{"id":60910,"date":"2024-10-24T12:07:59","date_gmt":"2024-10-24T12:07:59","guid":{"rendered":"https:\/\/english.saigonbiz.com.vn\/2024\/10\/24\/hermes-international-third-quarter-2024-revenue\/"},"modified":"2024-10-24T12:07:59","modified_gmt":"2024-10-24T12:07:59","slug":"hermes-international-third-quarter-2024-revenue","status":"publish","type":"post","link":"https:\/\/english.saigonbiz.com\/vn\/hermes-international-third-quarter-2024-revenue\/","title":{"rendered":"Herm\u00e8s International: Third Quarter 2024 Revenue"},"content":{"rendered":"
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HERM\u00c8S<\/strong><\/p>\n

Quarterly information report as at the end of September 2024<\/em><\/p>\n

Continued solid sales growth at the end of September<\/strong>
(+14% at constant exchange rates and +11% at current exchange rates) <\/strong><\/p>\n

Paris, 24 October 2024<\/p>\n

The group\u2019s consolidated revenue amounted to \u20ac11.2 billion at the end of September 2024, up 14% at constant exchange rates and 11% at current exchange rates compared to the same period in 2023.<\/p>\n

In the third quarter, sales continued to rise and reached \u20ac3.7 billion, up 11% at constant exchange rates and 10% at current exchange rates. All regions are growing, despite a particularly high comparison basis in Europe and Asia-Pacific.<\/p>\n

Axel Dumas, Executive Chairman of Herm\u00e8s, said: \u201cIn a more uncertain economic and geopolitical context, I want to thank all employees for the robust third-quarter performance, and our customers for their loyalty. Thanks to the singularity of its model, Herm\u00e8s is continuing its recruitments and long-term investments.\u201d<\/em><\/p>\n

Sales by geographical area at the end of September<\/strong>
(at constant exchange rates, unless otherwise indicated)<\/em><\/p>\n

At the end of September 2024, all the geographical areas posted solid growth, and the exclusive distribution network continued its development.<\/p>\n

Asia excluding Japan (+7%) posted growth, supported by solid sales in Korea, Singapore, Australia and Thailand. The region is growing in the third quarter despite the downturn in traffic in Greater China observed since the end of the Chinese New Year, and a high base in the third quarter last year. The Shenzhen store in China reopened in October after renovation and expansion, following the Lee Gardens store reopening in Hong Kong in June. In August, the Collins Street store in Melbourne reopened after renovation.<\/p>\n

Japan (+23%), after an excellent third quarter, confirmed its strong growth thanks to the loyalty of its local clients. The new Ginza Mitsukoshi store was inaugurated in Tokyo in June, after the Azadubai Hills store in February.<\/p>\n

The Americas (+13%) continued their solid momentum in the third quarter, with growth close to the previous two quarters. The new Princeton store in New Jersey opened in April and online sales continued their development with their extension to Mexico in September.<\/p>\n

Europe excluding France (+18%) achieved a remarkable performance, notably in the third quarter thanks to solid local demand and continued dynamics of tourist flows in all the countries of the region.<\/p>\n

France (+14%) after a sustained third quarter confirmed its momentum despite a slight slowdown in traffic in the Parisian stores due to the Olympic games. The Nantes store reopened in June after being renovated.<\/p>\n

Sales by sector at the end of September<\/strong>
(at constant exchange rates, unless otherwise indicated)<\/em><\/p>\n

At the end of September 2024, all the m\u00e9tiers with the exception of the Watches m\u00e9tier, posted solid growth. <\/p>\n

The Leather Goods and Saddlery m\u00e9tier (+17%) continued its solid growth. Demand remained sustained for both iconic models, which are constantly being reinvented, and for new models, such as the Constance \u00c9lan<\/em> and Bolide \u00e0 dos<\/em> bags with a marked saddler spirit. Production capacity continued to increase, with the opening of the group\u2019s twenty-third leather goods workshop in Riom, in the Puy-de-D\u00f4me, in September. This new facility reinforces the company\u2019s nine centres of expertise located across the national territory.<\/p>\n

