After Hermes "dodged" the effects of inflation with increases in revenues, net income and sales, it was the turn of Ralph Lauren and Capri Holdings, owner of Michael Kors.

In the first quarter of fiscal 2023, Ralph Lauren reported a revenue increase of 8% to $1.5 billion, which was above expectations due to robust growth in all regions.

Another focus of the results was the adjusted operating margin of 12.71TP2Q, which also exceeded expectations, and the fact that they reiterated their projections for the full fiscal year 2023 in terms of revenue and adjusted operating margin.

"Our strong first quarter performance underscores the power of our brand and the momentum of our strategy around the world following our significant multi-year restart," said Patrice Louvet, President and CEO quoted by Executive Digest. "While the global operating environment remains as volatile as ever, our talented and passionate teams are delivering the multiple growth opportunities to grow our business with creativity and discipline - from driving high-quality new consumer recruitment to expanding digital and elevating our touchpoints across all regions and channels."

Capri, meanwhile, which not only owns Michael Kors but also comprises brands such as Versace and Jimmy Choo, reports a revenue increase of 8.5% with better-than-expected results across all three luxury brands.

"We are pleased with our first quarter performance with revenues, gross margin, operating margin and earnings per share exceeding all of our expectations. Better-than-expected results were driven by strong momentum across all three luxury houses, reflecting the power of our brands as they continue to deepen consumer desire and engagement," explains John D. Idol, the company's President and CEO.