Birkin bag maker Hermes is reportedly set to raise product prices by 5 to 10 percent in 2023 following a sharp increase in sales growth in the third quarter.
Meanwhile, the owner of Louis Vuitton LVMH is of the view that most individuals will begin to reduce their purchasing activity due to the risk of turmoil.
But Hermes denied the matter because US buyers have taken advantage of the strengthening of the US and Chinese dollars to buy various goods.
According to Hermes Eric du Halgouet, the executive vice president of finance stated that his company will experience a price increase of between 5 and 10 percent due to increased labor costs and an unstable currency.
It is understood that the Hermes company also increased by 4 percent this year and 1.5-2 in previous years.
On record, sales for the three months before the end of September increased by 24.3 percent, earning 3.14 billion euros ($3.07 billion), with analysts expecting a 12 percent double.
While in Asia, income has increased by 34 percent during the period, but not for Japan.
In the meantime, the company stressed that sales in China rose strongly despite the temporary shutdown following hygiene measures in Macau, Chengdu and Dalian in July and August.
