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Hermes sales decline impacts stocks
Hermès International's shares have fallen to their lowest levels in more than three years, due to a 10.2% decrease in leather product sales in the second quarter, which was below analysts' expectations of 10.7%. The company was affected by a slowdown in the Chinese market, which accounts for 43% of its revenue in the first half of the year, as a result of decreased consumer spending, rising inflation, and the impact on tourism and shopping in the region. Despite this, the company reported overall growth of 6.7%, reaching €4.1 billion, with increased sales in the Americas and France. It also plans to establish a leather goods manufacturing plant in France by 2030 to address global challenges.
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