Hermès Shines in a Scruffy Luxury Market
Hermès is a brand that shows its real mettle in a downturn. The secret to its steady growth might be the restraint it shows in good times. The French handbag maker’s shares gained 33% in 2023, making it the luxury sector’s best-performing stock. Parisian rival LVMH Moët Hennessy Louis Vuitton, which owns Christian Dior and is also considered one of the safest bets in luxury, rose 8%. But across the industry, most large European luxury stocks ended 2023 in the red as demand for expensive baubles sputtered following a record three-year shopping binge. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
