A weekly round up of the hottest international retail and consumer news. 1. Hermès bags bigger profits Luxury goods group Hermès has posted a 13% gain in profit to €1.1bn. The company said sales of leather goods and saddlery, which account for half of total sales, grew 14%. Perfume sales rose 9%, aided by the launch of new fragrances. The better-than-expected figures from the French company, best known for its £8,000 Birkin bags and £300 silk scarves, signal a broader recovery in the luxury goods market. 2. Hermèsto pay fat fine Tesco’s UK unit will pay a £129m fine over its accounting scandal. The grocer, which overstated its profits by more than £300m in 2014, will also set up a £85m scheme to compensate investors. Tesco will book an exceptional charge of £235m in the 2016/2017 fiscal year, as a result of the penalties. 3. De Beers buys out retail partner After more than 16 years, diamond giant De Beers has ended a joint venture with LVMH, having bought back the 50% stake that the...
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