- Scotland's Kinghorn maintains Lions 'dream' despite Toulouse clash
- Pakistan debutant Ghulam hits century to defy England in second Test
- Boeing announces intention to raise up to $25 bn
- Tuchel 'in talks with FA' over England manager's job
- Dutch rider Lavreysen targets record at world track championships
- Bangladesh suspend Hathurusingha as coach after alleged assault
- Russian Olympic chief announces surprise resignation
- Ferguson to leave Man Utd ambassador role as club cuts costs
- Turkish govt defends tax plan to fund defence industry
- Oil prices tumble on easing Middle East fears
- Eidevall quits as Arsenal Women head coach
- US, Philippines launch war games after China's Taiwan drills, ship collision
- Swedish prosecutor confirms 'rape' probe without naming Mbappe
- England dismiss Ayub but Pakistan reach 173-3 at tea in second Test
- Israel vows to put 'national interest' first in response to Iran attack
- Oil prices hit by easing Middle East fears, most Asian markets rise
- Mbappe-PSG salary row faces hearing as France captain cited in 'rape' report
- K-pop star tells South Korea lawmakers of workplace bullying
- Ex-Wallabies captain Elsom denies wrongdoing after arrest warrant
- Pakistan 79-2 at lunch in second England Test after Leach strikes
- Hopes pinned on peace across Taiwan Strait after drills
- Valencia fans leave Singapore with 'stern warning' after protest
- Falling sales cause sour grapes for iconic Portugal wine
- Belgian pathologist and literary star gives 'voice to the dead'
- Ethiopia's 'korale' recyclers turn waste into money
- Italy row, AI in focus at world's biggest book fair
- US, Philippines launch war games a day after China's Taiwan drills
- Scotland lock Gray signs for Japan's Toyota
- Allen and Bills foil Rodgers, outlast Jets 23-20
- North Korea blows up roads connecting it to the South
- East Timor fights new battles 25 years after independence vote
- Japan election campaigns kick off for Oct 27 vote
- Home runs propel Mets, Yankees to MLB playoff victories
- Taiwan detects record 153 Chinese military aircraft after drills
- Oil prices drop on easing fears over Middle East, most markets rise
- Reoxygenating oceans: startups lead the way in Baltic Sea
- North Korea's Kim holds security meeting over drone flights
- Cars, chlamydia threaten Australian koalas
- Small town India's DIY film industry comes to London
- Harris slams Trump over military threat to 'enemy from within'
- Can biodiversity credits unlock billions for nature?
- Texas poised to execute autistic man for 'shaken baby' death
- King Charles III heads to Australia and Commonwealth meeting
- In the Colombian Pacific, fighting to save sharks
- Argentina's Matera banned for Italy Test after red card
- Vientos grand slam propels Mets in series-tying win over Dodgers
- Supporters of ex-Bolivia leader Morales block roads over possible arrest
- Germany into Nations League quarters, France and Italy win
- Nagelsmann lauds 'supercharged' Germany's 'best half of the year'
- 'Pandas are coming': Two new bears depart China for US capital
Hermes bags sales growth except in Asia
French luxury group Hermes, known for its leather bags and silk scarves, on Tuesday said it continued to see sales growth in the third quarter despite a dip in Asia.
The 7.3-percent rise in overall sales in the third quarter from the same period last year to 3.4 billion euros ($3.6 billion) narrowly beat analyst expectations.
The performance also beat luxury sector leader LVMH, which reported flat sales between July and September after having posted double-digit growth in the first two quarters of the year.
The luxury industry had previously seemed impervious to the crimp in consumer consumption as inflation soared and interest rates climbed.
Chief executive Axel Dumas said Hermes continued to enjoy "sustained momentum" in third-quarter sales, but the performance was still a slowdown from the 22-percent increase registered in the first half of the year.
Sales in most regions of the world still posted double-digit gains: 10 percent in Japan, 11.9 percent in the Americas and 16.4 percent in Europe.
Sales in Asia outside Japan dipped 0.1 percent in the third quarter, but the company said this is partially due to an exceptional performance last year due to Covid restrictions being lifted in China setting off a surge in spending.
"Despite the macroeconomic difficulties China is confronted with in the short term, we consider its medium to long-term development potential remains strong," said Hermes' chief financial officer, Eric du Halgouet, during a conference call with journalists.
He expressed confidence that growth would pick up again in the country as middle-class incomes rise, and said Hermes would continue to invest in China at the same pace with the opening of one or two new stores per year.
Asia, and China in particular, has become a key growth area for luxury firms in the past decade.
"More than ever, in an uncertain global environment, we are reinforcing our investments and our teams to support growth," Dumas said.
X.Karnes--AMWN