Hermes shrugged off the headwinds facing other luxury goods makers with a strong third quarter driven by improvements across nearly all its divisions.
The French handbag and scarves group posted an 11% rise in revenues at current exchange rates to €3.7 billion in the three months to end of September, underlying its reputation as a standout performer in the luxury sector.
“All regions are growing, despite a particularly high comparison basis in Europe and Asia-Pacific,” said the statement.
Japanese revenues jumped by 23%, Europe ex-France by 18% and the Americas by 13%.
Watches were the only sector not to see an increase, with sales down by 6%, but this was offset by a 17% jump in leather goods and 15% in clothing.
“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 statement added.
Hermes, which sells bags that in the case of its iconic Birkin line retail for US$10,000, has seen its shares rise by 9% this year compared with sector leader LVMH's 15% drop, Moncler down 3% and Gucci-owner Kering down 40%.
Kering last night warned its 2024 operating income will almost halve this year due to weak demand in China.
Shares in Hermes rose 2.3% today to €2,108.