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Hermès offsets Chinese slowdown with strong leather bags sales | |
(35 minutes later) | |
Demand for expensive leather bags off-set a slowdown in China for French luxury brand Hermès as it beat analyst estimates for the thirdquarter. | Demand for expensive leather bags off-set a slowdown in China for French luxury brand Hermès as it beat analyst estimates for the thirdquarter. |
The silk scarves and Birkin bag maker reported sales growth of 11.1 per cent to €990.6 million as demand for leather accessories boosted the Paris based brand. | |
Sales in Japan were better than expected while its American sales – up 14 per cent - remained strong. However fears that luxury goods brands are suffering at the hands of a Chinese spending slowdown will be raised after it reported sales in its watch business were down 10 per cent | Sales in Japan were better than expected while its American sales – up 14 per cent - remained strong. However fears that luxury goods brands are suffering at the hands of a Chinese spending slowdown will be raised after it reported sales in its watch business were down 10 per cent |
For the first time it also acknowledged a “slowdown in China's luxury market". A crackdown on ostentatious spending by government officials in the country has hit sales of products including watches and expensive spirits such as cognac. | For the first time it also acknowledged a “slowdown in China's luxury market". A crackdown on ostentatious spending by government officials in the country has hit sales of products including watches and expensive spirits such as cognac. |
The group said it retains its “mid-term objective” of sales growth of around 10 per cent but said its operating margin could be “slightly less” than the all-time high achieved last year of 32.4 per cent due to currency swings. | The group said it retains its “mid-term objective” of sales growth of around 10 per cent but said its operating margin could be “slightly less” than the all-time high achieved last year of 32.4 per cent due to currency swings. |
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