The European luxury industry boomed in 2011, seemingly untouched by the global economic slowdown, with demand from China helping to swell profits at companies from LVMH to Coach and Burberry.
Germany has come under pressure from some European partners and countries like the United States for not doing enough to spur domestic demand. But a drop in unemployment to post-reunification lows and the ability of many German companies to weather the euro zone debt crisis has kept consumption growing steadily.
While German fashion house Hugo Boss 2011 sales jumped 19 percent to 2.06 billion euros ($2.7 billion) and core profit climbed 34 percent to 469 million, French luxury group Hermes posted record sales of 2.8 billion euros ($3.8 billion) in 2011, highlighting the resilience of luxury brands in the face of the weakening global economy.
Hugo Boss said 2012 had got off to a good start as it reported better than expected sales and earnings for 2011, thanks to wealthy Asian buyers snapping up luxury European brands. It had previously forecast 2011 sales to rise by 15-17 percent and profit by 25-30 percent. Hugo Boss said it would publish a full outlook along with audited 2011 results on March 14.With the boom of guess canadagooseparka boutiques,
Hermes' sales were up 18.3 percent last year, beating the target of 15-16 percent growth, it said in a statement, and its operating margin was up more than 30 percent. The famed maker of luxury bags and silk scarves said revenue growth had been led in non-Japan Asia, where sales were up 29 percent, and in the United States,IWC watches are warranted by our discountcoachhandbags for a period of one year. where they were up 26 percent.
Sales in Europe were up 16 percent. Japanese sales struggled however and were down one percent. The company said sales in its own stores were up 19 percent while wholesale revenues were up 15 percent. Silk and textiles sales were up 23 percent, sales in leather goods,,pradahandbag offers only partial refund if you get broken watch. including handbags, were up 12 percent,Buy canadagoosecoat are becoming popular. fashion and accessories up 30 percent and perfumes up 16 percent.
The company said that in 2012 it will continue its long-term strategy of "maintaining control over its know-how and distribution network. "Hermes will continue to invest in developing its production capacity and its distribution network, with the opening or renovation of some 15 branches," it said.
Also, the strong sales of Mercedes luxury cars in China and United States helped German automaker Daimler AG post a stronger than expected 57 percent increase in fourth quarter profits. The Stuttgart-based company made net profit of (euro) 1.78 billion ($2.36 billion) during the quarter, ahead of the average forecast compiled by FactSet of (euro) 1.30 billion. The company also recorded a record profit of (euro) 6.03 billion for the full year, up 29 percent from the year before, and increased its dividend.
But Daimler issued a cautious outlook on Thursday, saying next year's profits would only equal this year's and that the debt crisis afflicting the 17-nation eurozone would mean a flat market in Western Europe. The company's shares traded 3.Our coachhandbags are the highest quality and most durable replicas available .8 percent higher at (euro) 46.32 in midday trading in Germany.
Germany has come under pressure from some European partners and countries like the United States for not doing enough to spur domestic demand. But a drop in unemployment to post-reunification lows and the ability of many German companies to weather the euro zone debt crisis has kept consumption growing steadily.
While German fashion house Hugo Boss 2011 sales jumped 19 percent to 2.06 billion euros ($2.7 billion) and core profit climbed 34 percent to 469 million, French luxury group Hermes posted record sales of 2.8 billion euros ($3.8 billion) in 2011, highlighting the resilience of luxury brands in the face of the weakening global economy.
Hugo Boss said 2012 had got off to a good start as it reported better than expected sales and earnings for 2011, thanks to wealthy Asian buyers snapping up luxury European brands. It had previously forecast 2011 sales to rise by 15-17 percent and profit by 25-30 percent. Hugo Boss said it would publish a full outlook along with audited 2011 results on March 14.With the boom of guess canadagooseparka boutiques,
Hermes' sales were up 18.3 percent last year, beating the target of 15-16 percent growth, it said in a statement, and its operating margin was up more than 30 percent. The famed maker of luxury bags and silk scarves said revenue growth had been led in non-Japan Asia, where sales were up 29 percent, and in the United States,IWC watches are warranted by our discountcoachhandbags for a period of one year. where they were up 26 percent.
Sales in Europe were up 16 percent. Japanese sales struggled however and were down one percent. The company said sales in its own stores were up 19 percent while wholesale revenues were up 15 percent. Silk and textiles sales were up 23 percent, sales in leather goods,,pradahandbag offers only partial refund if you get broken watch. including handbags, were up 12 percent,Buy canadagoosecoat are becoming popular. fashion and accessories up 30 percent and perfumes up 16 percent.
The company said that in 2012 it will continue its long-term strategy of "maintaining control over its know-how and distribution network. "Hermes will continue to invest in developing its production capacity and its distribution network, with the opening or renovation of some 15 branches," it said.
Also, the strong sales of Mercedes luxury cars in China and United States helped German automaker Daimler AG post a stronger than expected 57 percent increase in fourth quarter profits. The Stuttgart-based company made net profit of (euro) 1.78 billion ($2.36 billion) during the quarter, ahead of the average forecast compiled by FactSet of (euro) 1.30 billion. The company also recorded a record profit of (euro) 6.03 billion for the full year, up 29 percent from the year before, and increased its dividend.
But Daimler issued a cautious outlook on Thursday, saying next year's profits would only equal this year's and that the debt crisis afflicting the 17-nation eurozone would mean a flat market in Western Europe. The company's shares traded 3.Our coachhandbags are the highest quality and most durable replicas available .8 percent higher at (euro) 46.32 in midday trading in Germany.
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