Consolidated revenue for the Hermès Group reached 3,805 million euros in the first quarter of 2024, up 13% at constant currency and 13% at current exchange due to robust growth across all geographic regions.
The group affirms an aggressive target for revenue growth at constant exchange rates in the medium term, notwithstanding global economic, geopolitical, and monetary concerns.
“The solid sales growth in the first quarter of 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,” stated Hermès executive chairman Axel Dumas in response to the company’s first-quarter performance.
Hermès posts sales growth across core markets
The company stated in a release that by the end of March 2024, every region saw double-digit growth. Asia, except Japan, saw growth in each of the member nations of the region by 14%. The Wuxi store, the 34th Hermès location in China, opened its doors in January in Jiangsu, an eastern region. Japan saw a 25% rise. In February, a new store opened in Tokyo’s Azabudai Hills neighborhood.
The momentum in the US caused revenues in the Americas to increase by 12%. In March, Los Angeles had the Parade event that centered around the home world, while Mexico City hosted the traveling exhibition Hermès in the Making, which highlighted the expertise of the craftspeople.
Twenty percent more people were purchasing leather goods and saddlery, sixteen percent more people were purchasing ready-to-wear and accessories, eight percent more people were purchasing silk and textiles, and four percent more people were purchasing perfumes and cosmetics. The home universe and jewelry categories at Hermès increased by 25%, while the watches section witnessed growth of 4%.
