de Seynes said, and scaled back plans to open two stores in China from a prior plan of four.The company suspended the upgrading and expansion of two leather manufacturing plants until next year, de Seynes said, adding that the investment in the plants will depend on a stabilization of the global luxury markets. (Reporting by Guillermo Parra Bernal; Editing by Derek Caney)..
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