French high fashion luxury goods manufacturer Hermès records an all-time high, as its stock price climbed up five percent during the COVID-19 pandemic. The market value of Hermès unconventionally saw a whopping €80 billion climb, which is similar to what happened in the financial crisis of 2008.

The market price of luxury groups in 2008 had an inverse correlation with the economic downturn. For example, sales of LVMH went up 21.6 percent; Kering, 7.8 percent, and Hermès led with a 26 percent increment from the years 2006 to 2008.

When the luxury house released its Q1 2020 financial report, it was clear the label remained resilient even during the pandemic that made almost all other companies to experience major setbacks. According to analysts, the reason behind this stable market value is in its signature Birkin bags, speculating that they’re sometimes considered a better investment than gold itself.