Demand for their leather bags helped to drive sales, despite an overall slowdown in growth. WGSN Senior Editor Petah Marian reports
Luxury group Hermes’ sales have beaten expectations during the third quarter, despite a slowdown in the rate of growth.
The business was helped by demand for leather goods and ready-to-wear fashion, as comparable sales rose 7.9% during the second quarter, against a 9.7% rise during the second quarter. Analysts were expecting 7% sales growth over the period.
Revenue rose 15.4% to €1.14bn. In Asia, sales grew by 15.1% to reach €526m, while European revenue was up 15.8% to €396m.
The company said the growth in Asia came despite a “context in Hong Kong, Macao and to a lesser extent in continental China”.
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