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Birkin: Hermes Share Price Just Hit Fresh Record Highs. Here’s Why

Practice Stock Trading
Updated: 22 October 2020

Shares of Hermes International (EPA: RMS) have gained about 2% today to log fresh record highs after the luxury retailer reported rising sales.

The maker of luxury handbags, such as the iconic Birkin model, saw its comparable sales came in at 1.8 billion euros ($2.13 billion) in the three months ending September.

Comparable sales were mostly supported by an 8% jump in sales of leather goods. Overall, sales are still 11% down since the beginning of the year.

“In 2020, we are seeing the affirmation of major strategic commitments with social and environmental responsibility, the digitalisation of uses and lifestyles, as well as positive market dynamics in Asia. Taking into account these profound and lasting changes allows us today to remain confident despite a still uncertain future.

“Our good performance enables us to continue to invest and to create jobs. I would like to thank all the teams at Hermès who work daily to keep the house growing,” Axel Dumas, Executive Chairman of Hermès, said.

The group is now working to make its online shop its biggest store

“We are going to gradually increase our offer of products online, except for the very iconic products such as Birkin,” finance chief Eric du Halgoüet said.

Hermes share price gains on higher 3Q sales October 2020

Hermes share price rose around 2% to print €816.00, the highest level ever recorded.

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