The luxury sector’s biggest groups are on track to shrug off the hit from Covid-19 as early as this year as eager shoppers in the US and China help push sales above pre-pandemic levels.
Hermès on Thursday blew past analyst forecasts with the highest industry growth so far, delivering first-quarter revenue of €2bn that was 33 per cent higher than the same period in 2019.
Sector leader LVMH had set the tone last week with first-quarter revenues up 8 per cent like for like from the same period in 2019 before the pandemic gored the global economy with lockdowns and travel curbs. The revival at Kering was less pronounced with a 5.5 per cent rise, as its star brand Gucci is in the middle of a makeover.
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