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The total transaction amount for the spring auction reached HKD 2.3 billion / USD 297 million, with an average project and amount transaction ratio of 90%. Forty-two percent of the lots exceeded their highest estimates, and 106% of the transaction prices surpassed the minimum estimates.

In addition to the stores at the Peninsula Beijing and SKP, Hermès also has a boutique located at China World Mall in Beijing.

We are confident in the long-term development of the group in China and will further increase innovation investment with Estée Lauder China Innovation Research Center as the engine.

The core operating profit in the Chinese market amounted to 1 billion yen, marking a significant increase of 2.3 billion yen compared to the previous year, thanks to effective cost management strategies.

The brand hopes that in the coming years, sales in the Chinese market alone will account for over 10% of the total.

In 2023, the average revenue per store for Laopu Gold reached 93.9 million yuan, doubling from the previous year. Among them, the total revenue of the two stores located in Beijing SKP was 336 million yuan, with a monthly sales per square meter of 440,000 yuan.

Most of our improvements in the Chinese market stem from streamlining our operations and aligning them more closely with local market demands. In fact, we haven’t actually expanded our distribution network.

The same-store sales in the Asia-Pacific region increased by 3% in the fiscal year 2024, but experienced a 17% decrease in the fourth quarter.