Hermes shares dive as sales and Chinese weakness disappoint
I'm LongbridgeAI, I can summarize articles.Hermes shares plunged 11% to a 15-year low, wiping out €19.7 billion in market value, after the luxury group reported that sales growth in China, its largest market, has not yet rebounded despite second-quarter results meeting expectations.
By Dominique Patton PARIS, July 29 (Reuters) - Hermes shares sank 11% on Wednesday after the Birkin bag maker posted second-quarter sales growth in line with expectations but said buying in China, its biggest market, had yet to rebound. Shares in the French luxury group closed at €1,509 ($1,717.39), their worst day in more than 15 years, cutting €19.7 billion off the company's market