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Hermès sees no slowdown with sales up 15%

09/11/2012
High-end leathergoods company Hermès has reported sales growth of 15% for the third quarter, and says it has seen no signs of the slowdown in Asia that some of its peers have recently reported.

Sales rose to €849 million, up from 13.4% percent in the second quarter.

Revenue from China was up 27% in the three-month period, with the country now accounting for a quarter of group turnover, compared with 19% last year.

"Globally, we do not see any slowdown anywhere, including in Asia," Hermès chief executive, Patrick Thomas, told Reuters.

He said the company’s strategy of limited growth was paying off as it had helped the brand retain an exclusive image. Its Birkin handbags cost upwards of €5,500.

Last month, sales in luxury group LVMH's fashion and leathergoods unit slowed to 5% growth in the third quarter from 8% in the second quarter and from 12% in the first.


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