Hermes' global sales up 7% in Q3

Sales by luxury brand Hermes rose 7 percent in the third quarter with its positive momentum extending into October after a rebound in Asia.

A gradual reopening of economies and shift to online selling has helped sales by high-end labels, such as Hermes, recover.

Hermes already sells a selection of leather goods online but would make a stronger push.

It is known for its $12,000-plus handbags like the Birkin, which often generates waiting lists.

Hermes finance chief Eric du Halgouet said that the company would gradually increase its product offering online, except for very iconic brands such as Birkin.

He noted that it makes most of its sales online, resulting in revenues exceeding those of any of its flagship shops.

The company's online sales online grew by nearly 100 percent in all regions in the first nine months of 2020.

Hermes’ comparable sales 2.13 billion in the third quarter, making it the first luxury brand to post rising overall revenues in the period.

Sales were up 25 percent in Asia, where restrictions were first eased, while revenues plummeted by 15 percent in Europe and 5 percent in the Americas.