Hyunsoo Rim is an editorial fellow at Forbes, covering breaking news with a focus on business and finance. She graduated from New York University with a master’s degree in journalism, specializing in business and economic reporting.
a 17% jump in first-quarter sales Thursday on the back of strong leather goods sales and Chinese demand, bucking the global luxury slowdown.First-quarter revenue rose 17% from the previous year to $4.1 billion , with all geographical areas posting double-digit growth, topping FactSet’s consensus estimates of a 13% growth and $4 billion sales .
The leather goods and saddlery division—where the group derives more than 40% of its revenue—saw a 20% jump in sales on the back of new models, followed by a 16% growth in ready-to-wear and Accessories, its second-largest line; both beat consensus estimates gathered by FactSet. Sales in Asia-Pacific, excluding Japan—which account for more than half the group’s revenue—grew by 14%, defying China’s slowdown that hasHermès shares fell 4.7% in Paris afternoon trading but are up 16.3% year-to-date, beating its rivals LVMH and Kering ., the fifth-generation descendant of Hermès founder Thierry Hermès, as the world’s 126th richest person with an estimated net worth of $14.9 billion.
Birkin Chinese Sales Earnings Kering LVMH Kelly Puech
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