More than 20% growth for Hermès in Q1
Luxury group Hermès has reported first-quarter revenues of almost €3.4 billion. This represents an increase of 22.3% year on year.
Its leathergoods and saddlery division brought in revenues of €1.4 billion, up by 17.8% compared to the first quarter last year.
Ready-to-wear was the next-biggest category with revenues of €950 million, up by more than one-third year on year.
Also of note in the results is that Hermès listed leather production on behalf of non-group brands as one of the activities making up a listing it calls ‘other products’, along with activities such as textile printing. Together these brought in €74 million for the quarter, a fall of 4%.
There was sales growth in all regions. The group lists France separately and said revenues there reached €273 million for the quarter, a rise of 27.7%. Sales in the rest of Europe brought in €391 million, up by 19.7% year on year.
There was growth of 16.1% in Japan, of 21.8% in the rest of Asia, and of 23.9% in the Americas.
Chief executive, Axel Dumas, said on presenting the results that Hermès remained committed to its “artisanal model” and was proud of its ongoing programme to set up more factories and train more leathergoods artisans on home soil in France.
“The inauguration of our twenty-first leathergoods workshop in Louviers in Normandy at the beginning of April is a good example,” Mr Dumas said. “This is our third site in Normandy and is testament to our commitment to employment, training and our social and environmental responsibility.”
Image: Hermès.
