Hermès' boost for Burberry
Friday 20 July 2012
Burberry's chief executive Angela Ahrendts rang the opening bell at the London Stock Exchange yesterday morning, as revenues at French rival Hermès boosted both companies' share prices.
Celebrating its 10th anniversary on the LSE, Burberry's shares have eased following a slowdown in sales growth after several years of outperformance that has turned it into a leading fashion house. But the stock was back on the up, gaining 57p to 1,289p.
Hermès, famed for its silk scarves, said sales growth, although slowing, had been propped up by better-than-expected revenues in Asia.
Year-on-year sales growth was 13.4 per cent in its second financial quarter, down from 17.6 per cent in the first quarter. Revenues in Asia, its biggest market, rose 16.2 per cent.
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