At €200 Billion, Hermes Surfs Luxury Boom to Surpass Novartis
- Hermes is now worth more than twice the valuation of Airbus
- Luxury stocks propel French stock market ahead of London
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Hermes International, the maker of the iconic Birkin handbag, soared past €200 billion ($218 billion) in market value for the first time ever this week, surpassing Swiss drugmaker Novartis AG.
The stock has been rallying along with other luxury shares this year, as investors see the sector as capable of withstanding an economic downturn, especially as China’s post-Covid recovery revives demand for high-end designer items. Hermes has rallied about 30% so far in 2023.