July 30, 2020 / 6:01 AM / 5 days ago

Sales at Birkin bag maker Hermes tumble 42% in Q2

MILAN/PARIS, July 30 (Reuters) - French luxury group Hermes said on Wednesday comparable sales in the second quarter fell by 42% due to the fallout of the coronavirus pandemic and that the impact of the health crisis for the whole year was to difficult to assess at this stage.

Hermes, maker of the $10,000-plus Birkin bag, said sales were now growing strongly in Asia again after the lockdown was eased and all stores were open there.

The crisis ate into Hermes’ operating margins, which have long been among the highest in the luxury goods industry. These held up better than at some rivals including Louis Vuitton owner LVMH, but still fell to 21.5% compared to 34.8% at the end of the first half last year. (Reporting by Silvia Aloisi, Editing by Sarah White)

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