Consolidated revenue for the Hermès Group reached € 3,805 million in the first quarter of 2024, up 17 per cent at constant currency and 13 per cent at current exchange due to robust growth across all geographic regions.
The group affirms an ambitious aim for revenue growth at constant exchange rates in the medium term, despite global economic, geopolitical, and monetary concerns.
Commenting on the first quarter performance, Axel Dumas, executive chairman of Hermès, said, “The solid sales growth in the first quarter 2024 reflects the loyalty of our clients worldwide, the strength of the group’s artisanal model and the desirability of our creations in a more complex environment.”
The company stated in a release that by the end of March 2024, every region saw double-digit growth. Asia, except Japan, saw growth in each of the member nations of the region by 14 per cent. The Wuxi store, the 34th Hermès location in China, opened its doors in January in Jiangsu, an eastern region. Japan saw a 25 per cent rise. In February, a new store opened in Tokyo’s Azabudai Hills neighbourhood.
The momentum in the US caused revenues in the Americas to increase by 12 per cent. In March, Los Angeles had the Parade event that centred around the home universe, while Mexico City hosted the travelling exhibition Hermès in the Making, which highlighted the expertise of the craftspeople. With the exception of France, Europe grew by 15 per cent, whereas France saw growth of 14 per cent.
Twenty per cent more people were purchasing leather goods and saddlery, sixteen per cent more people were purchasing ready-to-wear and accessories, eight per cent more people were purchasing silk and textiles, and four per cent more people were purchasing perfumes and cosmetics. The growth rate for the timepieces segment was 4 per cent, while the home universe and jewellery sectors experienced a 25 per cent increase.
