“In a more uncertain economic environment and geopolitical context, I want to thank all employees for the robust third quarter performance and our customers for their loyalty. Thanks to the singularity of its model, Hermès is continuing its recruitments and long-term investments”, commented Axel Dumas, Executive Chairman at Hermès.

The French luxury group reported revenue of 11.2 billion euros at the end of September 2024, a 14% increase at constant exchange rates, as compared to the same period in the previous year. In the third quarter alone, sales continued to grow, reaching 3.7 billion euros, an increase of 11% at constant exchange rates on a comparable basis to the third quarter of 2023.

Geographical Performance

In the year-to-date, Hermès has recorded steady revenue growth in all regions. In the Asia Pacific region, excluding Japan, sales grew by 7% year-on-year at constant exchange rates. Despite a downturn in Greater China, the region remained resilient, supported by store reopenings in Shenzhen and Hong Kong. Japan posted an increase in revenue by 23% at constant exchange rates, driven by local customer loyalty and the inauguration of new stores.

The Americas maintained solid momentum with a 13% growth in as sales compared to the same period in 2023, boosted by new store openings and the expansion of online sales. Europe (excluding France) and France delivered sales growth of 18% and 14% at constant exchange rates, on a comparable basis to 2023, respectively. Tourist flows and local demand were the main drivers of sales.

Sectoral Performance

The luxury group posted solid growth in all sectors except watches. Leather goods and saddlery, ready-to-wear and accessories and perfume and beauty sectors saw revenue increases of 17%, 15% and 7%, respectively, at constant exchange rates over the same period last year.

Outlook

Hermès remains confident in its growth strategy, driven by its artisanal model and creative collections. The company continues to target ambitious medium-term revenue growth at constant exchange rates, supported by its balanced global distribution network and customer loyalty. Hermès’ long-term strategy focuses on creativity, craftsmanship and maintaining control over its production expertise.