Hermès International, the French group famous for its hand-stitched handbags, reported second-quarter sales up 20% year-on-year on a constant-currency basis, thanks to booming demand in Asia outside Japan and in the US. Champagne maker Groupe Laurent Perrier increased sales by 17% in the three months to June 30 compared to the previous year. Exports of Swiss watches were up 35% in June from a year earlier. Shares in Hermès, a tightly-held family-controlled company with a small free float, are an expensive way to play the sector rebound, trading at 28 times forecasted 2012 earnings. But many leading luxury goods groups are trading well below historic multiples, including LVMH at 15 times forecast 2012 earnings, Compagnie Financière Richemont at 13 times expected earnings, and PPR at 10 times. These groups are more diversified and have greater exposure to Asia than Hermès. The U.K.’s Burberry, trading at 15 times expected earnings, has just bought back its Chinese franchises, giving it a better platform for growth there. – from WSJ