Hermès doubles sales growth target after Q2 results - leatherbiz: Lead Leatherbiz

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Hermès doubles sales growth target after Q2 results

22/07/2010
Luxury goods brand Hermès has reported a 27% increase in sales for the second quarter of 2010 compared to the same quarter last year. It then doubled its sales growth target for the year.

Sales for the second quarter ended June 30 were EUR 567 million, up from EUR 446.6 million a year ago.

Hermès has set aside EUR 180 million for investing in its distribution network, renovating existing stores and adding news ones this year. Most planned store openings this year are in Asia, and it has opened two new stores in China already in 2010.

It said it now hopes to achieve sales growth of between 10% and 12% for the year, up from the original target of 5%.

According to the Wall Street Journal, Hermès plans to create a new Chinese brand, Shang Xia.


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