Luxury Giant Hermes Sees Sales Surge As China Reopens

French luxury good group Hermes reported Friday a surge in first-quarter sales that beat expectations, buoyed by the return of Chinese shoppers after the country ended its Covid restrictions

Paris, (UrduPoint / Pakistan Point News - 14th Apr, 2023 ) :French luxury good group Hermes reported Friday a surge in first-quarter sales that beat expectations, buoyed by the return of Chinese shoppers after the country ended its Covid restrictions.

The handbag maker group said revenues soared 22 percent to 3.4 billion Euros ($3.

7 billion) in the period from January to March following a record in 2022.

"The first quarter of 2023 is a continuation of the good results of 2022," Hermes chief executive Axel Dumas said in a statement.

The sales were well above the consensus figures.

The performance was driven by strong sales, especially in Asia -- with the exception of Japan -- thanks to a "very good Chinese New Year," the group said.