Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Business

Strong Asia growth powers Hermes sales in Q1

Strong Asia growth powers Hermes sales in Q1

MILAN (Reuters) – Sales at Birkin bag maker Hermes soared 44% in the first quarter, powered by strong growth in Asia, where revenues nearly doubled from a year earlier as COVID-19 restrictions eased and shops reopened.

The French luxury group, which has weathered the coronavirus pandemic better than rivals, said revenues at constant exchange rates came in at 2.08 billion euros ($2.50 billion) in the three months to March, beating analyst expectations for a 24% increase.

Sales in Asia excluding Japan surged 94% over the period, with growth in China especially significant. That, coupled with a rebound in the United States where sales grew by 24% helped the group more than offset a decline in sales in Europe due to a new round of coronavirus lockdowns.

Eric du Halgouët, Executive Vice President for Finance at the group, told reporters the sales growth in the quarter was not driven by a big increase in prices, as the group had nudged prices up by just 1.4% so far this year.

He said online sales had increased by 100% or more in all regions, and would likely soon exceed 1 billion euros.

The group’s strong first quarter – with sales up 33% from their 2019 levels – adds to signs of a comeback for the luxury goods sector, with rivals LVMH and Kering also reporting a surge in revenues.

However du Halgouët said it was too early to predict that the industry would put the coronavirus crisis squarely behind it this year, pointing to fresh concerns about a possible resurgence of the virus in Japan.

($1 = 0.8309 euros)

(Reporting by Silvia Aloisi; editing by Agnieszka Flak)

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post