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Hermès records strong Q1 growth

By Prachi Singh


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Hermès store in China Credits: Hermès

The Hermès Group’s consolidated revenue amounted to 3,805 million euros in the first quarter of 2024, up 17 percent at constant exchange and 13 percent at current exchange, driven by strong growth in all geographical areas.

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.

Commenting on the first quarter performance, Axel Dumas, executive chairman of Hermès, said: “The solid sales growth in the first quarter 2024 reflects the loyalty of our clients worldwide, the strength of the group’s artisanal model and the desirability of our creations in a more complex environment.”

Hermès posts sales growth across core markets

At the end of March 2024, the company said in a release, all the geographical areas posted double-digit growth. Asia excluding Japan reported 14 percent growth in all the countries of the region. In January, the Wuxi store, the thirty-fourth Hermès address in China, opened in the eastern province of Jiangsu. Japan increased 25 percent. A new store was inaugurated in February in the Azabudai Hills district of Tokyo.

Revenues in the Americas rose 12 percent due to the momentum in the United States. In March, the travelling exhibition Hermès in the Making, which showcased the know-how of the artisans, was presented in Mexico City, and the Parade event, around the home universe, was hosted in Los Angeles. Europe excluding France increased 15 percent and France achieved 14 percent growth.

The leather goods and saddlery segment rose 20 percent, the ready-to-wear and accessories sector increased 16 percent, the silk and textiles sector achieved 8 percent increase and the perfume and beauty sector rose 4 percent. The watches segment saw 4 percent growth and the other Hermès sectors including jewellery and home universe, rose 25 percent.

Executive Management
Hermes International