Hermès grows in US and China
19/03/2009
Paris-based high-end leathergoods and fashion group Hermès has reported an increase in net profit for 2008 and announced that sales of leather handbags held up well at the start of 2009.
Net profit in 2008 rose 0.8% to EUR 290.2 million, with sales increasing by 8.6% to EUR 1.76 billion.
Chief executive, Patrick Thomas, said on announcing the results that the company was on track to hits its target of the same level of revenue in 2009. He added that sales in the US continued to grow despite the slower economic environment there, and said expansion into the Asia would continue. "We are spending more time looking at developing the business than reducing costs," Mr Thomas said.
Hermès will open 12 new stores this year, three of which will be in China, and will renovate a further 13 stores. It will also boost investment in marketing by 10% to around EUR 100 million.
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