Hermes Said China'S Anti Corruption Drive Led To Less Than Expected Sales Of Its Watches.

According to Reuters, French luxury brand Hermes said Monday that sales of leather goods and watches in the first quarter grew less than expected, partly due to China's crackdown on corrupt officials, according to Reuters.

< /p >

< p > data show that Hermes has achieved 856 million 800 thousand euros ($1 billion 120 million) in the first quarter of this year, an increase of 12.8% over fixed exchange rates.

Among them, belts, gloves and other accessories and < a target= "_blank" href= "//www.sjfzxm.com/" > shoes < /a and clothing products and other products increased by 18% in the first quarter.

< /p >

< p > according to the latest results released by Hermes, China's weak demand and European consumers' spending reduction have led to a slowdown in the luxury sector.

< /p >

"P," Patrick Thomas, chief executive of Hermes, said in a media interview: "because of weak production in January and February, there was a problem in delivery, but our sales growth this year should be stabilized at around 8-9%." (Patrick)

< /p >

< p > Thomas said that Hermes increased the price of all products sold in the euro area by 3-4% in January this year.

< /p >

< p > sales of Hermes watches fell by 5% in the first quarter, due to a slowdown in the Chinese market, compared with an increase of 27% in the same period last year.

< /p >

< p > when it comes to watch sales, Thomas said: "the slide is only temporary."

He pointed out that it was affected by the Chinese government's efforts to combat corruption.

Watches have become one of the signs of conspicuous consumption in China when China's new leadership calls for increased crackdown on corruption.

< /p >

< p > Thomas predicted that "there will be a rebound by the end of the year."

< /p >