Among them, Hermès, known for its Birkin handbags and silk scarves, is also the first large luxury group to resume quarterly growth. In the third quarter of this year, its comparable sales, excluding the impact of exchange rates and acquisitions, increased by 6.9% to US$1.8 billion. Leather products, the largest sector, increased by 7.8% year-on-year to US$880 million, which was much higher than the 2% growth expected by analysts.
Driven by the demand from China and the United States, the Kering Group controlled its sales decline in the third quarter to 1.2%, and its total revenue reached US$3.7 billion. Kering's Gucci has a relatively poor performance. It relies more on tourists to shop in Europe and Japan. International travel restrictions have caused its revenue to drop by 8.9% year-on-year to US$2.1 billion.
Last week, Louis Vuitton’s financial report showed that, driven by core brands LV and Dior, comparable sales in the company’s leather products and fashion divisions increased by 12%, exceeding expectations.
However, analysts are still not optimistic about the short-term performance of the luxury goods industry. They expect industry sales to fall by as much as 30% this year, and it will take up to 3 years to recover.
(Images from the internet)