×
81 841
Fashion Jobs
JCPENNEY
HR Operations Specialist
Permanent · Plano
JCPENNEY
Legal Property Senior Specialist
Permanent · Plano
NORDSTROM
Asset Protection - Security Ambassador - Wilmot Plaza Rack
Permanent · Tucson
NORDSTROM
Asset Protection - Agent - Hillsdale Shopping Center
Permanent · San Mateo
NORDSTROM
Asset Protection - Agent - King of Prussia Rack
Permanent · King of Prussia
NORDSTROM
Asset Protection - Agent - Topshop at The Grove
Permanent · Los Angeles
NORDSTROM
Asset Protection - Agent - Oakbrook Center
Permanent · Oak Brook
SALLY BEAUTY CORPORATE
Group Vice President Bsg Full Service
Permanent · Denton
SALLY BEAUTY CORPORATE
District Manager - Cosmoprof
Permanent · Des Moines
SALLY BEAUTY CORPORATE
District Manager
Permanent · Los Angeles
BLOOMINGDALE'S
Business Sales Manager - Cosmetics/Fine Jewelry/Handbags
Permanent · Honolulu
BLOOMINGDALE'S
Asset Protection Visual Security Officer, Full Time: Glendale
Permanent · Glendale
BLOOMINGDALE'S
Asset Protection Detective, Full Time: Short Hills
Permanent · Millburn
BLOOMINGDALE'S
Asset Protection Detective, Full Time: Chestnut Hill
Permanent · Newton
ESTÉE LAUDER
Keyholder - The Cosmetics Company Store - 20 Hrs - Leesburg Corner Premium Outlets - Leesburg,va
Permanent · Leesburg
ESTÉE LAUDER
Senior Financial Analyst, Finance North America, Mac
Permanent · New York
ESTÉE LAUDER
Director, HR Business Partner, na
Permanent · New York
MICHAEL KORS RETAIL INC
ft Sales Supervisor - Aventura, fl
Permanent · West Palm Beach
ABERCROMBIE AND FITCH CO.
Director, Digital Product Management (Remote)
Permanent · Columbus
BANANA REPUBLIC
General Manager - Woodbury
Permanent · Woodbury
BANANA REPUBLIC
General Manager - Norfolk Premium
Permanent · Norfolk
AIIR PROFESSIONAL
Brand & Digital Manager
Permanent · SCOTTSDALE
By
Reuters
Published
May 3, 2012
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Hermes Q1 sales rise as Asia strong

By
Reuters
Published
May 3, 2012

PARIS - French luxury goods company Hermes said first-quarter sales rose 17.6 percent at constant exchange rates to 776.9 million euros ($1.02 billion) on strong growth in Asia and in Europe outside of France.

Hermès
Photo: AFP/Archives, Miguel Medina

The 175-year-old company, which is 72 percent owned by Hermes family shareholders, said its leather goods and saddlery division, which accounted for slightly less than half of sales in the quarter, posted 13.5 percent growth.

But sales were robust in a series of smaller divisions, helping prop up the overall figures. Jewellery and "Art of Living" sales grew 46 percent, while watches and tableware had a strong quarter, as did the ready-to-wear fashion division.

The company gave no specific forecast on Thursday but reiterated that it would keep control of its distribution network and either open or renovate some fifteen branches in the coming year.

Hermes registered strong growth in Asia-Pacific, excluding Japan, with sales rising 22.4 percent. Stripping out the weak French market, sales rose 26.6 percent in Europe. This helped offset weaker growth in Japan and the United States.

European luxury goods companies have benefited from the influx of wealthy Chinese, Middle Eastern and South American consumers into their stores. Hermes has done especially well with repeated quarters of double-digit percentage organic growth.

The company, which downplays its commercial intent and talks about the art behind its products, has been careful to limit store openings and maintain an aura of exclusivity. For ordinary customers, there can be a five-year wait for the Birkin bag.

This success has attracted the attention of larger luxury goods company LVMH, which also reported strong sales growth for the quarter. Against the wishes of Hermes' management, LVMH has taken a 22 percent stake in it.

Takeover rumors and consistently strong performance have turned Hermes into one of the most expensive stocks in Europe. It currently trades at 47 times earnings, while European averages hover around a ratio of 11.

© Thomson Reuters 2022 All rights reserved.