Hermes reports 11.3% growth in Q3 sales, outshining luxury rivals

Quick Summary:

A sector-wide slowdown has affected labels across the high-end spectrum, but Hermes' famously classic designs and tight management of production and stock have helped reinforce the label's aura of exclusivity and made the company one of the most consistent performers in the industry.

Du Halgouet said the group will continue to invest in China after inaugurating a store in Shenzhen's Mixc shopping mall on Wednesday, with plans for a new flagship in Beijing next year.

He added that Hermes was compensating for the lower traffic with higher average baskets, selling jewelry products, leather goods and ready-to-wear for men and women.

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Category: BusinessFinance

Markets: IndiaChinaJapan

Topics: Luxury goods Q3 sales Birkin bag Exclusive brands Financial results China market Economic trends Luxury retail Market analysis Fashion industry Hermes Investment strategy Luxury handbags LVMH Retail performance Moncler Asian market Revenue growth Kering Consumer confidence

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News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-24 @ 13:02:56 (4 days ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 586 words

Reading Time: 4 minutes read

Sentences: 20 lines

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Copyright Owner: © Business Standard

News ID: 23221324

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