Hermes Defies Luxury Slowdown With Sales Jump in China [BNN Bloomberg (Canada)]
HERMES INTL SA UNSP/ADR (HESAY)
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finance.hermes.com/en
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Source: BNN Bloomberg
Sales at constant exchange rates jumped 17% to €3.8 billion ($4.1 billion) in the first quarter, Hermes International SCA said Thursday. This was more than analysts expected. Hermes typically caters to the most affluent customers which makes it more resilient in a challenging luxury goods market. Its fortunes contrast with the challenges at Kering SA, which is seeking to turn around its biggest brand Gucci — efforts that are taking time to bear fruit. Hermes' revenue in its key Asia Pacific market, excluding Japan, jumped 14% to €1.92 billion in the period, while its crucial leather goods and saddlery division grew by 20%, both better than estimates. Hermes saw softer traffic in Greater China in March after the Chinese New Year with a “slight erosion” of customers buying more affordable products such as its silk scarves. But that was compensated by shoppers splurging on its more expensive leather, ready-to-wear and jewelry goods, Chief Financial Officer Eric du Halgouet told re
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News
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