Hermes profits defy economy

Hermes, the French luxury goods label, yesterday became the latest top-end retailer to publish results suggesting this segment of the market is immune to economic fears.

Hermes posted a 44 per cent rise in full-year profit for 2010, boosted by both tourist shoppers in Europe and buoyant sales in Asian markets. Its total sales rose to €668m last year from €463m in 2009, the company said.

Hermes follows the likes of LVMH in reporting sales defying the slowdown.