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Hermès, the prestigious luxury leather goods maker, has seen its sales in Japan soar this year as more wealthy Chinese prefer to shop in the country rather than in Hong Kong.
While demand for expensive bags and watches is declining considerably in Hong Kong, Hermès’ sales in Japan has increased 27% in the second quarter of 2015. According to some analysts, it exceeds the estimates by 10 percentage points. Shares rose 1.2% to €344.95 on July 21.
First quarter sales were up 15% and total second quarter revenue increased 22% to €1.17 billion.
One of Hermès strengths resides in the fact that it has outlets in 17 different Japanese cities and is the least exposed in the luxury sector to the weakness in Hong Kong, where it has seven retail shops.
The company maintained its mid-term goal for revenue growth of about 8% at constant exchange rates. Leather goods and saddlery had the best performance with sales up 15%.
Source: Bloomberg Business