Hermès Reportedly Raked in $2.7M in Sales at Newly Reopened China Flagship
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The day it reopened to the public post-coronavirus, a Hermès flagship store in China reportedly raked in 19 million renminbi ($2.7 million) in sales.
According to FN’s sister publication WWD, which cited multiple unnamed sources, the French luxury brand garnered on Saturday possibly the largest one-day revenue tally for a single boutique in China. It would be a welcomed boost for the luxury industry, which has been battered amid the pandemic’s continued global spread.
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The report revealed that the Guangzhou location had received a shipment of rare handbags, including a diamond-embellished Himalayan Birkin. On social media platforms Weibo and Xiaohongshu, shoppers in the capital’s province of Guangdong — the most populous in China and one of the wealthiest on the mainland — were seen flocking to the store to purchase footwear, furniture and leather goods.
FN has reached out to Hermès for comment.
The store, which spans 5,500 square feet, debuted in 2011 at Guangzhou’s Taikoo Hui shopping center. It was forced to close early this year when the coronavirus spread outside of Wuhan. At the height of the crisis in February, 11 of Hermès’ stores were closed on mainland China and four were shut down in Macau.
At the company’s annual financial results presentation in late February, CEO Axel Dumas said that the disruption hit “an important country for our industry at an important time.” He suggested that stand-alone stores have performed better than those in malls since consumers continue to be wary of gathering en masse at a time of social distancing.
For the fiscal year, Hermès reported revenues that improved 12% at constant rates to 6.88 billion euros ($7.51 billion). Total profits amounted to 1.53 billion euros ($1.67 billion). Its first-quarter sales numbers will be released on April 23.
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