Hermès International Société

and clientele. So I see really the same tendency. After you've got one of the medallists that you don't expect, you have that. But I see for the last year and going forward the same tendency, which at plus 7% is good, in my modest opinion.

So regarding the trends for the second half of the year, for the time being, we do not observe any change in trends in America, United States, in Japan, or in Korea and Europe. So the question remains on France, but as we mentioned, there is an improvement in Q2 versus Q1. And the question is also on the Middle East, where nobody can predict what will happen. And regarding your question on Asia-Pacific, Between Q2 and Q1, the trends are quite the same. As we mentioned before, Greater China is still growing in Q2. Korea is pulling the growth, while the situation in Thailand, for instance, is a bit more difficult. Those are the main trends.

We are fortunate enough in Q1 in Greater China to have a great Chinese New Year, which helps us also a lot.

Thank you very much.

We have no further questions for the moment. Okay, well, very well. Thank you very much for taking part. Thank you very much for your questions. Thank you also for your loyalty because some of you ask questions at every single turn. I'd like to thank and congratulate the teams, the EXCO of Hermès because the success of Hermès is very much a collective one. and the fact that we are growing, that we're at plus 7% and that we have a good operational margin and good cash flow which is a very important indicator as far as I see it because it speaks to the health of our business. These figures and positive trends make me feel very confident about the rest of the year and I look forward to continue to work together. There will be some unknowns, there will be some difficulties, but this is what we've been doing over the last few years. Who could have predicted Covid, Fukushima, the war in the Middle East in Q1? but the fundamentals are there and I can assure you that even beyond your quantitative questions what is important for us is quality so respecting product, our know-how and being very demanding on quality and respecting the people who make our products and sell them so thank you very much to all of you and Eric will be very happy to walk you through Q3 in a few months time thank you very much ladies and gentlemen the conference is now over thank you very much for your participation you can now sign out