Net profits for Hermes, the luxury goods producer, were up 38% to Eur90.5 million ($83 billion) compared with Eur65.5 million in the same period last year. The rise was thanks to as rise in sales from Eur3.355 billion last year to Eur3.745 billion this time.

However, leather sales only rose by 4%. According to Hermes, this was because they were: "hampered by insufficient production capacity to meet demand." The best performing sectors were ready-to-wear, watches and tableware.

During the period Hermes also opened two new branches in Barcelona and Lisbon. Sales were up 12% in Europe and Asia and 10% in the Americas, despite the slowdown in the US economy.

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