PARIS: French luxury group Hermes reported an 18% rise in fourth quarter sales on Friday, showing robust appetite from wealthy shoppers for the most expensive luxury items like its Birkin bags, which cost upwards of $10,000.
Hermes continues to outshine rivals like LVMH and Kering-owned Gucci thanks to its wealthier customers as the industry suffers its slowest sales in years. Global luxury sales fell around 2% last year, hurt by a property crisis crimping spending in China and inflation-weary shoppers elsewhere.
