Hermès ramps up sales worldwide in Q1 2023
French luxury group Hermès reports revenue growth of 23% (excluding currency fluctuations) and 22% (at current exchange rates) in the first quarter of 2023 compared to the result for the same period a year earlier. Group revenue for the first quarter amounted to 3,38 billion euros - writes Worldfootwear.com.
“The first quarter of 2023 continues the success of 2022,” said Hermès CEO Axel Dumas. - We are proud to strengthen our production capacity and our craft model. A recent example of this was the opening of our 21st leather goods workshop in Louviers in early April.”
Sales in the group's leather goods and saddlery segment in the first quarter of 2023 grew by 19% (excluding currency fluctuations) in all regions where the brand operates. The company noted that it will continue to develop its production capacity and in May will open a new factory for the production of leather goods in France, in Sormonnet.
As of March 31, sales at Hermès Group stores increased by 23% (excluding currency fluctuations) in the reporting period, while wholesale sales grew by 26%.
Asia (excluding Japan) posted a 23% increase in sales driven by strong growth in Greater China, as well as Singapore, Thailand and Australia. In Japan, the company's sales increased by 26% during this period.
Hermès also reported solid results in the Americas, with sales up 19% in the first three months of 2023 year-over-year, driven largely by the “good momentum” seen in the US.
In Europe, excluding France, luxury group sales rose 21% in the first quarter of the year, while in France they were up 28% compared to the first quarter of 2022. This "very solid growth, especially in the UK and Italy" followed a recovery in tourism and an increase in tourist arrivals.
French luxury group Hermès reports revenue growth of 23% (excluding currency fluctuations) and 22% (at current exchange rates) in the first quarter of 2023…
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