In a sign that China's economy is quickly rebounding from the coronavirus crisis, Hermès' Guangzhou flagship, the second largest store in China, took in 2.7 million dollars in one Saturday. The news was reported by WWD. Saturday marked the reopening day of the flagship store after it had been on lockdown with most retail stores in China for several months. Guangzhou is the capital of the province of Guangdong, the wealthiest area in China.
The single day sales are believed to be a record for a single boutique in China. It also offers a ray of hope for a luxury goods industry that was beaten and battered by the economic fallout from coronavirus. China is a sign that rebound could happen quickly once countries begin to reopen their businesses.
Hermès did not immediately respond to confirm the figure themselves, but shoppers of the store documented theri extravagant purchases on China's social media channels, including Weibo and Xiaohongshu, with selections ranging from crocodile skin Birkin bags to furniture and tablewares.
Some economists say that China's economic growth is expected to rebound in the second quarter, but while consumers are starting to shop again domestically, the country's exports will get battered by the practically paused economies of other major countries around the globe. China's ability for a full economic turnaround will depend on when global economies are able to reopen and resume business, and with countries like Italy and Spain along with many parts of the United States still on lockdown, this could be a while.
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photo: via Hermes.com