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Hermes says Q3 sales rise 11% at constant forex
[PARIS] French luxury goods company Hermes on Thursday posted an 11 per cent rise in like-for-like third-quarter sales, driven by robust demand for its leather goods and ready-to-wear.
Hermes, famous for its 8,000-euro Kelly and Birkin bags, made revenue of 990.6 million euros (US$1.24 billion) in the three months to Sept 30.
The trading update comes after arch-rival LVMH said on Monday it would redistribute the Hermes shares it owns to LVMH shareholders on Dec 17 as part of a dispute-ending agreement between the two luxury groups in September.
Under the deal, LVMH - the world's No. 1 luxury group, controlled by France's wealthiest man, Bernard Arnault - agreed to relinquish most of its 23.2 per cent stake in Hermes and not acquire any shares in its smaller rival for five years.