Like LVMH, whose strong results were published in our last issue, Kering and Hermès performed well in the third quarter of this year. Kering's total revenues jumped by 14.2 percent to €3,885 million during the period, with growth of 11.6 percent on a comparable basis.

Sales grew by 17 percent in the Asia-Pacific region in spite of the disruption caused by the demonstrations in Hong Kong. They went up at a double-digit rate in Western Europe and Japan, but they increased by only 3 percent in North America.

The growth of Gucci softened to a rate of 10.7 percent on a comparable basis in the quarter, but that was better than the 8 percent increase that analysts had predicted. On a comparable basis, sales went up by 10.8 percent at Saint Laurent and by 6.9 percent at Bottega Veneta, which is building up new momentum thanks in part to innovative shoe designs. Other fashion brands saw their sales jump by 16.3 percent, with particularly strong momentum at Balenciaga and Alexander McQueen.

At Hermès, total revenues went up by 18 percent to €1,727.9 million in the quarter, and in contrast with LVMH, the management reported continued growth in Hong Kong, albeit softer than before. On a comparable basis, Hermès' sales went up by 15.0 percent, accelerating from the 12.3 percent increase reached in the second quarter.

Sales grew on a currency-neutral basis by 6 percent in France, by 9 percent in the rest of Europe, by 10 percent in the Americas, by 12 percent in Japan and by 18 percent in the rest of Asia, with outstanding performance in China.

Sales of leathergoods and saddlery went up by 12 percent, but ready-to-wear and accessories achieved a higher growth rate of 17 percent, with a strong momentum in apparel as well as shoes and other accessories.