December 1, 2020

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Luxury fashion brand sales recover after Corona Blow | NOW

Luxury fashion brand sales recover after Corona Blow | NOW

Hermès, known for the scarves, and Kering, the company behind Gucci and Yves Saint Laurent, saw sales surge last quarter after a sharp drop in sales in the spring. This comes from figures that both companies released on Thursday.

The two French companies had a hard time in the second quarter. The outbreak of the corona pandemic and the lockdown measures led to a decline in sales. Both companies recovered roughly to the level of the same period of the previous year in the third quarter. This was partly due to sales growth in East Asia.

Hermes came With sales of 1.8 billion euros, 4.2 percent more than in the same quarter of the previous year. It was even better compared to the second quarter of this year. Then the company suffered a 41 percent drop in sales.

Kering too knew to climb in the past time. The Gucci parent company was still seeing a 4.3 percent drop in sales on its books, but compared to the 43.5 percent drop in the second quarter, the past few months haven’t been bad.

In particular, Gucci product sales lagged in the last quarter. The other business areas, including Yves Saint Laurent and Bottega Veneta, were able to increase their sales compared to the same period of the previous year.