Hermes beats rivals with record sales growth and net profit

French luxury house Hermes has reported a 16 percent growth in revenue to $14.46 billion for last year, with net profit surging 28 percent to $4.64 billion despite global demand for luxury goods slowing down.

Sales in the fourth quarter ended December 30 reached $3.56 billion, up 13 percent.

“These solid results reflect the strong desirability of our collections and the commitment and talent of the house’s women and men,” said Axel Dumas, executive chairman of Hermes.

The group’s sales in America and Europe increased by 21 percent and 20 percent, respectively, and in Asia (excluding Japan), by 19 percent, with sales growth in all the region’s markets. Sales in Japan surged 26 percent.

“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,” the company said in a statement.

Further reading, Gucci’s parent company, Kering Group, reported a revenue of $21 billion for last year, down 4 percent against 2022.