Recently, Hermès released its financial report for the first half of 2024. The company’s consolidated revenue reached €7.5 billion, marking a 15% increase at constant exchange rates and a 12% rise at current exchange rates compared to the same period in 2023. In the second quarter alone, sales were €3.7 billion, up 13% at constant exchange rates. This growth was driven by the loyalty of customers worldwide, although Asia experienced a slowdown due to decreased traffic in Greater China.
Axel Dumas, Executive Chairman of Hermès, stated, “The solid first-half results, in a more complex economic and geopolitical context, reflect the strength of Hermès’ model. The group is confident in the future and is continuing to invest, to pursue its vertical integration projects and to create new jobs, while remaining true to its values.” Despite a high comparison basis in the second quarter in Asia, all geographical areas posted solid growth by the end of June 2024. The exclusive distribution network continued to expand, with new store openings and expansions.
Asia excluding Japan saw a 10% growth with 3,521 million euro across all countries in the region. The exceptional performance in the second quarter of 2023, following the lifting of health measures in China, set a high comparison benchmark. Despite a downturn in traffic in Greater China after the Chinese New Year in the first quarter, Hermès’ value strategy supported its activity. In June, the Lee Gardens store in Hong Kong reopened after expansion, and in May, the renovated Beijing SKP store in China also reopened. Additionally, in April, the Mumbai Jio World Plaza store opened, marking Hermès’ third location in India.
The Perfume and Beauty sector experienced a 5% growth, with revenues amounting to €259 million in the first half. New creations such as Oud Alezan, which joined the Hermessence collection in February, and Herbes Vives, added to the H24 men’s line in April, bolstered this sector. In June, the Bain Hermès celebrated its 10th anniversary with a renewed collection, including Cologne and Parfum-Jardin, now featuring a sustainable range made of glass.
