Hermes' Haute Q1 Sales

Posted by: Charles DuBow on May 07

Who says there’s a recession? Certainly not the haute bourgeosie that comprise the majority of those who shop at Paris-based luxury chain Hermes. According to a report today in WWD,

Hermès International said first-quarter sales accelerated 13.4% to 415.1 million euros, or $621.7 million at average exchange rates, with robust performances across all key product categories and regions.

Much of the good news came as a result of surging sales at the company’s new Wall Street store in lower Manhattan, which helped push sales overall in the U.S. up 23%. Sales were also strong in developing markets and helped offset weakness in Japan. Leather goods, perfume, silks and fashion accessories all posted double-digit gains. The firm’s finance director reportedly said that the company would not change its guidance of 10% organic sales growth for the full year.

Hermes is not the only luxury group to enjoy a strong first quarter. LVMH Moet Hennessy Louis Vuitton (LVMH), Compagnie Financiere Richemont (RIFZ), Burberry (BRBY)and Swatch (UHR), also all reported strong sales. Pas mal.