Geneva: Hermes International reported its fastest quarterly sales growth in more than four years, buoyed by demand from Chinese consumers, another sign that the world’s largest luxury market is holding up.
The French maker of the famed Birkin bag reported sales growth of 12% at constant exchange rates yesterday, beating analysts’ estimates. The stock, which has gained 27% this year, briefly touched a record in Paris trading and then ceded those gains.
“This is a rock solid start to the year,” wrote Rogerio Fujimori, an analyst at RBC Europe.
Hermes is stepping up into a higher gear as China’s economy rebounds. That’s good news for the maker of US$1,250 Epsom calfskin mobile-phone cases and US$1,675 beach pants. — Bloomberg