Hermès' share reached an all-time high – E24

Hermès' share reached an all-time high – E24

With an increase of more than 26 percent this year, the French fashion house dominates the luxury index and is expanding in Asia.

Published: Published:

Several luxury stocks rose on the Paris Stock Exchange on Thursday morning.

Among them is French fashion house Hermès, whose stock rose 1.89 percent to a new “all-time high.”

The stock is trading at €2,402 shortly before 11.10, or around. 27,538 NOK at today's exchange rates.

Asia trip

So far this year, Hermes shares are up more than 26 percent.

In February, the company announced “excellent” sales and results for the past year.

Its sales for 2023 amounted to 13.427 billion euros (about 153 billion Norwegian kroner), according to the annual report.

It was an increase of 29.2 percent from €11.602 billion in 2022 (based on current exchange rates at the time).

The group increased its sales in all geographical regions last year, and recorded strong growth in Asia.

33 stores in China

In Japan alone, Hermès sales rose 26 percent last year, while Asia, excluding Japan, saw growth of 19 percent.

The apparel and accessories trade had the greatest growth, but watches, jewelry and home equipment also led the rise.

During 2023, the company opened its 33rd store in China and several new stores in Japan.

So far in 2024, there have been new stores in Tokyo and Kuala Lumpur.

You will accommodate the gardener

In December, it made international headlines when it became known that one of the company's heirs, 80-year-old Nicola Bosch, wanted to cancel the inheritance contract he had set up with his own charitable foundation.

Instead, Bush wanted to adopt the 51-year-old gardener and handyman and give him half of his inheritance, the Swiss newspaper wrote. Tribune de Geneve.

Bush is believed to own approximately 6% of Hermes and has no children.

With today's price rise, the company's market value has reached approx. 235.8 billion euros, or approximately 2,700 billion Norwegian kroner.

The Heirs Foundation described the cancellation of the inheritance agreement as “sudden and unilateral.” It also considered it “invalid and baseless” from a legal standpoint, according to a statement published by several media outlets.

Spacious luxury height

The Stoxx Europe Luxury 10 index performed well after the new year. So far, the percentage is up more than 20%, according to data resource Infront.

The index consists of the ten largest companies exposed to the European luxury market, including the giant Hermes LVMHLVMHBehind brands like Louis Vuitton and Christian Dior And the Italian car manufacturer Ferrari.

See also  French food giant expels Pepsi - E24

He wrote that the rise in stock prices is due, among other things, to the fact that more investors see stocks with exposure to China as a safer ticket than investing directly in the Chinese market. Financial Times In February.

The luxury goods index derives about 26 percent of its income from China, according to the newspaper.

Dalila Awolowo

Dalila Awolowo

"Explorer. Unapologetic entrepreneur. Alcohol fanatic. Certified writer. Wannabe tv evangelist. Twitter fanatic. Student. Web scholar. Travel buff."

Leave a Reply

Your email address will not be published. Required fields are marked *