The Ready-to-wear and Accessories sector (+15%) confirmed its sustained momentum. The men\u2019s spring-summer 2025 fashion show, held at the Palais d\u2019I\u00e9na in June, was very well received. The women\u2019s spring-summer 2025 collection, was presented at the end of September at the Garde R\u00e9publicaine. It is inspired by the workshop as a place of creation and offers a combination of soft leather and transparency.<\/p>\n

The Silk and Textiles sector (+2%) grew in the third quarter, thanks to creations combining exceptional materials and savoir-faire.<\/em><\/p>\n

Perfume and Beauty (+7%) achieved a steady growth in the third quarter. In September, the house successfully launched the new women\u2019s perfume, Bar\u00e9nia<\/em>, imagined by Christine Nagel. This new fragrance bears the name of an heritage leather and is displayed in an object bottle inspired by the Collier de chien<\/em> bracelet. Beauty enriched its offering with the second part of Le Regard<\/em>, the Trait Herm\u00e8s<\/em>, composed of pencils for the eyes and the lips. <\/p>\n

In a more challenging context, the Watches m\u00e9tier (-6%) was penalised by a high comparison base due to exclusive events in the third quarter last year. The Herm\u00e8s H08<\/em> collection continues to be well received. <\/p>\n

The Other Herm\u00e8s sectors (+17%), which include Jewellery and the Home universe, pursued their strong growth, illustrating the singularity and creativity of the house. The eighth Haute Bijouterie collection, Les formes de la couleur<\/em>, was presented in September in Beijing after Paris in June. <\/p>\n

A sustainable and responsible model<\/strong><\/p>\n

True to its commitment to local anchoring and job creation, the house inaugurated the Riom leather goods workshop in September. This new site will ultimately host 250 artisans trained locally with the house\u2019s exceptional know-how, following the installation in Riom since 2022, of the \u00c9cole Herm\u00e8s des savoir-faire to pass on the expertise of the house\u2019s artisan saddler-leather workers. The establishment of the leather goods workshop in the former Manufacture des Tabacs, a former industrial site registered as a historic site and fully rehabilitated, reflects the house\u2019s approach of enhancing industrial heritage and minimizing the artificialisation of soils.<\/p>\n

The sustainable and responsible dimension of the house\u2019s craftsmanship model was rewarded in August by S&P, with an increase in its rating up 11 points to 65\/100. The MSCI rating agency also confirmed the house\u2019s AA rating in a context of increased regulatory constraints and transparency. These results demonstrate the commitments and values of the house.<\/p>\n

Other highlights<\/strong><\/p>\n

At the end of September 2024, currency fluctuations represented a negative impact of \u20ac242 million on revenue. <\/p>\n

During the first nine months, Herm\u00e8s International redeemed 21,316 shares for \u20ac40 million, excluding transactions completed within the framework of the liquidity contract.
Outlook<\/strong><\/p>\n

In a more complex economic and geopolitical context, the group continues its development with confidence, thanks to the highly integrated artisanal model, the balanced distribution network, the creativity of collections and the loyalty of clients. <\/p>\n

In the medium-term, despite the economic, geopolitical and monetary uncertainties around the world, the group confirms an ambitious goal for revenue growth at constant exchange rates. <\/p>\n

Thanks to its unique business model, Herm\u00e8s is pursing its long-term development strategy based on creativity, maintaining control over know-how and singular communication. <\/p>\n

In the Spirit of the Faubourg<\/em> is the theme of the year. This place, the fruit of Emile Herm\u00e8s\u2019 dream, is the beating heart of the house. It accompanies Herm\u00e8s everywhere and inspires the effervescence and joyful spirit so dear to the house. <\/p>\n

The press release on Revenue at the end of September 2024 is available <\/em>
on the group\u2019s website: https:\/\/finance.hermes.com.<\/em><\/p>\n

Upcoming events:<\/strong><\/p>\n