PARIS (Reuters) -Birkin bag maker Hermes said on Friday that it will raise prices again this year after sales jumped 17.5% in the fourth quarter of 2023, continuing its track record of outpacing rivals when economic conditions deteriorate. Shares in the company opened 4.2% higher after sales for the three months to the end of December totalled 3.36 billion euros ($3.62 billion), up 17.5% at constant foreign exchange rates and ahead of expectations for 14% growth, according to Visible Alpha consensus estimates. Hermes said it will pay a 4,000 euro bonus to each of its over 22,000 employees worldwide.
Sales at Birkin bag maker
Hermes rose 17.5% in the fourth quarter of 2023,
showing the resilience of high end shoppers despite economic
headwinds. Sales for the three months to the end.
Kering posted a 4% decline in fourth quarter sales, hit by slowing demand for fashion as it seeks to turn around its top brand Gucci, but flagged an improving performance in the United States and.
PARIS (Reuters) -Kering posted a 4% decline in fourth quarter sales, hit by slowing demand for fashion as it seeks to turn around its top brand Gucci, and cautioned that investments in its labels could affect margins in 2024. Sales at the French group, which also owns fashion labels Bottega Veneta and Balenciaga and jeweller Boucheron, fell to 4.97 billion euros ($5.36 billion) in the final three months of the year, despite improvement in the United States and Europe. "The end of the year confirmed the trends of the rest of the year with an improvement for us in the United States and slightly in Europe," Kering chief financial officer Armelle Poulou told reporters.