Hermès Falls as Valuation Woes Eclipse Birkin Maker’s Sales Gain

Hermès shares fell as much as 4.7% as worries about the valuation of one of the luxury industry’s stars eclipsed sales growth that showed resilience during the sector’s downturn.

Shares of the maker of the iconic Birkin bag, which have far outperformed its rivals, tumbled the most since May, bringing their performance this year closer to the average of the industry. Before Wednesday, they had been up 2.4% compared with a more than 25% slump in rival LVMH’s shares.