Despite the economy, Hermès CEO Patrick Thomas says the label is experiencing "massive over-demand" for handbags. To keep up, they've starting breeding their own crocodiles on farms in Australia. Thomas said it's difficult for the label to make 3,000 crocodile bags a year. It can take three to four crocodiles to make one handbag. Customers sometimes wait several years for bags made from exotic skins, which can cost upwards of $48,410 apiece. Thomas adds, "The world is not full of crocodiles, except the stock exchange!" He forgot André Leon Talley's closet. [Reuters]
