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Prada Looking at Dual Listing but Not M&A

A model walks the runway of Prada fashion show during the Milan Fashion Week Womenswear Spring/Summer 2024 on September 21, 2023 in Milan. (Photo by Marco BERTORELLO / AFP)
A model walks the runway of Prada fashion show during the Milan Fashion Week Womenswear Spring/Summer 2024 on September 21, 2023 in Milan. (Photo by Marco BERTORELLO / AFP)
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Prada Looking at Dual Listing but Not M&A

A model walks the runway of Prada fashion show during the Milan Fashion Week Womenswear Spring/Summer 2024 on September 21, 2023 in Milan. (Photo by Marco BERTORELLO / AFP)
A model walks the runway of Prada fashion show during the Milan Fashion Week Womenswear Spring/Summer 2024 on September 21, 2023 in Milan. (Photo by Marco BERTORELLO / AFP)

Hong Kong-listed Prada is looking at a dual listing on the Milan bourse, though it is not the Italian fashion group's priority, the Chief Executive said on Monday.
A dual listing in Europe would help Prada widen its investor base, as some investment funds can only put money in European or US stocks, Reuters said.
Andrea Guerra added that Prada had no need for M&A deals in the next 3-5 years, but would carry on with organic growth, "to have the role that belongs to us", speaking at a fashion conference

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Hermes 2Q Sales Rise 13% on Continued Appetite for High-End Luxury

People stand with Hermes shopping bags as they wait at a traffic light in Tsim Sha Tsui, a bustling shopping hotspot, in Hong Kong, China December 5, 2023. (Reuters)
People stand with Hermes shopping bags as they wait at a traffic light in Tsim Sha Tsui, a bustling shopping hotspot, in Hong Kong, China December 5, 2023. (Reuters)
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Hermes 2Q Sales Rise 13% on Continued Appetite for High-End Luxury

People stand with Hermes shopping bags as they wait at a traffic light in Tsim Sha Tsui, a bustling shopping hotspot, in Hong Kong, China December 5, 2023. (Reuters)
People stand with Hermes shopping bags as they wait at a traffic light in Tsim Sha Tsui, a bustling shopping hotspot, in Hong Kong, China December 5, 2023. (Reuters)

Birkin-bag maker Hermes reported a 13% rise in second-quarter sales on Thursday, demonstrating the continued appetite from wealthy shoppers for its luxury handbags, even as less affluent consumers pull back.

Sales at the French luxury group grew to 3.7 billion euros ($4.02 billion), a 13% organic sales rise that strips out currency fluctuations. The figure was in line with analyst expectations, according to a Visible Alpha consensus.

Operating profit for the first half was 3.1 billion euros, compared to a forecast from consensus provider Visible Alpha for 3.2 billion.

One of the most steady performers in the luxury goods sector -- even as economic conditions worsen -- the French group's results stand out after a string of disappointing earnings updates from peers which have raised investor concern about uncertain prospects for the sector in the coming months.

Hermes' famously classic designs and tight management of production and stock have helped reinforce the label's aura of exclusivity, and CEO Axel Dumas told reporters the company had seen "no big interruption in trends".

However, he said Hermes was seeing slightly less traffic with aspirational clients, which was impacting higher volume products like fashion accessories.