Birkin purse maker Hermes bucks the pattern with revenue rise
Must-have: TV’s Emma Hernan with a Birkin bag
Birkin handbag maker Hermes has weathered the luxury demand slowdown, posting a sales rise.
The French firm’s second-quarter revenue was £3.1billion, up 13 per cent year-on-year.
Sales were strong everywhere but Asia.
Its results tend to be less volatile than other luxury houses because it enjoys strong pricing power and long waiting lists for coveted products, such as its Kelly and Birkin handbags, which start at £10,000.
Luxury sales have largely normalised after a postpandemic boom. LVMH results missed expectations.
Gucci owner Kering expects profit to keep falling in the second half of the year while Cartier owner Richemont took a hit from continued subdued demand in China.
DIY INVESTING PLATFORMS
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
