Hermès released its first quarter financial report for 2024. In the first three months of 2024, the group recorded a consolidated revenue of €3,805 million, showing a growth of 17% when adjusted for exchange rate fluctuations and 13% based on current exchange rates. This increase was driven by robust performance across all geographical regions.
The Leather Goods and Saddlery division saw a significant growth of 20%, driven by sustained consumer interest. The product range was expanded with new models such as Arçon, Haut à courroies Multipockets, and Constance Élan.
The Ready-to-Wear and Accessories sector sustained its positive momentum with a growth rate of 16%. The Spring-Summer 2024 ready-to-wear collections were well-received, particularly the women’s Hors-Série collection showcased at the 24, faubourg Saint-Honoré store in Paris, featuring exceptional pieces. Fashion accessories and shoes also experienced robust demand, showcasing the house’s craftsmanship.
The Silk and Textiles division recorded steady growth of 8%, driven by the continuous innovation in men’s and women’s collections featuring diverse formats and premium materials.
In the Perfume and Beauty sector, growth was at 4%, reflecting comparisons with the first quarter of 2023, which benefited from the launch of the eau de toilette Un Jardin à Cythère. New additions include the Herbes Vives to the H24 Men’s line and a new eau de parfum, Oud Alezan, to the Hermessence collection. Hermès Beauty also introduced a new limited edition of Rouge Hermès and nail enamels in February.
The Watches division experienced a growth of 4%, with the unveiling of Hermès Cut, a new creation featuring a manufacturing movement, at the Geneva Watches & Wonders exhibition held in mid-April.
By the end of March 2024, all geographical regions experienced a growth rate in double digits. The expansion of the network persisted with new store launches and expansions.
In Asia excluding Japan, growth remained strong growth of 14%, spanning across all countries in the region. Despite subdued traffic in Greater China post the Chinese New Year, the appeal of the products and the strategic approach to value for the home segment helped offset the decline. Notably, in January, the inauguration of the Wuxi store marked the thirty-fourth Hermès establishment in China, located in Jiangsu province. Japan saw exceptional growth of 25%.
The Americas region recorded sustained growth of 12%, driven by strong momentum in the United States. Europe excluding France saw 15% growth and France itself rose 14% achieving robust growth despite facing tough comparisons from previous periods. In France, the 14th edition of the Saut Hermès event was successfully held at the Grand Palais Éphémère in Paris.
