Hermès Stands Out as an Exception in the Luxury Sector, Posting Solid Growth in the First Half of 2026

The Americas, Japan, and Europe (excluding France) were among the main drivers of the Paris-based luxury goods company’s half-year growth. In the second quarter, France saw a 6.2% increase, driven by the return of international tourists. Asia-Pacific excluding Japan posted a more moderate increase of 2.5%, against a backdrop of continued fragility in Chinese consumer spending. The Middle East, hampered by geopolitical tensions, remains the only region in decline, although Hermès highlighted an improvement in the trend compared to the start of the year.

Regarding the group’s business segments, Leather Goods and Saddlery—the company’s historic pillar and accounting for 50% of its revenue—grew by 10%, confirming continued strong demand. The Silk and Textiles, Apparel and Accessories, and Watchmaking divisions also posted positive results. Only the Fragrance and Beauty division declined, remaining the sole division to underperform during the half-year.

For Axel Dumas, CEO of Hermès, these results “demonstrate the strong appeal of the sixteen business segments and the loyalty of our customers.” At a time when several luxury groups are rolling out transformation plans to return to growth, the Parisian house is pursuing a long-term strategy based on a highly integrated artisanal model to preserve its exclusivity and mastery of its craftsmanship.

With its iconic bags, notably the Kelly and Birkin models, Hermès has established itself as one of the most resilient houses in the luxury sector in the face of the slowdown observed over the past several fiscal years. However, its growth slowed significantly in the first quarter of 2026 due to the commercial fallout from the ongoing conflict in the Middle East, sparking unprecedented concerns and a degree of pessimism among financial analysts. The rebound seen in the second quarter nevertheless confirms the strength of the Hermès model.