Demand for luxury goods drives sales at Hermes: Company says sales in the first three months of the year were 23% higher than in the same period of 2022
Demand for luxury goods has boosted sales at Hermes.
The French company said sales in the first three months of the year were 23 per cent higher than in the same period of 2022, as affluent customers splurge on products such as colorful scarves and Birkin bags – which can cost £70,000.
The stellar numbers came just days after rival LVMH — whose brands include everything from Christian Dior and Dom Perignon — reported a 17 percent sales increase.
Q: Affluent shoppers splurged on products such as colorful scarves (pictured) and Birkin bags – which can cost £70,000
British fashion retailers, on the other hand, are faring less well, with profit warnings from Superdry and Dr. Martens.
Superdry said sales in February and March “have not met our expectations” as the cold weather reduced demand for spring and summer clothing.
Dr. Martens issued a third profit warning in five months. Profit for the year to the end of March was around £245 million, less than hoped for at £260 million.
Shares of Superdry fell 16.7 percent, but Dr. Martens rose 10.5 percent on news that shipments from a Los Angeles warehouse have returned to normal following a bottleneck.