Hermès sales up 23% in H1 2022

Hermès has released its financial results for the first half of 2022, revealing a 23% increase in revenue to £4.5 billion (€5.4 billion).

Recurring operating income increased by 34% to £1.9 billion (€2.3 billion), compared to £1.4 billion (€1.7 billion) in the first half of 2021.

Consolidated net profit totalled £1.3 billion (€1.6 billion), compared to £922 million (€1.1 billion) in the first half of 2021.

Revenue in Europe was up 34%, excluding France, driven by loyalty of local clients and the return of tourists, particularly in France, the United Kingdom and Italy.

Growth from the brand's Leather Goods and Saddlery division was up 12%, driven by sustained demand and an increase in production capacities. The Silk and Textiles business line rose by 29%, boosted by collections combining a diversity of materials, formats and new uses.

The Ready-to-Wear and Accessories division increased by +36%, due to the success of the brand's ready-to-wear, fashion accessories and footwear collections.

Perfume and Beauty grew 23%, driven by the "successful" launches of Hermès Plein Air and Hermèsistibles. Along with the launch of the Terre d’Hermès Eau Givrée and Eau de Basilic Pourpre fragrances.

Axel Dumas, Executive Chairman of Hermès, said: “The very dynamic results over the first six months of the year testify to the growth across our 16 métiers and the strong desirability of our objects, designed by craftsmen with a sustainable approach, without compromising on quality. In a still unstable context, we are moving forward with confidence, faithful to our role as a responsible and committed company to our employees and our partners.”