Today, Hermès reported strong financial results for the first nine months of 2024, with consolidated revenue reaching €11.2 billion, a 14% increase at constant exchange rates and an 11% rise at current exchange rates compared to the same period in 2023. In the third quarter alone, sales amounted to €3.7 billion, showing an 11% increase at constant exchange rates and a 10% rise at current exchange rates. Despite a challenging economic and geopolitical environment, all regions posted growth, with Europe and Asia-Pacific performing well, even against a high comparison base.
Axel Dumas, Executive Chairman of Hermès, expressed gratitude to employees and customers for their continued support, emphasizing the brand’s strong third-quarter results and ongoing commitment to recruitment and long-term investments.
In terms of regional performance, for the first nine months, despite a slowdown in sales in Greater China, revenue in Asia (excluding Japan) reached €5.105 billion, up 4.8% year-on-year, driven by strong sales in countries such as Korea, Singapore, Australia, and Thailand. In Japan, revenue for the first nine months grew by 23% year-on-year to €1.053 billion, mainly due to the loyalty of local customers and the opening of the Ginza Mitsukoshi store in Tokyo. The Americas saw an 11.7% year-on-year increase, supported by continued growth momentum and new store openings, including a new store in Princeton and the expansion of online sales to Mexico.
Europe (excluding France) benefited from strong local demand and increased tourism activity, with a 17.1% year-on-year increase, while France itself achieved a 14.2% growth, despite a slowdown in foot traffic at Paris stores due to the Olympic Games.
Hermès’ Perfume and Beauty division also contributed to the group’s success, with third-quarter revenue reaching €129 million, representing a 7% growth, and revenue for the first nine months reaching €388 million, up 5.9% year-on-year. The launch of the new women’s fragrance Barénia, designed by Christine Nagel, supported this growth. The fragrance pays tribute to the brand’s heritage leather, with its unique bottle design inspired by the Collier de Chien bracelet. Additionally, Hermès expanded its beauty product range with the launch of the Le Regard collection, including eyeliners and lip liners, further strengthening its position in the luxury beauty market.
