Concise insights on global finance in the Covid-19 era. ------------------------------------------------- SAFE AS HÈRMES. The French luxury icon’s handbags have been one of the clear winners from the coronavirus crisis. The price of one Hermès bag outperformed other luxury items last year, according to a report published by property consultant Knight Frank, rising by 17%. Wine and collectible cars rose 13% and 6% respectively. Over the last decade, the group’s bags have risen 108%, handily trouncing gold’s 29% return. That might explain why Hermès International shares are now trading at a toppy 51 times forward earnings, valuing the company run by Axel Dumas at 99 billion euros ($121 billion). The good news is that the supply of its key customers is still rising. Knight Frank reckons that over the next five years the number of ultra-high-net-worth individuals, those with net assets worth over $30 million, in Asia will grow by 39%. The number in China alone will rise by 46% to 103,042 by 2025. They will need lots of handbags. (By Karen Kwok)