Report
Jean Danjou

Hermes International : Another ramp-up in growth in Q1 2021 despite the context in Europe - the franchise is shining brightly

>Q1 revenues close to +11% above estimates: ramp-up in Asia and the US, strong resilience in Europe, a catch-up in bags - The group continues to be one of the main beneficiaries in the sector in the recovery phase following the COVID crisis that culminated in H1 2020. It posted one of the weakest declines in growth in Q1 2020 (-8% cc), and appears set to be among the fastest-growing groups in Q1 2021, posting y-o-y growth of close to +44% cc, giving growth over two ye...
Underlying
Hermes International SCA

Hermes International is engaged in the manufacture, sale, and distribution of luxury goods primarily in France, rest of Europe, Japan, Asia-Pacific, and Americas. Co.'s activities can be divided into two segments: the distribution via Co.'s exclusive network and the distribution via specialist outlets. The distribution via Co.'s exclusive network comprises silks and textiles, leather goods and saddlery, ready-to-wear and fashion accessories (men and women's clothing, belts, jewellery accessories, gloves, hats and shoes), and other goods (jewellery and products of the art of living department). The distribution via specialist outlets comprise perfumes, tableware and watches.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Jean Danjou

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