THE WHAT? Hermes has beaten expectations to deliver sales growth of 16 percent in the final quarter of fiscal 2020, bringing consolidated revenue to €6,389 million for the year, a decrease of 6 percent at constant exchange rates.
THE DETAILS The brand behind the Birkin saw its results boosted by ‘a remarkable performance in Asia and in Japan’ across its store network as well as the rollout of a new digital platform in Asia, with ‘very high growth in e-commerce sales’.
Sales of Leather Goods and Saddlery accelerated 18 percent in the final three months of the year, while the Ready-to-Wear unit saw sales increase 12 percent and Watches and Jewellery continued their upwards trajectory, growing 28 percent and 56 percent respectively. Perfumes and Beauty was the only category to register a drop in sales for the quarter, down 19 percent thanks to the continued contraction of tourist flows.
THE WHY? Axel Dumas, Executive Chairman of Hermès, said, “The solidity of our results reflects both the desirability of our collections and the agility of our craftsmanship model. I am proud of the work accomplished by all Hermès employees, who have shown courage, solidarity and commitment, and I thank our customers for their loyalty all over the world.”