PARIS, (Reuters) – Sales of Birkin bag manufacturer Hermes jumped 27% during the first quarter. The sector is thriving despite the turmoil caused by the war in Ukraine, and COVID lockdowns, in China.

According to the French luxury company, revenues at constant currency rates were 2.8 billion euro ($3.06 billion) for the three-months ended March. This beat a forecast by Zuzanna Pusz from UBS, who had predicted 2.6 billion euros. She is tops in a Refinitiv Eikon analysis of analysts’ accuracy in estimate accuracy.

($1 = 0.9162 euros)