Revenues at the ultra-luxury French company, Hermes surged by 44 per cent in the first quarter at constant exchange rates and 38 per cent at current exchange rates. As per Fashion Network, the company’s revenues almost doubled during the quarter to 33 per cent.

Its revenues at constant exchange rates rose to €2.08 billion, smashing analysts’ predictions that they would be up ‘only’ 24 per cent.

Sales through the company’s own shops rose by 51 per cent year-on-year and 41 per cent on a two-year basis. That said, wholesale was weaker with a 2 per cent fall as travel retail suffered.

Asia was key as sales on the continent (with Japan excluded) increased by 94 per cent with China emerging a star performer. But Korea, Thailand, Singapore and Australia also saw buoyant business. Meanwhile, sales in Japan rose 20 per cent, despite new COVID measures.

Sales in the US grew by 23 per cent, helping to counter the negative impact in Europe of a new wave of COVID and new lockdowns. Europe revenues were down 1 per cent and France alone was down 9 per cent. It was hurt in particular by store closures in several countries, especially in the UK, Germany and Switzerland.

But its problems in Europe were partially offset by particular strength online. E-sales doubled or more in all regions. The company told reporters that web sales should be more than €1 billion quite soon.