A Sad Day for Hermes

Apple now leads the luxury gift market in China, taking the #1 slot from Hermès

Apple is on rather a roll at the moment. A new world record for quarterly profits. Best-selling smartphone maker in China. Joint leader of the global smartphone market. Record-breaking app store earnings. Now Reuters reports that it’s picked up a new accolade, leading the luxury goods market in China.

Apple Inc has taken the number one luxury gifting spot in China from designer goods maker Hermès International SCA, according to a Hurun luxury report on Thursday, reflecting the iPhone maker’s recent hot streak in the country.

Hermès is a French maker of designer clothing and accessories, known for its scarves and handmade leather luggage. Apple also beat Louis Vuitton, Gucci and Chanel to the title. The Hurun luxury report is an annual survey of the spending of millionaires in the country which has been running for more than a decade. The launch of the Apple Watch in April is likely to solidify Apple’s position in the Chinese luxury goods market.