Strong demand for its exclusive handbags drove revenues at French luxury group Hermès up by 17 per cent in the first three months of 2024, defying a wider slowdown in luxury sales.
The maker of Birkin and Kelly bags said sales rose 17 per cent on a like for like basis in the first quarter to €3.8bn, beating consensus analyst expectations of 13 per cent growth, and giving it the industry’s fastest revenue gains so far in the period.
“The solid sales growth in the first quarter 2024 reflects the loyalty of our clients worldwide, the strength of the group’s artisanal model and the desirability of our creations in a more complex environment,” said executive chair Axel Dumas.
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