Hermès is also experiencing a decline in sales due to the war in Iran

The French luxury group Hermès has reported weaker-than-expected sales for the first quarter. The war in Iran is weighing on consumer spending not only in the Middle East, but also in France and elsewhere.

Declining tourism

Reported revenue for the luxury group behind the famous Birkin and Kelly bags fell by 1% from 4.13 billion to 4.07 billion euros. Adjusted for exchange rates, growth was 6%, but that figure also fell short of expectations.