Outshining its rivals, French luxury company Hermes’ revenues increased by 11.3 per cent to €3.7 billion ($3.99 billion) in Q3, FY24, as per an estimate by analyst Jefferies.
Despite a sector-wide slowdown affecting labels across the high-end spectrum, Hermès's famously classic designs and tight management of production and stock have helped reinforce the label's aura of exclusivity and made the company one of the most consistent performers in the industry.
The slowest sales growth the brand witnessed was in the Asia Pacific region though sales in Japan rose by 1 per cent, notes Eric Du Halgouet, Executive Vice President.
The brand continues to face low sales in China. However, it hasn’t faced an additional decline in the market, adds du Halgouet. The brand is compensates for the low sales with higher average baskets, selling jewelry products, leather goods and ready-to-wear for men and women. It plans to continue investing in China and open a new flagship in Beijing next year, affirms Du Halgouet.
