Luxury French fashion brand Hermès buoyed by wealthy Americans
A growing taste for £6000 Birkin handbags and silk scarves among wealthy Americans helped French luxury brand Hermès report a 9 per cent jump in fourth-quarter sales, despite growth fears this year.
Revenues in the Americas soared 15 per cent pushing sales for the Paris-based business to £900million.
But it warned a slow-down in China, thanks to a crackdown on ostentatious spending, would mean growth edging lower to 8 per cent in 2015 was likely, compared with the previous 10 per cent level.
In the bag: Wealthy Americans helped French luxury brand Hermès report a 9 per cent jump in fourth-quarter sales
Sales in China grew 13 per cent, held back by democracy protests in Hong Kong, and European sales rose 7 per cent, Hermès said.
Unfavourable currency swings are likely to have an impact on its annual profits margin, which could come in below its record 32.4 per cent that it achieved in 2013.
Exane BNP Paribas luxury expert, Luca Solca, said Hermès’ 2015 guidance was ‘sobering’.
Most watched Money videos
- MG unveils new MG3 - Britain's cheapest full-hybrid car
- Tesla releases new 'Smart Summon' allowing the car to come to you
- Mini unveil an electrified version of their popular Countryman
- Iconic Dodge Charger goes electric as company unveils its Daytona
- Skoda reveals Skoda Epiq as part of an all-electric car portfolio
- How to invest for income and growth: SAINTS' James Dow
- German car giant BMW has released the X2 and it has gone electric!
- Mail Online takes a tour of Gatwick's modern EV charging station
- Dacia Spring is Britain's cheapest EV at under £15,000
- 'Now even better': Nissan Qashqai gets a facelift for 2024 version
- Paul McCartney's psychedelic Wings 1972 double-decker tour bus
- BMW meets Swarovski and releases BMW i7 Crystal Headlights Iconic Glow
- Saga buoyed by strong demand for ocean and river cruises
- Liontrust boss blames unloved UK stocks for £6bn fund exodus
- MARKET REPORT: Luxury stocks sparkle as LVMH sales soothe...
- French owner of Gatwick to buy majority stake in...
- Is the child benefit state pension trap claiming MORE...
- ASOS losses jump amid inflationary pressures and...
- Food inflation eases as price of meat, crumpets and...
- Some drivers are forced to choose between buying food or...
- Takeaway orders at Just Eat fell 5% in the first quarter...
- Czech Sphinx launches audacious swoop on troubled Royal Mail
- Royal Mail owner IDS rejects proposed bid from group led...
- BUSINESS LIVE: UK inflation rate falls to 3.2%; Entain...
- 'Callous' crook who pretended to be an 82-year-old woman...
- House prices fell 0.2% in last year, official figures...
- Entain's performance in the UK and Ireland dampened amid...
- Hands off the King's head: We must resist this assault on...
- Hedge funds betting against UK water firms as debt levels...
- Why craft breweries are under threat as closures leap 49%