Hermes sees revenues jump 16% to €3.3bn
With the exception of Japan, sales throughout Asia increased by 21% to €5.8bn. This was a result of China removing limitations relating to COVID-19
Hermes has recorded a 16% increase in revenues to €3.3bn (£2.87bn) in the three months 30 September 2023.
All the geographical areas posted solid performances. European sales reached €2.24bn (£1.95 bn) over the same period last year, up 20.7%.
With the exception of Japan, sales throughout Asia also increased by 21% to €5.8bn (£5.05bn). This was a result of China removing limitations relating to COVID-19.
In the Americas, sales increased by 20% to €1.7bn (£1.48bn).
On a product basis, the Ready-to-Wear and Accessories business line achieved robust growth of 29% followed by the Watches business line which saw a 24% increase in revenue.
The Leather Goods and Saddlery business line revenue also increased by 19%, Silk and Textiles by 17%, Perfume and Beauty by 8% and other businesses by 26%.
Looking ahead, the group stated that it will continue the year 2023 with “confidence”, thanks to the “highly integrated artisanal model, the balanced distribution network, the creativity of collections and the loyalty of clients”.
In the medium-term, despite the economic, geopolitical and monetary uncertainties around the world, the group confirms an ambitious goal for revenue growth at constant exchange rates.
Axel Dumas, executive chairman of Hermès, said: “The solid performance in the third quarter reflects the desirability of our collections all over the world, with still a sustained momentum in Asia and in the Americas. More than ever, in an uncertain global environment, we are reinforcing our investments and our teams to support growth.”
