Hermès Q1 sales boosted by ready-to-wear and accessories

Hermès has reported revenue growth of 22.3% to £2.9 billion (€3.3 billion) for the first quarter of 2023, helped by the success from ready-to-wear, fashion accessories and shoes.

The luxury label saw revenue increase 33.7% to £840 million (€950 million) for the ready-to-wear and accessories business, with its recent SS23 collection given a "great welcome",

The leather goods and saddlery business recorded revenue growth of 17.8% to £1.2 billion (€1.4 billion), driven by sustained demand across all geographical areas.

The silk and textiles business saw revenue grow 18.4% to £206 million (€234 million), whilst revenue at the watches business increased 23.6% to £146 million (€166 million).

The perfume and beauty business reported revenue up 6.1% to £111 million (€126 million), boosted by the company's new Un Jardin à Cythère eau de toilette and new summer limited-edition of Rouge Hermès.

All geographical areas posted "strong" growth, with sales up 22.9% to £569 million (€644 million) in Europe. Excluding France, sales in Europe rose 19.7% to £345 million (€391 million).

Hermès said it has moved into 2023 with confidence, thanks to its "highly integrated artisanal model, the balanced distribution network, the creativity of collections and the loyalty of clients".

Axel Dumas, Executive Chairman of Hermès, added: "The first quarter of 2023 is aligned with the good results of 2022 and reflects the success met by our collections all over the world, driven by the loyalty of our customers."

Earlier this year, Hermès granted a £3,500 (€4,000) bonus to all its employees worldwide, following a highly successful fiscal year 2022. The company reported a 29% increase in revenue to £10.3 billion (€11.6 billion) for 2022, revealing "remarkable" sales growth in all geographical regions.