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Hermes Sales Rise 15.6%, Defying Luxury Downturn as US Posts Strong Growth

A model presents creations by designer Veronique Nichanian as part of her Menswear ready-to-wear Spring/Summer 2024 collection show for fashion house Hermes during Men's Fashion Week in Paris, France, June 24, 2023. REUTERS/Gonzalo Fuentes
A model presents creations by designer Veronique Nichanian as part of her Menswear ready-to-wear Spring/Summer 2024 collection show for fashion house Hermes during Men's Fashion Week in Paris, France, June 24, 2023. REUTERS/Gonzalo Fuentes
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Hermes Sales Rise 15.6%, Defying Luxury Downturn as US Posts Strong Growth

A model presents creations by designer Veronique Nichanian as part of her Menswear ready-to-wear Spring/Summer 2024 collection show for fashion house Hermes during Men's Fashion Week in Paris, France, June 24, 2023. REUTERS/Gonzalo Fuentes
A model presents creations by designer Veronique Nichanian as part of her Menswear ready-to-wear Spring/Summer 2024 collection show for fashion house Hermes during Men's Fashion Week in Paris, France, June 24, 2023. REUTERS/Gonzalo Fuentes

Third quarter sales at Birkin bag maker Hermes rose briskly, up 15.6% year-on-year, with the pace of growth slowing only slightly in a show of resilience of its wealthy clientele in spite of economic headwinds.
Sales for the three months to the end of September stood at 3.37 billion euros ($3.60 billion), a 15.6% rise at constant exchange rates, beating a Visible Alpha consensus for 14% growth, with brisk sales in all regions, particularly in the United States, said Reuters.
Analysts have lowered their estimates for the luxury sector in recent weeks, following a sales report from bellwether LVMH earlier this month showing shoppers are splurging less on high end fashion as inflation and economic uncertainty rise.
But Hermes, which caters to shoppers who can afford handbags like the coveted $10,000 plus Birkin model, has a reputation of weathering economic turbulence better than rivals.

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Seoul Authorities Find Toxic Substances in Shein and Temu Products

This photo taken on July 26, 2018 shows founder of e-commerce company Temu, also known as Pinduoduo, Colin Huang delivering a speech during the launch of the company's initial public offering in Shanghai. (Photo by CNS / AFP) / China OUT
This photo taken on July 26, 2018 shows founder of e-commerce company Temu, also known as Pinduoduo, Colin Huang delivering a speech during the launch of the company's initial public offering in Shanghai. (Photo by CNS / AFP) / China OUT
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Seoul Authorities Find Toxic Substances in Shein and Temu Products

This photo taken on July 26, 2018 shows founder of e-commerce company Temu, also known as Pinduoduo, Colin Huang delivering a speech during the launch of the company's initial public offering in Shanghai. (Photo by CNS / AFP) / China OUT
This photo taken on July 26, 2018 shows founder of e-commerce company Temu, also known as Pinduoduo, Colin Huang delivering a speech during the launch of the company's initial public offering in Shanghai. (Photo by CNS / AFP) / China OUT

Women's accessories sold by some of the world's most popular online shopping firms contained toxic substances sometimes hundreds of times above acceptable levels, authorities in Seoul said Wednesday.

Chinese giants including Shein, Temu and AliExpress have skyrocketed in popularity around the world in recent years, offering a vast selection of trendy clothes and accessories at stunningly low prices.

The explosive growth has led to increased scrutiny of their business practices and safety standards, including in the European Union and South Korea, where Seoul officials have been conducting weekly inspections of items sold by online platforms.

In the most recent inspection, 144 products from Shein, AliExpress and Temu were tested, and multiple products from all companies failed to meet legal standards.

Shoes from Shein were found to contain significantly high levels of phthalates -- chemicals used to make plastics more flexible -- with one pair 229 times above the legal limit.

"Phthalate-based plasticizers affect reproductive functions such as sperm count reduction, and can cause infertility and even premature birth," an official from Seoul's environmental health team told AFP.

One such chemical "is classified as a human carcinogen by the International Cancer Institute, so special care should be taken to avoid long-term contact with the human body", they added.

Formaldehyde, a chemical commonly used in home building products, was detected in Shein's caps at double the allowable threshold.

Two bottles of nail polish from Shein were found to have dioxane -- a possible human carcinogen that can cause liver poisoning -- at levels more than 3.6 times the allowed limit and methanol concentrations 1.4 times above the acceptable level.

Shein told AFP that they "work closely with international third-party testing agencies... to regularly carry out risk-based sampling tests to ensure that products provided by suppliers meet Shein's product safety standards".

"Our suppliers are required to comply with the controls and standards we have put in place as well as the product safety laws and regulations in the countries we operate in," the company added.

Seoul authorities found sandals from Temu contained lead in the insoles at levels more than 11 times the permissible limit.

Temu did not immediately respond to an AFP request for comment.

Seoul officials have asked for the products to be removed from sale, according to a government statement.

"Products that exceed the legal limit are products that directly contact the body, such as leather sandals and hats, so citizens should pay special attention," said Kim Tae-hee, an official in the capital.

"The Seoul Metropolitan Government will continue to conduct safety tests periodically and disclose the results."

In April, the European Union added Shein to its list of digital firms that are big enough to come under stricter safety rules -- including measures to protect customers from unsafe products, especially those that could be harmful to minors.

Shein and Temu have followed Chinese e-commerce titan Alibaba in challenging Amazon, especially by making inroads in the US market.