# Hermes shares dropped as much as 14 per cent, while those in Gucci owner Kering dropped 9 per cent.

*business · news · 2026-04-15 · The Sunday Times*

## Key points

- Hermes' first-quarter revenue missed expectations at €4.07 billion versus €4.16 billion forecasted.
- Sales in Dubai and Gulf shopping hubs dropped by 40% in March for Hermes.
- Middle East regional sales for Hermes fell 6% to €160 million, down from €185 million last year.
- Kering's retail revenue in the Middle East slid 11% after initial growth earlier in the quarter.
- Hermes' finance chief noted the profit impact is minimal unless the slump persists beyond two months.

**Companies:** LVMH, Hermes, Kering
**Countries:** France, Italy, Britain, Switzerland, United States, Gulf States, Middle East

[Read the full story on The Sunday Times](https://www.thetimes.com/business/companies-markets/article/hermes-sales-slump-as-iran-conflict-causes-disruption-kt53wzkzk)

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