विकास की चिंताओं के बीच हर्मेस को दुर्लभ बिक्री कॉल का सामना करना पड़ा

Hermès International SCA received its first sell ratings in over a year from analysts at Goldman Sachs Group Inc. and UBS Group AG, who warned that the Birkin-maker’s era of impressive growth is ending. The Paris-based company’s shares fell as much as 3%, extending this year’s decline to more than 40%. The stock is on track for its worst annual performance since going public in 1993.

Goldman Sachs analysts led by Erwan Rambourg said Hermès’ years-long run of double-digit growth has ended. They see weakness in non-leather products, which rely more on aspirational shoppers. While top-line growth is likely to remain slightly ahead of peers, it will prove more muted than investors have become accustomed to, Rambourg noted.

UBS analyst Zuzanna Pusz pointed to greater availability of Hermès products on the resale market, challenging the brand’s tightly controlled supply model. The valuation premium over luxury peers has already shrunk sharply, with the stock now trading at about 27 times forward earnings, less than half its multiple in early 2025.

The next test comes when Hermès reports third-quarter results in mid-October. Analysts tracked by Bloomberg expect full-year revenue at constant exchange rates to grow 6.82%, the slowest pace since 2020.

स्रोत: Bloomberg Markets · HeadlinesBriefing द्वारा सारांशित