(Inside Retail Asia | May 4, 2018)
Despite currency fluctuations knocking out €104 million (US$124.5 million) of revenue, Hermes International reports solid first-quarter sales with China again a hero.
Excluding Japan, Asia achieved 16 percent growth. Japan continued with outstanding growth of 8 percent. In January, the group opened a Landmark Prince’s flagship store in Hong Kong.
The French luxury fashion group’s consolidated revenue for the period amounted to € 1.3 billion, up 11 percent at constant exchange rates and 3 percent at current exchange rates with the strengthening of the euro.
“This solid performance is the result of the well-balanced sales growth,” says executive chairman Axel Dumas. “It is particularly healthy as it is mainly based on an increase in volumes in the group’s stores.”
Performance was driven by sound growth across all business lines, led by a 17 percent jump in the ready-to-wear and accessories division. Perfumes also performed with 16 percent growth.
Meanwhile, Hermes Group finalised the sale of its former Galleria store on April 12, expected to generate a net capital gain of about €50 million.
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