France's Hermes will fully shift the burden of tariffs in the United States to its wealthy clientele, the company said on Thursday, as it posted first-quarter sales that slightly missed market expectations in a rare show of weakness.

Handbags, scarves and other goods sold in the United States by French luxury brand Hermes will cost more in May due to tariffs imposed by President Donald Trump.

Hermes reported higher revenue for the first quarter, but growth slowed amid an uncertain environment for the industry due to waning demand and the threat of U.S. tariffs.