Hermès sees sustained demand for leathergoods

1 November 2023

The luxury conglomerate Hermès has reported financial results for the first nine months of 2023, with total revenues exceeding €10 billion, representing a 17% year-on-year growth.

Sales experienced substantial upswings in various regions, with Japan marking an 25% year-on-year increase, while the rest of Asia saw a 21% growth. In the Americas and Europe (excluding France), revenues surged by 20% when compared to the corresponding period in 2022.

Within the company's native market, sales demonstrated exceptional resilience, growing by an impressive 22%. Hermès attributed this robust performance to the unwavering loyalty of local clientele and the resurgence in tourist activity.

The leather goods and saddlery division played a pivotal role in contributing nearly €4.2 billion to the overall revenue, showing a substantial 19% growth. This segment benefited from sustained demand and a strong desire among customers. Particular attention was drawn to the Kelly Messenger and Maxi Kelly products, which garnered significant customer appeal during the nine-month period. Additionally, new models such as the Hermès Geta and the RMS suitcase have enjoyed substantial success in the market.

Hermès remains committed to expanding its production capacity, with plans to inaugurate four new leather workshops over the next four years. The company emphasizes its dedication to strengthening its presence in France and creating job opportunities in the region.

Executive chairman, Axel Dumas, said on presenting the results: “More than ever, in an uncertain global environment, we are reinforcing our investments and our teams to support growth.”

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