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Belgian Fashion Designer Dries Van Noten to Step Down at the End of June 

Belgian fashion designer Dries Van Noten accepts applause after his Fall/Winter 2024-2025 ready-to-wear collection presented Wednesday, Feb. 28, 2024 in Paris. (AP)
Belgian fashion designer Dries Van Noten accepts applause after his Fall/Winter 2024-2025 ready-to-wear collection presented Wednesday, Feb. 28, 2024 in Paris. (AP)
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Belgian Fashion Designer Dries Van Noten to Step Down at the End of June 

Belgian fashion designer Dries Van Noten accepts applause after his Fall/Winter 2024-2025 ready-to-wear collection presented Wednesday, Feb. 28, 2024 in Paris. (AP)
Belgian fashion designer Dries Van Noten accepts applause after his Fall/Winter 2024-2025 ready-to-wear collection presented Wednesday, Feb. 28, 2024 in Paris. (AP)

Belgian fashion designer Dries Van Noten says he will step down from his namesake brand at the end of June.

Van Noten said in a statement Tuesday that the 2025 men’s Spring-Summer collection will be the last in his current role. He added that the women’s collection will be designed by his studio.

Van Noten’s successor will be announced at a later stage, he said.

“I have been preparing for this moment for a while, and I feel it’s time to leave room for a new generation of talents to bring their vision to the brand,” Van Noten said.

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Fashion

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.