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Hermes sales fall as Chinese market shrinks
Hermès International's sales declined significantly, causing its stock to fall to its lowest level in over three years. This was primarily due to a 10.2% decrease in leather product sales in the second quarter, falling short of analysts' expectations of a 10.7% decline. The company faced challenges in the Chinese market, which accounts for 43% of its revenue, as a result of declining consumer spending, rising inflation, and the impact of reduced tourism and shopping in the region. Despite a 6.7% increase in revenue to €4.1 billion, the company plans to establish a leather products factory in France by 2030 to meet global demand, with a focus on leather quality and craftsmanship.
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