Update on Hermes Sales Amid the COVID-19 Pandemic
HERMES – The French luxury brand Hermes spoke on its sales amid the COVID-19 pandemic that is affecting most countries across the globe.
Across the globe, more than 200 countries and territories are affected by the COVID-19 virus’ spread. It was in the first quarter of 2020 when the World Health Organization (WHO) declared it a pandemic.
Nations locked their borders and implemented travel restrictions as part of the fight against the spread of the disease. Everyone’s encouraged to stay at home if not for very essential purposes like the purchase of food and medicines.
The widespread lockdowns and community quarantine measures has undeniably affected the operations of many businesses. In fact, a lot of businesses closed amid the COVID-19 crisis.
On the other side, there are businesses that were not greatly affected by the COVID-19 pandemic. One of these companies is Hermes, a French luxury brand that produces bags and many other items.
Hermes is known best for bags. Despite the pandemic, based on a report on ABS-CBN News, the French luxury brand got its sales soaring by 38% in the first quarter of 2021 compared to last year’s.
The luxury brand performed best in Asia. The demands for its bags, clothing, and watches in China and other Asian countries increased amid the crisis. People continue to shop despite the pandemic – a boost in the online shopping scheme.
According to the report, its revenues from January to March 2021 reached 2.1 billion euros or $2.5 billion. It is even higher compared to its performance in 2019 when there was still no pandemic that hit the globe.
The sales of Hermes in Europe stagnated while it increased in the United States by 23%. Some countries in Europe are under lockdown which might have affected its sales.
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