Hermès shares dropped sharply as ongoing weakness in the Chinese luxury market outweighed a pick-up in sales overall in the second quarter.
Shares at Hermès fell 10 per cent on Wednesday morning, leading to a temporary suspension in trading.
Hermès’s second-quarter performance marked a modest acceleration for the maker of Birkin bags, after the sharp impact from the fall in tourist shopping in the Gulf in March. That failed to impress investors who have queried the stock’s high valuation relative to peers in recent months.
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