Strong Asia growth powers Hermes sales

Sales at Birkin bag maker Hermes soared 44% in the first quarter, powered by strong growth in Asia, where revenues nearly doubled from a year earlier as COVID-19 restrictions eased and shops reopened.

The French luxury group, which has weathered the coronavirus pandemic better than rivals, said revenues at constant exchange rates came in at 2.08 billion euros ($2.50 billion) in the three months to March, beating analyst expectations for a 24% increase.

Sales in Asia excluding Japan surged 94% over the period, with growth in China especially significant.

Photo: People walk outside a soon to open French Hermes store on a major shopping street in Beijing, China. EPA/DIEGO AZUBEL