31 Oct 2022

Luxury group Hermès has reported revenues of €8.6 billion for the first nine months of 2022. It said this represented growth of 24% at constant exchange rates compared to the same period last year, reports Leatherbiz.

 

 

Executive chairman, Axel Dumas, said the group remained “rooted in France and committed to job creation”.
The company said sales in Asia, excluding Japan, had registered 23% growth for the nine-month period, but that the figure for the third quarter on its own was an increase of 34% year on year.

It added that sales in China had picked up strongly in July and August, in spite of ongoing restrictions in some areas because of covid-19.

To emphasise Hermès’s confidence of continued recovery of the market in China, it opened a new store in Shanghai in the days following its announcement of these results. The new store is in the Taikoo Li Qiantan mall and is the brand’s fourth in Shanghai.

In Japan, growth was 21% for the January-September period. The growth figure for the Americas was 28%, with 28% in its home market, France, and 25% in the rest of Europe.

Its leathergoods and saddlery business recorded growth of 12.5% and achieved revenues of almost €3.7 billion. There was growth of 38% for ready-to-wear and accessories, which brought in almost €2.4 billion.

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