French luxury brand Hermès has reached a turnover growth of almost 10 % in the third quarter of its fiscal year, mainly thanks to the United States and Asia. China is doing particularly well: the trade war between Washington and Beijing seems not to affect the French at all.
No hinder from trade war
Hermès' quarterly turnover grew by 9.4 % to 1.46 billion euros. The French producer of purses and luxury accessories surpasses analysts' expectations of a 1.44 billion euro turnover. North-America was the fastest grower (+ 14 %), while Asia excluding Japan increased by 11.8 %. The company also gained terrain in all other markets: the smallest turnover growth was in its home country France (+ 4.1 %).
Numbers were positive in each individual sector as well, although silk and textiles barely made it above zero (+ 0.3 %). Leather improved by 4.7 %, perfume by 8.1 % and accessories by an impressive 10.5 %. The trade war between China and the United States seems not to affect the company at all: "We have not seen any change of rhythm in China for now," France24 quotes a conference call by executive chairman Axel Dumas, but "we remain vigilant and are not taking anything for granted."
Hermès has not released any profit statements, but the company does express its intent for ambitious turnover growth in the medium-term future.