French-based luxury giant Hermes has stated it will no longer set mid-term annual sales growth targets. The group will immediately abandon its 8% annual growth forecast.

Axel Dumas, Chief Executive, claimed the need to be frank and transparent in a world full of uncertainty where the rigidity of written guidance could mean that companies are less flexible.

Hermes reported first half consolidated net income up by 13%, reaching 545 million euros and representing 22.3% of sales.