French fashion firm Hermes' revenues surge 17% in Q1 FY24

Across the globe, all geographical areas reported double-digit growth, continuing the network’s expansion through new store openings and extensions. Asia, excluding Japan, saw a 14 per cent increase in sales, reflecting broad growth across the region. Japan experienced an impressive 25 per cent growth, while the Americas, buoyed by strong momentum in the US, posted a 12 per cent increase. Europe also showed solid performance with France and the rest of Europe excluding France growing by 14 per cent and 15 per cent respectively.

In terms of sales by sector, the leather goods and saddlery metier led with a 20 per cent increase, driven by very high demand. The ready-to-wear and accessories sector also showed strong performance, with a 16 per cent growth. The silk and textiles sector, supported by the continuous innovation in its men’s and women’s collections featuring a variety of formats and outstanding materials, grew by 8 per cent.

“The solid sales growth in the first quarter of FY24 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. Hermes pursues its strategy based on exceptional know-how, the finest materials and uncompromising quality,” said Axel Dumas, executive chairman of Hermes.

Fibre2Fashion News Desk (DP)