After facing a sharp revenue fall in the second quarter of 2020, rough seas seem not to let go of Hermes Group. The major luxury goods brand is facing a drop of 14 present in their third quarter of the year. It is estimated to be almost $5 Billion when converted from Euros. Asian markets have been the biggest consumers of their goods in the preceding times, but that has also changed due to the Covid situation. American and European regions were already falling in sales, and this year has not been any better.
There are different business lines under the Hermes group and each has been effected quite differently by this. Saddlery and leather goods saw a growth of eight percent from the previous 21 percent decline. Ready to wear apparel and accessory items saw a major decline even after signs of rebound. The lack of travel due to the pandemic has caused perfumes to be the most hard hit area.
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