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Hermès sales rise helped by new fragrance launches

Tom Bottomley
25 April 2024

Hermès saw solid sales growth in the first quarter to 31 March 2024, as the group’s consolidated revenue amounted to £3.2 billion (€3.8 billion), up 17% at constant exchange rates and 13% at current exchange rates, with fragrance driving beauty sales.

The company's perfume and beauty sector saw sales increase 4%, compared to the first quarter of 2023. It benefitted from the launch of its Un Jardin à Cythère eau de toilette and Oud Alezan eau de parfum.

Additionally, in February 2024, Hermès Beauty launched a new limited-edition of Rouge Hermès and nail enamels.

Demand was also robust for fashion accessories and shoes. The overall the ready-to-wear and accessories sector saw an uplift of 16%.

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.

"Hermès pursues its strategy based on exceptional know-how, the finest materials and uncompromising quality."

Europe, excluding France, was up 15%, while France (+14%) "achieved solid growth, despite high comparison bases".

Asia, excluding Japan, saw a rise of 14% with growth in all the countries of the region. The desirability of the brand’s new products enabled it to offset softer traffic in Greater China following Chinese New Year. In January, the Wuxi store, the thirty-fourth Hermès address in China, opened in the eastern province of Jiangsu.

Meanwhile, Japan recorded growth of 25%, "thanks to the loyalty of its local customers", while the Americas posted a sustained growth of 12%, boosted by the momentum in the United States.

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