Hermes!
A) The ultra rich people continue to spend (although slower), despite the slowdown among LVMH customers.
B) Strength in price (increases) push people to buy as usual.
Btw, Hermes will pass all tariff costs to consumers. Maybe shall see some pushback from US consumers (a bit more uncertainty).
Source: Hermes 1Q2025
Source: Hermes 2024 annual