Hermes says third-quarter sales rise 11 percent at constant forex
Reuters
Published Nov 06, 2014 06:25
Hermes says third-quarter sales rise 11 percent at constant forex
PARIS (Reuters) - French luxury goods company Hermes (PA:HRMS) on Thursday posted an 11 percent rise in like-for-like third-quarter sales, driven by robust demand for its leather goods and ready-to-wear.
Hermes, famous for its 8,000-euro Kelly and Birkin bags, made revenue of 990.6 million euros (775.49 million pounds) in the three months to Sept. 30.
The trading update comes after arch-rival LVMH (PA:LVMH) said on Monday it would redistribute the Hermes shares it owns to LVMH shareholders on Dec. 17 as part of a dispute-ending agreement between the two luxury groups in September.
Under the deal, LVMH - the world's No.1 luxury group, controlled by France's wealthiest man, Bernard Arnault - agreed to relinquish most of its 23.2 percent stake in Hermes and not acquire any shares in its smaller rival for five years.
(Reporting by Astrid Wendlandt; Editing by James Regan)
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