French luxury house Hermès benefited from strong growth in China at the end of last year as shoppers snapped up its colourful silk scarves and leather handbags in their home market as Covid-19 halted foreign travel.
Fourth-quarter sales at the maker of Birkin and Kelly bags recovered strongly to grow 16 per cent year on year. This was ahead of analysts’ expectations and nearly matched the performance of sector leader LVMH while far exceeding that of Gucci owner Kering.
Annual revenues at Hermès fell 6 per cent to €6.4bn on a comparable basis, ahead of a €6.2bn consensus. This marked a less extreme deterioration than the roughly 17 per cent decline at larger rivals LVMH and Kering.
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