Hermès bucks luxury slowdown trend with “solid sales growth in first quarter”

Hermès saw solid sales growth in the first quarter to 31 March 2024, as the group’s consolidated revenue amounted to £3.2 billion (€3.8 billion), up 17% at constant exchange rates and 13% at current exchange rates, with "solid activity in all geographical areas".

Demand was robust for fashion accessories and shoes, while overall the ready-to-wear and accessories sector saw an uplift of 16%.

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 pursues its strategy based on exceptional know-how, the finest materials and uncompromising quality."

Europe, excluding France, was up 15%, while France (+14%) "achieved solid growth, despite high comparison bases".

Asia, excluding Japan, saw a rise of 14% with growth in all the countries of the region. The desirability of the brand’s new products enabled it to offset softer traffic in Greater China following Chinese New Year. In January, the Wuxi store, the thirty-fourth Hermès address in China, opened in the eastern province of Jiangsu.

Meanwhile, Japan recorded growth of 25%, "thanks to the loyalty of its local customers", while the Americas posted a sustained growth of 12%, boosted by the momentum in the United States.

The perfume and beauty sector saw a rise of 4% compared to the first quarter of 2023, which benefitted from the launch of the eau de toilette, Un Jardin à Cythère.

Additionally, in February, Hermès Beauty launched a new limited-edition of Rouge Hermès and nail enamels.