The India unit of French luxury label Hermes International reported a jump of 54.5 per cent in net profit at Rs.18.7 crore for the year 2019 on revenue from operations of Rs. 109.6 crore.
The label had registered a net profit of Rs. 12.1 crore the year before.
According to its filings with the Registrar of Companies (RoC), revenue for its operations in India was up 11 per cent from the previous year’s Rs. 98.8 crore on a standalone basis.
Other than footwear and luxury merchandise, Hermes is known for its popular Birkin bag that was introduced in the 1980s and still has a huge appeal among its discerning consumers.
Meanwhile, another French luxury label Dior which operates as Christian Dior Trading India in the country, reported a net loss of Rs 26.7 crore for the fiscal year which is lower than Rs. 28.9 crore the previous year, confirmed the RoC documents.
Dior’s total revenue grew to Rs. 45.3 crore the year that ended March 2019 from Rs. 30 crore before this. The luxury label has 4 stores in Delhi and Mumbai while Hermes has 2 in the same metro cities.
According to Statista, the Indian luxury goods market is worth around US $ 8 billion and is slated to grow at a CAGR of 6.6 per cent during 2019-2023 period.
