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Hermès Sales Bounce Back 44 Percent

The brand’s handbag business was already famously resilient. Now categories like shoes, jewellery and homeware are surging too.
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Blogger Alexandra Lapp wears a white Kelly handbag and Rolex watch in Dusseldorf, Germany. Getty. (Getty Images)

Hermès’ first-quarter sales showed a sharp recovery from the coronavirus crisis. Revenues of €2.1 billion ($2.5 billion) jumped 44 percent year-on-year, and were up 33 percent compared to pre-pandemic levels in early 2019.

Demand for Hermès’ most popular bags has long exceeded demand, and clients typically seize on the opportunity to buy one even in a crisis. That’s helped the company to outperform rivals during previous economic downturns.

Strong growth in other categories including ready-to-wear, shoes, watches and beauty showed that the brand’s classic style is resonating with consumers beyond its flagship bags. Sales in the division selling homewares and jewellery nearly doubled.

The news follows strong numbers at LVMH last week, where sales in the key fashion and leather division were up 37 percent over 2019. Gucci-owner Kering also rebounded, albeit less dramatically, with sales edging up 5.5 percent above pre-pandemic levels.

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