Thanks to wealthy customers in Europe and the USA, sales of the luxury goods group Hermès have risen sharply in recent months. Sales rose in the third quarter compared to the same period last year by 15.6 percent at constant exchange rates to almost 3.4 billion euros, as the group announced on Tuesday in Paris. Analysts expected something less. The news was well received on the stock market: Hermes shares rose by a good two percent in Paris this morning.
Despite the current economic downturn, the French company’s expensive Birkin and Kelly handbags are still in demand. However, its competitor LVMH, which owns brands such as Louis Vuitton and Christian Dior, reported disappointing quarterly figures. Some industry experts also assume that Hermes is better able to enforce higher prices because demand consistently exceeds handbag production.
Hermes is also doing better on the stock market. The group’s share price has performed better than other luxury stocks this year. While demand remains robust at Hermes, growth has slowed across much of the industry. (dpa)