The French luxury group Hermes continued to grow in the first quarter. However, the manufacturer of products such as Birkin and Kelly bags remained behind the expectations. In the first three months of the year, sales increased by 8.5 percent to EUR 4.13 billion, as the EuroStoxx 50-heavy weight announced on Thursday in Paris. Adjusted for currency effects, growth was 7.2 percent.
- Read here: Warane, fake watches, ivory: the spectacular cases of customs officials
Experts surveyed by Bloomberg had expected 7.9 percent as an increase. The business was disappointing, especially in Asia and the Pacific region, the most important market of the group. According to LVMH, Hermes is the second great luxury goods manufacturer, which missed the expectations of the analysts. Hermes and LVMH are among the most valuable companies in Europe with a stock market value of around 250 billion euros or EUR 243 billion.
Pollution from US tariffs are completely passed on to customers
US customers from the French luxury fashion group Hermes will have to dig deeper into their pockets in the future. The group known for its high-priced handbags “Kelly Bags” or “Birkin Bags” will pass on the burdens of the US tariffs to its wealthy customers on top to the regular price increases from six to seven percent.
“}”>
Image: Thomas Samson (AFP)
Source: Nachrichten
