Luxury Figures

Hermès started 2023 with positive figures for the first quarter

Fanny Tang

By Fanny Tang17 avril 2023

Hermès recorded strong sales growth of 22% at the current exchange rate, in the first quarter of 2023, with a consolidated revenue of 3.380 million euros. The group confirmed strong momentum in all the geographical areas and business lines.

Hermès begins 2023 with consolidated revenues of €3, 3.380 million and strong sales growth of +22% (Shutterstock)

Hermès, the French luxury design house released figures for the first quarter of 2023 this past Friday, the 14th of April. The group started the year positively with a consolidated revenue of 3.380 million euros and strong sales growth of +22%.

The best-performing sector was the ready-to-rear and accessories business line with +34%, followed by watches at + 25% and the silk and textiles business line at +20%. The growth in leather goods and saddlery remain at a high rate of +19%, and the group continues to increase the production capacities with the opening of two new leather goods production facilities in France, one in Louviers (Eure) at the beginning of April, and another one in la Sormonne (Ardennes) in May. "The first quarter of 2023 is aligned with the good results of 2022 and reflects the success met by our collections all over the world, driven by the loyalty of our customers. We are proud to strengthen our production capacities and consolidate our artisanal model, " announced Axel Dumas, the Executive Chairman of Hermès and sixth generation member of the Hermès founding family.

The fashion and leather goods sectors are the highlight of the opening of 2023 as they are also the best-performing sectors for the group LVMH from their figures posted last Thursday, on the 13th of April.

Looking at sales by geographical area, the group benefitted from the recovery in travel retail with a strong increase of +26% in wholesale activities. The house recorded growth around the globe with an increase of +21% in sales in Europe excluding France, +28% in France, +19% in the United States, +26% in Japan, and +23% in Asia excluding Japan, driven by the strong momentum in China mainland and a very good Chinese New Year.

The group announced today the reopening of its iconic flagship store in the center of Beijing, chosen in 1997 by the brand for its launch in the Chinese market. The store has been expanded and renovated with a new design that celebrates Chinese culture and the house's heritage. The store's design was imagined by the Parisian architectural firm RDAI, with a facade covered in wooden lozenges inspired by the dragon scales of the Forbidden City and a floor inspired by the gray stone of the Imperial Palace.

This reopening is in line with the brand's strong performance in China and perhaps demonstrates that the negative consequences of the COVID-19 pandemic are well behind us.

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