Luxury giant Hermes sees sales surge as China reopens FMTNews FMTBusiness
PARIS: French luxury good group Hermes reported today a surge in first quarter sales that beat expectations, buoyed by the return of Chinese shoppers after the country ended its Covid restrictions.
“The first quarter of 2023 is a continuation of the good results of 2022,” Hermes chief executive Axel Dumas said in a statement.The performance was driven by strong sales, especially in Asia – with the exception of Japan – thanks to a “very good Chinese New Year”, the group said. China, the world’s second biggest economy and a major market for the luxury sector, ended nearly three years of Covid restrictions in December.
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