Hermès, known for the scarves, and Kering, the company behind Gucci and Yves Saint Laurent, saw their sales rise sharply in the past quarter after a sharp drop in sales in the spring. This is evident from figures that both companies published on Thursday.
The two French companies had a hard time in the second quarter. The outbreak of the corona pandemic and the lockdown measures caused sales to plummet. In the third quarter, both companies roughly recovered to the level of the same period last year. This was partly due to revenue growth in East Asia.
Hermès, with a turnover of 1.8 billion euros, was 4.2 percent higher than in the same quarter last year. Compared to the second quarter of this year, it was even better. Then the company suffered a 41 percent loss of revenue.
Kering also managed to clamber up in the past period. The Gucci parent company still posted a 4.3 percent decline in sales on its books, but compared to the 43.5 percent decline in the second quarter, the past few months have been better than expected.
Sales of Gucci products in particular lagged behind in the past quarter. The other divisions, including Yves Saint Laurent and Bottega Veneta, were able to boost their sales compared to the same period last year.