Hermès’ quarterly report for the year ending March 2024 shows that the iconic luxury brand is entering the new year with flying colors. The strength of its highly integrated artisanal model, its balanced distribution network, the creativity of its collections and the loyalty of its customers have contributed to its impressive performance in the first quarter of 2024.

The group's consolidated revenue reached 3,805 million euros, up 17% at constant exchange rates and 13% at current exchange rates. This growth was recorded across all geographical areas, demonstrating the global appeal of Hermès.

“The solid revenue growth in the first quarter of 2024 reflects the loyalty of our customers worldwide, the strength of the group’s artisanal model and the appeal of our creations in a more complex environment,” said Axel Dumas, Executive Chairman of Hermès. “Hermès pursues its strategy based on great artisanal expertise, the finest materials and uncompromising quality.”

(Photo: Getty Images)

Bright spot in Hermès' business picture

The distribution network continues to expand: Hermès opened new stores in Wuxi, China and Azabudai Hills, Tokyo.

All industries recorded steady growth: Leather and Saddlery, Ready-made Garments and Accessories, Silk and Textiles, Perfumes and Cosmetics, Watches, Others (Jewelry and Interior World).

(Photo: Getty Images)

Event highlights: Hermès in the Making touring exhibition in Mexico City, Parade event in Los Angeles, 14th Saut Hermès Prize in Paris, Entrez en matières exhibition in Paris.

(Photo: Getty Images)

Profit sharing program: More than 200 million euros distributed for incentive and profit sharing programs in 2023, nearly 100 million euros in bonuses for all employees worldwide.

Commitment to sustainability: Hermès is focused on tackling global warming and protecting biodiversity through its climate strategy, responsible supply chain initiatives and natural resource conservation policies.

Despite the economic, geopolitical and currency fluctuations worldwide, Hermès has maintained its ambitious target of growing revenues at constant exchange rates in the medium term. Its unique business model, long-term development strategy based on innovation, maintaining its know-how and distinctive communication methods are the keys to the success of this luxury brand.

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In 2024, Hermès will continue to pursue the theme "In the Spirit of the Faubourg", the birthplace of Émile Hermès' dream and the heart of the brand. The vibrant spirit and joy of the Faubourg will continue to inspire Hermès on its journey to conquer new heights.

The strength of its artisanal model, relentless innovation, commitment to quality and impeccable customer service has helped Hermès achieve impressive success in the first quarter of 2024. With its strategic vision and relentless efforts, Hermès promises to continue to affirm its leading position in the luxury goods industry in the coming years.

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