What recession? Here’s WSJ with the report:
French luxury house Hermès International SA posted strong sales for the second quarter, raising hopes that global demand for pricey clothes and bags could increase. Hermès, known for its silk scarves and leather handbags, said sales rose to €446.6 million ($635.3 million) in the three months ended June 30, up 12% from the same period last year. The company said it is on track to hit a target of flat sales this year, compared with 2008. “If you had told me last year that we would have flat sales in 2009, I would have kissed you on both cheeks,” said Hermès Chief Executive Patrick Thomas in an interview. – from WSJ
Analyst Dennis Weber of Evolution Securities said Hermes was helped by the strength of its brand name. “Hermes’ established brand reputation works in the company’s favour in the current environment, and we believe in the relatively defensive nature of the Hermes brand,” he said. – from BBC