Hermès Q3 sales grow amid luxury market challenges

Hermès group’s consolidated revenue amounted to 11.2 billion euros at the end of September, up 14 percent at constant exchange and 11 percent at current exchange rates compared to the same period in 2023.

In the third quarter, sales reached 3.7 billion euros, up 11 percent at constant exchange and 10 percent at current exchange rates.

Commenting on the trading results, Axel Dumas, executive chairman of Hermès, said in a statement: “In a more uncertain economic and geopolitical context, I want to thank all employees for the robust third-quarter performance, and our customers for their loyalty.”

The company said that Asia excluding Japan posted 7 percent growth, supported by sales growth in Korea, Singapore, Australia and Thailand. The region grew in the third quarter despite the downturn in traffic in Greater China and a high base in the third quarter last year. Sales in Japan rose by 23 percent.

Sales in the Americas increased by 13 percent, Europe excluding France saw 18 percent increase and France reported a 14 percent growth.

Hermès posted a 17 percent sales increase at the leather goods and saddlery segment, 15 percent at the ready-to-wear and accessories sector,2 percent at the silk and textiles sector and 7 percent at the perfume and beauty category. In a more challenging context, the company’s watches segment reported a 6 percent decline penalised by a high comparison base due to exclusive events in the third quarter last year.

The other Hermès sectors increased sales by 17 percent, which include jewellery and the home universe.