Hermès Q1 earnings up 27% YoY to € 2.765 billion

according Hermès's first-quarter performance report shows that in constant exchange rates, Hermès revenue rose 27% year-on-year to 2.765 billion euros in the first quarter to the end of March. Leather goods such as handbags remained Hermes's main source of income, up 21 per cent year-on-year to 1.197 billion euros, followed by clothing and accessories, up 50.1 per cent year-on-year to 0.71 billion euros, and perfume and beauty revenue up 20 per cent to 0.119 billion euros. By region, Hermes was the strongest in Europe and the Americas, growing by 41.9 per cent and 54.3 per cent, respectively, while Asia also grew by 25.7 per cent, with China still growing by 19.3 per cent in the face of the epidemic.

In order to increase production, Hermes announced last month that it plans in France in 2025 and 2026, and three other factories the company plans to open in the future will also be built here. Chief Financial Officer Eric du Halgouet said Hermes had already raised prices by an average of 3.5 per cent at the start of the year under inflationary pressure and was likely to raise jewellery and watch prices in the middle of the year to offset the cost of precious metals.