Hermes Defies Luxury Slowdown With Sales Jump in China
- Leather goods and saddlery division grows 20% in first quarter
- Softer traffic in stores in China in March didn’t hamper sales
Hermes saw Chinese buyers snap up its luxury products as the Kelly bag maker showed its resilience amid a broader slowdown in demand for the sector.
Sales at constant exchange rates jumped 17% to €3.8 billion ($4.1 billion) in the first quarter, Hermes International SCA said Thursday. This was more than analysts expected.