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Hermes to raise prices after Q4 sales boom

2024.02.09 02:34


© Reuters. FILE PHOTO: People are seen outdoors a Hermes retailer, as outlets re-open amid the coronavirus illness (COVID-19) outbreak, in New Bond Street in London, Britain June 15, 2020. REUTERS/Henry Nicholls/File Photo

By Mimosa Spencer

PARIS (Reuters) -Birkin bag maker Hermes mentioned it would raise prices this yr after sales jumped 17.5% within the fourth quarter of 2023, demonstrating the resilience of excessive finish consumers regardless of financial headwinds.

Sales for the three months to the tip of September totalled 3.36 billion euros ($3.62 billion), up 17.5% at fixed overseas change charges. That was forward of expectations for 14% progress, in accordance to Visible Alpha consensus estimates.

The firm plans to carry prices by between 8% and 9% this yr globally, government chairman Axel Dumas advised reporters on Friday.

One of essentially the most constant performers within the luxurious items business, Hermes has a observe file of outpacing rivals when financial situations deteriorate, thanks to its traditional designs and cautious administration of manufacturing and shares, which helps keep the label’s aura of exclusivity.

Handbags just like the coveted $10,000 plus Birkin mannequin are reasonably priced just for the wealthiest consumers — who’re usually the extra immune to uneven financial situations.

Hermes pays a 4,000 euro bonus to every of its over 22,000 workers worldwide, the corporate mentioned.

($1 = 0.9283 euros)

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