Like LVMH, whose third-quarter results were reported in our previous issue, both Hermès and Kering continued to perform well in the Chinese market and with Chinese tourists abroad during the period. Hermès launched its e-commerce operations in China last month.
In terms of local currencies, Hermès' total revenues grew by 9.7 percent in the quarter and reached a level of €1.46 billion, marking a slowdown from the 11.6 percent increase of the previous quarter, but they were still better than expected.
In constant currencies, sales grew on a currency-neutral basis by 4.1 percent in France, by 6.7 percent in the rest of Europe, by 8.1 percent in Japan, by 11.7 percent in the rest of the Asia-Pacific region and by 14.0 percent in the Americas.
Among the various product segments, the clothing and accessories division achieved a sales increase of 15 percent, with shoes and other fashion accessories enjoying strong demand.
Meanwhile, sales at Gucci's directly operated stores jumped by 41.9 percent in the Asia-Pacific region during the quarter, outperforming the other regions. The brand's online sales surged by nearly 70 percent and its wholesale business rose by 36.3 percent in local currencies.
Gucci and Yves Saint Laurent also recorded particularly strong growth in North America, contributing to a 36.1 percent increase in the region across all the group's fashion brands. At group level, sales increased by 33.3 percent on a comparable basis in Asia-Pacific and by more than 80 percent online.
Kering's total revenues went up by 27.5 percent on a comparable, currency-neutral basis in the quarter, reaching €3.40 billion. Gucci and YSL went up by 35.1 percent and 16.1 percent, respectively, while Bottega Veneta declined by 8.4 percent.