Hermès is the Second-Most Valuable Luxury Brand
The Birkin maker saw its market value soared past ?200 billion for the first time.
The post Hermès is the Second-Most Valuable Luxury Brand appeared first on LUXUO.
Hermès Birkin bag
Amid the economic downturn, the luxury sector remains resilient and demand for high-end designer goods is still looking great. For luxury house Hermès, the post-Covid era sees the brand surpassing ?200 billion in market value and edging over Swiss drugmaker Novartis, where it is now the second-most valuable luxury brand after industry leader LVMH.
For the last three months, Hermès has rallied about 30 per cent since the start of 2023. Its whole-year financial results for 2022 saw the firm’s consolidated revenue amount to ?11.6 billion, which was a 29 per cent increase compared to 2021. Looking at the figures on a broader scale, the brand is now worth more than the combined value of French companies like Carrefour, Societe General, Orange, Renault and Airbus, as pointed out by Bloomberg.
This is bolstered by the reopening of the China market and the resumption of international travel. As Covid-19 restrictions eased in certain Chinese cities last summer, there was a resurgence in demand within the country. Additionally, the return of affluent American tourists to Europe, supported by the favourable exchange rate of the dollar, has contributed to increased sales in prominent luxury markets such as France, Italy, and the UK.
Matte white Hermès Himalaya niloticus crocodile diam...
The post Hermès is the Second-Most Valuable Luxury Brand appeared first on LUXUO.
Hermès Birkin bag
Amid the economic downturn, the luxury sector remains resilient and demand for high-end designer goods is still looking great. For luxury house Hermès, the post-Covid era sees the brand surpassing ?200 billion in market value and edging over Swiss drugmaker Novartis, where it is now the second-most valuable luxury brand after industry leader LVMH.
For the last three months, Hermès has rallied about 30 per cent since the start of 2023. Its whole-year financial results for 2022 saw the firm’s consolidated revenue amount to ?11.6 billion, which was a 29 per cent increase compared to 2021. Looking at the figures on a broader scale, the brand is now worth more than the combined value of French companies like Carrefour, Societe General, Orange, Renault and Airbus, as pointed out by Bloomberg.
This is bolstered by the reopening of the China market and the resumption of international travel. As Covid-19 restrictions eased in certain Chinese cities last summer, there was a resurgence in demand within the country. Additionally, the return of affluent American tourists to Europe, supported by the favourable exchange rate of the dollar, has contributed to increased sales in prominent luxury markets such as France, Italy, and the UK.
Matte white Hermès Himalaya niloticus crocodile diam...
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