15 February 2024

Strong growth for Hermès in 2023

Luxury group Hermès published its full-year results for 2023 on February 9, reporting revenues of €13.4 billion, up by 15.7% year on year.

Its leathergoods and saddlery business contributed €5.5 billion to the total, increasing by 11.8% year on year. Hermès counts sales of other leather items, including shoes, belts and gloves in its clothing and accessories category, for which it reported revenues of nearly €3.9 billion, an increase of 23.1% year on year.

Hermès said that sales in its own shops had increased by 20% and that its wholesale business had grown by 24% year on year, boosted by sales to tourists and business travellers.

Its sales in Japan rose by 14.5% year on year, reaching €1.25 billion, while revenues from the rest of Asia rose by 12.9% to bring in more than €6.25 billion.

Its business in the Americas delivered an increase of 17.1% compared to 2022, reaching €2.5 billion, with the group describing its performance there as excellent, especially in the second half of 2023. It said the idea of taking an itinerant exhibition of the skills and know-how of its artisans, Hermès In The Making, to the US had also been a success.

To read the rest of this article by Leatherbiz click on Hermes Results.

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