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Quarterly information report as at the end of March 2025

Solid growth in sales in the first quarter
(+9% at current exchange rates and +7% at constant exchange rates),
in an uncertain context

Paris, 17 April 2025

The group’s consolidated revenue reached €4.1 billion in the first quarter 2025, up 9% at current exchange rates and 7% at constant exchange rates. All the geographical areas recorded growth.

Axel Dumas, Executive Chairman of Hermès, said: “In a complex geopolitical and economic context, the house is strengthening its fundamentals more than ever: uncompromising quality, creativity at the heart of all development, and vertical integration, a guarantee of preserving unique savoir-faire. Despite a high comparison basis in the first quarter, the group achieved solid growth in sales, thanks to the trust of its customers and the commitment of the teams, whom I thank warmly.”

Sales by geographical area at the end of March
(at constant exchange rates unless otherwise indicated)

At the end of March 2025, all the geographical areas posted growth, and the exclusive distribution network continued its development.

• Asia excluding Japan (+1%) recorded growth, despite a particularly high comparison basis and the downturn in traffic in Greater China since the end of Q1 2024. Sales, supported by the loyalty of clients, have benefited from the house’s value strategy. In March, the Taichung store reopened in Taiwan after expansion work. In Thailand, the store in Bangkok’s Central Embassy mall reopened in January after renovation and extension work.
  
  

• Japan (+17%) recorded a regular and sustained growth, driven by the loyalty of local clients.
  
  

• The Americas (+11%) posted good growth following an exceptional performance in Q4 2024, supported in particular by the solid momentum in the United States in March.
  
  

• Europe excluding France (+13%) and France (+14%) achieved solid growth thanks to sustained local demand and dynamic tourist flows. In Paris, the 15th Saut Hermès successfully celebrated its return to the Grand Palais. In Italy, the store in Florence reopened in February after being renovated and expanded.
  
  

• The Other area (+14%), which mainly includes the Middle East, continued its momentum.
  
  

Sales by sector at the end of March
(at constant exchange rates unless otherwise indicated)

At the end of March 2025, all the métiers posted growth, with the exception of the Watches and the Perfume and Beauty métiers.

• The Leather Goods and Saddlery métier (+10%) achieved a robust performance, driven by sustained demand and the enrichment of collections, notably with the new Médor and Mousqueton bag models. The increase in production capacities continued, with the upcoming inauguration of L’Isle-d’Espagnac (Charente) leather goods workshop this year and those in Loupes (Gironde) and Charleville-Mézières (Ardennes) scheduled to open in 2026 and 2027, respectively. They will reinforce the nine centres of expertise located across the national territory. Hermès thus continues to reinforce its anchoring in France through the development of employment and training.
  
  

• The Ready-to-wear and Accessories sector (+7%) confirmed its momentum. The women’s autumn-winter 2025 collection was successfully presented at the beginning of March at the Garde Républicaine. The men’s autumn-winter 2025 runway show unveiled at the Palais d’Iéna in January was also very well received.
  
  

• The Silk and Textiles sector (+5%) grew thanks to the dynamic of formats, the diversity of fabrics and creations that have continued to enliven the collections in both the women’s and men’s universes.
  
  

• Perfume and Beauty, stable, continued their development with the launch of Terre d’Hermès Eau de Parfum Intense, imagined by Christine Nagel around a voyage to the Earth’s inner core. The Hermès Beauty collection was enriched with the new Rouge Brillant Silky, available in 14 permanent shades, and a limited edition of 3 lipsticks.
  
  

• In a still challenging context, the Watches métier (-10%) enriched its offering, notably with the new versions of the Hermès H08 and the Arceau Le temps voyageur. The house also unveiled at the Geneva Watches & Wonders exhibition in early April, two new expressions of its iconic complication Le temps suspendu, on the Arceau and Hermès Cut lines.
  
  

• The Other Hermès sectors (+6%), driven by Jewellery, highlight the singularity and creative strength of the house. The new porcelain tableware collection, Hermès en contrepoint, was unveiled in January at the Conservatoire National des Arts et Métiers in Paris.