Paris-based leathergoods and fashion group Hermès is looking at ways of protecting itself from the global economic slowdown.

Chief executive, Patrick Thomas, said at the company’s annual meeting held June 2 that it is difficult to judge how the rest of the year win pan out for the company and that it is not immune from the effects of the downturn.

Although second-quarter sales are likely to be higher than sales reported during the first quarter, the company has decided to adopt a cautious approach going forward. It has reportedly frozen recruitment, although this excludes its leathergoods division, and has delayed the opening of two outlets in China. It has also postponed plans to extend two production sites in France.

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