French luxury group Hermès has continued to defy the broader global downturn in the sector as it posted a sharp increase in quarterly sales.
The Paris-listed group, known for its silk scarves and Birkin handbags, reported on Thursday that sales rose 11.3 per cent to €3.7bn on a constant currency basis in the three months to September, in line with the €3.69bn forecast by analysts polled by LSEG.
Shares in Hermès were up 2.33 per cent to €2,109 in morning trading, taking their gain for the year to 11 per cent. Those of rivals LVMH and Gucci owner Kering have fallen 14 and 41 per cent respectively, as the sector has come under pressure because of weakening consumer demand, especially in China.
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