Hermes sees no slowdown anywhere
Chief executive Patrick Thomas said trading remained strong in South Korea, Taiwan and also in China where other luxury brands such as Burberry, LVMH's Louis Vuitton and PPR's Gucci have posted slowing sales growth.
Globally, we do not see any slowdown anywhere ... including in Asia, Thomas told Reuters in an interview on Thursday.
Hermes, known for silk scarves and Birkin and Kelly handbags, said third-quarter sales rose 15.7 percent at constant currencies to 849 million euros ($1.1 billion), up from 13.4 percent in the second quarter. October was in line with the third quarter, Thomas said.
Revenue from China was up 27 percent in the three-month period, with the country now accounting for about 25 percent of group turnover against 19 percent last year, he said.
In contrast, Louis Vuitton's third-quarter sales in China were estimated to be around 5 percent higher, with some analysts saying it has been suffering from its own success after flooding the market with its products. As a result, certain consumers have started to feel jaded with the brand.
Louis Vuitton, the world's biggest luxury brand in terms of sales with revenue of more than 7 billion euros, is also more affordable than Hermes.
Louis Vuitton sells leather bags starting at around 760 euros, while Hermes starts at 1,380 euros. Hermes had revenue of 2.8 billion euros last year.
Louis Vuitton makes up about 75 percent of sales generated
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