Luxury goods group Hermès grows less than expected
Hermès store in Nanjing, China Credits: Cai Yunpu French luxury group Hermès continued to grow in the first quarter. However, the maker of products such as the Birkin and Kelly bags fell short of expectations. Sales rose by 8.5 percent to 4.13 billion euros in the first three months of the year, the EuroStoxx 50 heavyweight reported on Thursday in Paris. Adjusted for currency effects, growth was 7.2 percent. Experts surveyed by Bloomberg had expected an increase of 7.9 percent. Business was disappointing, especially in Asia and the Pacific region, the group's most important market. Hermès is therefore the second major luxury goods manufacturer, after LVMH, to miss analysts' expectations. Hermès and LVMH, with stock market values of around 250 billion euros and 243 billion euros respectively, are among the most valuable companies in Europe. This article was translated to English using an AI tool. FashionUnited uses AI language tools to speed up translating (news) articles and proofread the translations to improve the end result. This saves our human journalists time they can spend doing research and writing original articles. Articles translated with the help of AI are checked and edited by a human desk editor prior to going online. If you have questions or comments about this process email us at info@fashionunited.com
French luxury group Hermès continued to grow in the first quarter. However, the maker of products such as the Birkin and Kelly bags fell short of expectations.
Sales rose by 8.5 percent to 4.13 billion euros in the first three months of the year, the EuroStoxx 50 heavyweight reported on Thursday in Paris. Adjusted for currency effects, growth was 7.2 percent. Experts surveyed by Bloomberg had expected an increase of 7.9 percent.
Business was disappointing, especially in Asia and the Pacific region, the group's most important market. Hermès is therefore the second major luxury goods manufacturer, after LVMH, to miss analysts' expectations.
Hermès and LVMH, with stock market values of around 250 billion euros and 243 billion euros respectively, are among the most valuable companies in Europe.
FashionUnited uses AI language tools to speed up translating (news) articles and proofread the translations to improve the end result. This saves our human journalists time they can spend doing research and writing original articles. Articles translated with the help of AI are checked and edited by a human desk editor prior to going online. If you have questions or comments about this process email us at info@fashionunited.com
This article was translated to English using an AI tool.
