Retail in Asia

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Hermes, Ferragamo report double-digit profit increase, driven by Asian demand

Luxury goods firms in Europe reported booming retail sales in Europe, Asia and emerging markets on Friday bucking the downturn seen in other retail sectors.

French luxury leather goods retailer Hermes and Italian designer shoemaker Ferragamo both reported double-digit increases in profits and revenues in their latest report to investors as demand for luxury goods remained robust in Asia – and even in Europe.

Hermes International, a maker of designer bags and silk scarves, said it was raising its annual growth target from 10 to 12 percent after its profits for the first half of 2012 grew 28 percent to EUR335.1 million (USD418.81m).

(Source: CNBC)