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The French luxury group said this morning that it achieved 3.4 billion euros in sales in the first quarter, a 22% jump year-on-year. Results that follow a record year in 2022.
After an excellent year in 2022, 2023 is off to a good start for Hermès. The luxury group has just released its sales figures for the first quarter of 2023, which “continues the good results of 2022” according to Axel Dumas, its manager.
The sales of 3.4 billion euros, up 22%, are thus higher than the expectations of Factset and Bloomberg, which were expecting 3.16 and 3.2 billion euros respectively.
Asia is doing well
Excluding Japan, Asia is up 21.8%, driven by a “very good Chinese New Year” and continues its strong momentum in Greater China and throughout the region, particularly in Thailand, Singapore and Australia.
“In Greater China, we have strong growth rates and very robust traffic,” said Eric du Halgouët, Chief Financial Officer, during a conference call. He also highlighted the “very good performance in Hong Kong and Macao“.
New workshop in Normandy
Across the Atlantic, sales are up 24%. In the United States, prices rose by only 3%, compared to an average of 7% in the rest of the world. Hermès is pleased with sales on the continent, noting that customers remain very loyal. However, it remains vigilant.
In Europe, sales were also up 24%. Growth in leather goods and saddlery was 17.8%, to 1.4 billion euros.
In clothing and accessories, sales rose by 34%, silk and textiles by 19%, perfumes and beauty by 6%, and finally watches by 24%.
In response to strong demand, the orange-packaged company opened a new workshop in Normandy, in the Eure department, at the beginning of the month. This is the brand’s 21st workshop in France.
Four other manufacturing projects are underway in the Ardennes, Puy-de-Dôme, Charente and Gironde.
Hermès passed the $200 billion mark in market capitalization last week on the Paris market. A sum that proves (once again) that the luxury market is doing very well.
Lire aussi >Stock market: Hermès’ valuation exceeds 200 billion euros
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The French luxury group said this morning that it achieved 3.4 billion euros in sales in the first quarter, a 22% jump year-on-year. Results that follow a record year in 2022.
After an excellent year in 2022, 2023 is off to a good start for Hermès. The luxury group has just released its sales figures for the first quarter of 2023, which “continues the good results of 2022” according to Axel Dumas, its manager.
The sales of 3.4 billion euros, up 22%, are thus higher than the expectations of Factset and Bloomberg, which were expecting 3.16 and 3.2 billion euros respectively.
Asia is doing well
Excluding Japan, Asia is up 21.8%, driven by a “very good Chinese New Year” and continues its strong momentum in Greater China and throughout the region, particularly in Thailand, Singapore and Australia.
“In Greater China, we have strong growth rates and very robust traffic,” said Eric du Halgouët, Chief Financial Officer, during a conference call. He also highlighted the “very good performance in Hong Kong and Macao“.
New workshop in Normandy
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The French luxury group said this morning that it achieved 3.4 billion euros in sales in the first quarter, a 22% jump year-on-year. Results that follow a record year in 2022.
After an excellent year in 2022, 2023 is off to a good start for Hermès. The luxury group has just released its sales figures for the first quarter of 2023, which “continues the good results of 2022” according to Axel Dumas, its manager.
The sales of 3.4 billion euros, up 22%, are thus higher than the expectations of Factset and Bloomberg, which were expecting 3.16 and 3.2 billion euros respectively.
Asia is doing well
Excluding Japan, Asia is up 21.8%, driven by a “very good Chinese New Year” and continues its strong momentum in Greater China and throughout the region, particularly in Thailand, Singapore and Australia.
“In Greater China, we have strong growth rates and very robust traffic,” said Eric du Halgouët, Chief Financial Officer, during a conference call. He also highlighted the “very good performance in Hong Kong and Macao“.
New workshop in Normandy
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