Yesterday, Hermes released its financial report in 2024. In 2024, Hermès delivered a strong financial performance, with consolidated revenue reaching €15.2 billion, reflecting a 15% increase at constant exchange rates and 13% at current exchange rates compared to 2023.
The company’s recurring operating income amounted to €6.2 billion, representing 40.5% of sales, while net profit (group share) reached €4.6 billion, equating to 30.3% of sales.
The fourth quarter of 2024 saw sales hit €4.0 billion, growing by 18% both at constant and current exchange rates. This growth was seen across all geographical areas, with the Americas standing out as a particularly strong performer. Axel Dumas, Executive Chairman of Hermès, attributed the solid results to the strength of the company’s business model and the adaptability of its teams, emphasizing the brand’s commitment to its core values of quality, creativity, and craftsmanship despite a more uncertain economic and geopolitical climate.
In the Perfume and Beauty division, Hermès recorded a 8.7% growth with 535 million euros. The successful launch of the new women’s fragrance Barénia, inspired by a heritage leather from the house, complemented the continued success of staples like Terre d’Hermès and new releases such as Hermessence Oud Alezan and H24 Herbes Vives. The Beauty division also expanded with the launch of the Trait Hermès eye and lip liners collection.
Sales performance varied across regions. Asia (excluding Japan) recorded 6,648 million euros with a 7% increase, with solid sales across all countries, despite weaker traffic in Greater China since the end of Q1. Notable milestones included the reopening of the Shenyang MixC mall store in December, following expansions of stores in Shenzhen and Beijing earlier in the year.
Japan saw an impressive 23% growth with 1,437 million euros, driven by strong local customer loyalty, with new stores opening in Tokyo’s Ginza district and Azabudai Hills. In the Americas, sales rose by 15%, bolstered by the reopening of the renovated Atlanta store in October and the Princeton, New Jersey, store inauguration in April.
Europe, excluding France, grew by 19% with 2,147 million euros, while France itself saw a 13% increase in 1,447 million euros sales. Both regions benefitted from strong local demand and dynamic tourist traffic, with new store openings and refurbishments contributing to the growth. Notably, a new store in Lille was inaugurated, and existing stores in Nantes and Naples underwent renovations and extensions.
