Hermès delivers double-digit growth as new fragrances boost sales

Hermès has reported an increase in sales for the first half of 2024, helped by a number of new fragrance launches. 

The French luxury brand’s results stand out against rivals including Kering, Burberry and LVMH, which have all reported a slowdown in luxury sales, sending a ripple of concerns across the sector.

In the first half of 2024, Hermès saw revenues grow 15% at constant rates and 12% at current rates to £6.3 billion (€7.5 billion). Recurring operating income reached £2.6 billion (€3.1 billion)

In the second quarter, sales increased 13% to £23.1 billion (€3.7 billion). According to the luxury house, all regions continued to show remarkable momentum. However, there was a slowdown in sales in Asia due to "an inflection in traffic in Greater China".

With leather goods and saddlery up 19%, ready-to-wear and accessories up 15%, and silk and textiles up 1%, the perfume and beauty division also continued its development, growing 5%.

It comes after new creation Oud Alezan joined the brand's Hermessence fragrance collection in February, and the H24 men’s line was enriched with Herbes Vives in April. In June, the Bain Hermès also celebrated 10 years with the renewal of the whole collection.

Axel Dumas, Executive Chairman of Hermès, said: "The solid first-half results, in a more complex economic and geopolitical context, reflect the strength of Hermès’ model.

"The group is confident in the future and is continuing to invest, to pursue its vertical integration projects and to create new jobs, while remaining true to its values."

Looking ahead, the group continues its development with confidence, thanks to its "highly integrated artisanal model, the balanced distribution network, the creativity of collections and the loyalty of clients".