Hermes Drops Mid-Term Revenue Target as Luxury Outlook Worsens

Hermes International SCA abandoned its mid-term annual sales growth target as political and monetary issues damp prospects for the luxury-goods market.

Hermes is no longer forecasting annual revenue growth of about 8 percent excluding currency shifts, the Paris-based company said in a statement Wednesday. Instead, it has “an ambitious goal” for growth, it said as it reported first-half earnings that beat analysts’ estimates.