Birkin bag maker Hermès weathered the coronavirus pandemic better than luxury goods rivals, with sales recovering sharply in the final part of 2020 thanks to a strong performance in Asia and soaring online revenues.
The luxury industry is assessing the first effects of the relaxation of lockdown regulations in China. Most shops have been reopened since around a month and a different market appears to be emerging after the crisis.
Hermès has weathered the global coronavirus crisis better than rivals, with a 7.7% decline in first-quarter comparable sales, and said business was picking up strongly in China after shops reopened last month.
Hermès has cancelled its annual Saut Hermès show-jumping event in the Grand Palais, originally scheduled for the weekend of March 20 to 22. Coronavirus also led the house to call off its April 28 cruise show in London.
2019 was a good year for Hermès and the firm remains upbeat, despite a small slowdown in Q4 and the recent coronavirus outbreak. It saw strong performances in RTW, jewellery, Asia, the Americas and the UK.