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Hermès records strong sales and profit in 2023

By Prachi Singh


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Hermès store in Nanjing, China Credits: Cai Yunpu

The Hermès Group’s consolidated revenue amounted to 13,4 billion euros in 2023, up 21 percent at constant exchange rates and 16 percent at current exchange rates compared to 2022.

Recurring operating income amounted to 5,650 million euros, while net profit group share reached 4,311 million euros, an increase of 28 percent.

In the fourth quarter, sales reached 3,364 million euros, up 18 percent at constant exchange rates and 13 percent at current exchange rates.

Commenting on the robust results, Axel Dumas, executive chairman of Hermès, said: “In 2023, Hermès has once again cultivated its singularity and achieved an outstanding performance in all métiers and across all regions against a high base.”

Hermès markets report 20 percent sales increase

At the end of December, the company said in a release, all the geographical areas posted a solid performance with growth of around 20 percent. Sales increased 20 percent in the group’s stores and 24 percent in wholesale activities, driven by the travel retail business.

The company added that Asia excluding Japan rose 19 percent. A second store opened in October in Chengdu, the capital city of the province of Sichuan, becoming the house’s thirty-third address in Mainland China, following the opening of a store in Tianjin in July. In Korea, the store at the Shilla Hotel in Seoul reopened in December after renovation and extension work. Japan increased 26 percent. The Daimaru Sapporo store on Hokkaido island and the Takashimaya store in the centre of Kyoto were inaugurated in October and November, after renovation and expansion.

America reported a 21 increase. After being renovated and expanded, the Chicago store was inaugurated at the end of October, and the Bellagio store reopened in Las Vegas in December, following the store openings of Naples on the Gulf of Mexico in February, Aspen in June and Los Angeles Topanga in July.

Europe excluding France rose 20 percent and France increased 20 percent. Following renovation, the Crans-Montana store in Switzerland reopened in December, after the store located in the historic centre of Bordeaux in November and the Vienna store in Austria in September.

Hermès sales grow across product segments

Across product segments, the leather goods and saddlery métier rose 17 percent, the ready-to-wear and accessories sector grew 28 percent, the silk and textiles sector, 16 percent, the perfume and beauty sector by 12 percent and the watches métier increased 23 percent. The other Hermès sectors witnessed an increase of 26 percent, which include jewellery and homeware.

At the general meeting to be held on April 30, 2024, the company’s board plans to propose a dividend of 15 euros per share. The 3.50 euros interim dividend that will be paid on 15 February 2024, will be deducted from the dividend approved by the general meeting. In addition, Hermès said, an exceptional dividend of 10 euros per share will be proposed to the general meeting.