China Helps Hermes to Recover
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Hermes sales soared 13 per cent last quarter after an especially strong performance across Asia.
The French high-fashion luxury-goods manufacturer achieved consolidated revenue for the first quarter of €1.610 billion (US$1.796 billion). While all regions recorded sustained growth during the period, Chinese sales drove double-digit growth throughout Asia excluding Japan.
According to the firm, the group benefited from store extensions completed last year, in particular on the Shanghai IFC as well as Singapore Marina Bay Sands and its new store in Phuket Floresta, Thailand, which opened last month.
“Driven by the success of its collections among all its customers,” said the group’s executive chairman Axel Dumas, “Hermes achieved an acceleration of its sales over the first quarter, which shows the continuation of a dynamic trend, particularly in China.”
Hermes launched a new digital platform in China last October that is being rolled out across Asia.
Questions & Answers
Q.Which specific Asian regions saw significant growth for Hermes last quarter?
Which specific Asian regions saw significant growth for Hermes last quarter?
Chinese sales were a major driver of double-digit growth across Asia, excluding Japan. Store extensions in Shanghai and Singapore, along with a new store in Phuket, also contributed to this regional performance.
Q.What is the total consolidated revenue Hermes achieved in the first quarter?
What is the total consolidated revenue Hermes achieved in the first quarter?
Hermes reported a consolidated revenue of €1.610 billion for the first quarter. This figure converts to approximately US$1.796 billion, showing a strong financial performance for the luxury brand.
Q.How did Hermes's digital strategy contribute to its recent success in Asia?
How did Hermes's digital strategy contribute to its recent success in Asia?
Hermes launched a new digital platform in China last October. This platform is now being rolled out across the rest of Asia, indicating it played a role in the firm's accelerating sales.