Hermes Q3 2023: sales up 16 percent to €3,365 million

Hermes Q3 2023: sales up 16 percent to €3,365 million

THE WHAT? Hermes has published its results for the nine months to September 30, 2023 and third quarter. The luxury accessories label saw sales rise 16 percent versus to €3,365 million in the three months to September 30, 2023 versus the prior-year period, bringing yoy sales growth for the first nine months of the financial year to 22 percent at constant exchange rates.

THE DETAILS All geographical areas posted solid performances with growth above 20 percent. Activity increased in both the group’s stores and wholesale activities.

By product category, Ready-to-Wear and Accessories was the headline, surging 29 percent, while Watches put on 24 percent. Leather Goods and Saddlery leapt 19 percent thanks to ‘very sustained demand and high desireability’ while Silk and Textiles recorded a solid 17 percent uptick. Perfume and Beauty reported growth of 8 percent.

THE WHY? Axel Dumas, Executive Chairman of Hermès, explains, “The solid performance in the third quarter reflects the desirability of our collections all over the world, with still a sustained momentum in Asia and in the Americas. More than ever, in an uncertain global environment, we are reinforcing our investments and our teams to support growth.”