Hermes sales surged despite china shopping disruptions

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Hermes sales surged despite china shopping disruptions
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Sales jump 23 per cent year on year

Angelina RascouetHermes showed it was immune to shopping disruptions in China with sales jumping in the fourth quarter as wealthy consumers’ appetite for Birkin bags and other high-end leather goods remained strong.

Sales gained 23 per cent in the three months through the end of December at constant exchange rates compared to the same period a year earlier, the French company said on Friday in a statement. Analysts had expected a 17 per cent gain. The biggest division, leather goods and saddlery which sells the Birkin bag, grew by a quarter during the period, also surpassing estimates. The growth helped push Hermes’s sales to a record €11.6 billion for 2022, up from €8.98 billion the previous year. Recurring operating income for the year also surpassed forecasts.

Hermes’s results came despite a blow to spending in China, where a wave of Covid kept shoppers and workers at home. Some luxury groups, such as Gucci owner Kering, were severely hit, whereas Hermes sales in the Asia-Pacific region excluding Japan jumped by about 25 per cent.

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