PARIS — French luxury group Hermes reported on Thursday strong sales and profit for the first half of the year, outshining rivals hit by a slowdown in the key Chinese market.
Sales reached 7.5 billion euros ($8.1 billion) in the first six months of 2024, up 12 percent from the period last year at current exchange rates.
Net profit rose 6.4 percent to 2.4 billion euros.
BIG EARNINGS This photograph taken on May 25, 2023 in Lille, northeastern France, shows the sign of the Hermes luxury store on the prestigious Rue Grande-Chaussee. Hermes announced on July 25, 2024 a 6.4-percent rise in first-half net profit to 2.37 billion euros and a 12-percent increase in sales to 7.5 billion euros. AFP PHOTO
“The solid first-half results, in a more complex economic and geopolitical context, reflect the strength of Hermes’ model,” executive chairman Axel Dumas said in a statement.
Louis Vuitton and Dior owner LVMH, the world’s biggest luxury group, said earlier this week that its net profit slid 14 percent to 7.3 billion euros in the first half.
Another major French group, Gucci owner Kering, said on Wednesday that its half-year net profit fell by half and warned that operating earnings for the second half of the year would be down around 30 percent.
British brand Burberry and Cartier owner Richemont both reported sharp drops in sales in China last week.
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