Despite currency fluctuations knocking out €104 million (US$124.5 million) of revenue, Hermes International reports solid first-quarter sales with China again a hero.
Excluding Japan, Asia achieved 16 per cent growth. Japan continued with outstanding growth of 8 per cent. In January, the group opened a Landmark Prince’s flagship store in Hong Kong.
The French luxury fashion group’s consolidated revenue for the period amounted to € 1.3 billion, up 11 per cent at constant exchange rates and 3 per cent at current exchange rates with the strengthening of the euro.
“This solid performance is the result of the well-balanced sales growth,” says executive chairman Axel Dumas. “It is particularly healthy as it is mainly based on an increase in volumes in the group’s stores.”
Performance was driven by sound growth across all business lines, led by a 17 per cent jump in the ready-to-wear and accessories division. Perfumes also performed with 16 per cent growth.
Meanwhile, Hermes Group finalised the sale of its former Galleria store on April 12, expected to generate a net capital gain of about €50 million.