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Hermes Sales Rise 23% in Q1, Boosted by China

A couple walk with Hermes shopping bags as they leave an Hermes store in Paris March 21, 2013. REUTERS/Philippe Wojazer/Files
A couple walk with Hermes shopping bags as they leave an Hermes store in Paris March 21, 2013. REUTERS/Philippe Wojazer/Files
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Hermes Sales Rise 23% in Q1, Boosted by China

A couple walk with Hermes shopping bags as they leave an Hermes store in Paris March 21, 2013. REUTERS/Philippe Wojazer/Files
A couple walk with Hermes shopping bags as they leave an Hermes store in Paris March 21, 2013. REUTERS/Philippe Wojazer/Files

Sales at Birkin bag maker Hermes rose 23% in the first quarter, above market expectations, as wealthy shoppers in China and Europe splurged on luxury fashion and accessories despite higher prices and global market turmoil.

Sales for the three months ending in March came to 3.38 billion euros. The increase of 23%, at constant exchange rates, beat a Visible Alpha consensus of 15% growth.

Hermes finance chief Eric du Halgouet told journalists store traffic in the United States, where rival LVMH earlier this week flagged softer demand for fashion and leather goods, continued to rise and trends in April remained positive.

"What we're seeing in the United States is globally an increase in (store) traffic, the trends we've seen in April remain favorable, with, again, very dynamic traffic," he said.

"We obviously remain vigilant as far as macro trends are concerned... but we have not seen a slowdown so far."

Hermes raised prices by around 7% at the start of the year, a higher rate than its usual 2-3% annual increase.

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Dolce&Gabbana Unveils Luxury Boutique, Café at Bujairi Terrace in Saudi Arabia’s Diriyah

The brand center, one of Dolce&Gabbana’s largest worldwide, seamlessly blends Italian elegance with traditional Najdi architectural heritage. SPA
The brand center, one of Dolce&Gabbana’s largest worldwide, seamlessly blends Italian elegance with traditional Najdi architectural heritage. SPA
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Dolce&Gabbana Unveils Luxury Boutique, Café at Bujairi Terrace in Saudi Arabia’s Diriyah

The brand center, one of Dolce&Gabbana’s largest worldwide, seamlessly blends Italian elegance with traditional Najdi architectural heritage. SPA
The brand center, one of Dolce&Gabbana’s largest worldwide, seamlessly blends Italian elegance with traditional Najdi architectural heritage. SPA

Dolce&Gabbana, the Italian luxury fashion brand, opened a new 1,500-square-meter luxury center in Saudi Arabia’s Diriyah, The City of Earth, featuring a boutique and café, DG Caffè. The brand center, one of Dolce&Gabbana’s largest worldwide, seamlessly blends Italian elegance with traditional Najdi architectural heritage, enhancing the vibrant atmosphere of Bujairi Terrace—Diriyah's premier fine dining destination and a centerpiece of Diriyah Company's urban development project.

Dolce&Gabbana collections—including clothing, accessories, fine jewelry, watches, beauty, and home decor--are showcased on bespoke displays framed by a dynamic ceiling system that amplifies the sense of space. The boutique features an exclusive Abaya section, showcasing Dolce&Gabbana's dedication to honoring and celebrating local cultural traditions.

Drawing inspiration from Italy’s rich culinary tradition, DG Caffè at the heart of the boutique features a carefully curated menu tailored to Saudi tastes.

"We are excited to unveil Dolce&Gabbana's new boutique and café that will add an additional touch of luxury to the vibrant setting of Bujairi Terrace, our premier dining and retail destination,” said Diriyah Company group chief executive Jerry Inzerillo.

“As we progress on our journey to create the world’s greatest gathering place and a center point of cultural tourism—one that will feature more than 1,000 retail outlets and dining concepts spanning 566,000 square meters—we invite global business partners to join us on this remarkable journey," Inzerillo said.

Since its opening, Bujairi Terrace and the UNESCO World Heritage Site of At-Turaif have welcomed over 2 million visits, with tourists and locals alike drawn to world-class cultural, dining, and retail experiences in a historic setting.

Diriyah is a city within a city and a premier live-work-play destination that will be home for over 100,000 residents. Under transformation by Diriyah Company, Diriyah is projected to attract 50 million annual visits by 2030, driven by its world-class living, retail, hospitality, and cultural offering that will serve as a benchmark for future retail and lifestyle development.