Hermès and Cucinelli, maxi investments in 2025

While the fashion and luxury sector in general continues to be characterised by high volatility due to tariffs in the US and the volatile performance of the Chinese market, Cucinelli and Hermès continue to grow and generate profits. In the first nine months of 2025, the Umbrian group saw revenues rise 10.8% to €1,019.2 million (+11.3% at constant exchange rates), a result driven by the retail channel with +11.6% to €645.8 million. The French giant, for its part, showed a 6.3% increase in sales to €11,906 million (+8.6% at constant exchange rates), with the 'core' leather goods sector performing particularly well (+10.2% to €5,278 million, +12.6% at constant exchange rates).

In terms of profit margins, in the first half of 2025 Cucinelli, with revenues up 10.2% to €684.1 million (+10.7% at constant exchange rates), saw ebitda rise 12.9% to €200.6 million, ebit up 8.8% to €113.8 million and net profit up 20.2% to €73.3 million; Hermès, with revenues up 7.1% to €8.034 million, showed ebit up 5.7% to €3,327 million, while net profit, following a tax rate that rose from 28.2% to 35.4% due to the presence of the extraordinary contribution on the profits of large companies in France, fell 5.2% to €2,246 million. Following the release of revenue figures for the first nine months of the year, for the full year 2025 Cucinelli confirmed the guidance that indicates an increase in sales of around 10%, a percentage that should also be confirmed in 2026. Hermès did not provide numerical guidance for the current financial year (the fourth quarter, however, is expected to be better than the previous one), but continues to forecast continued revenue growth at constant exchange rates in the medium term.

Both groups are implementing ambitious investment programmes. Cucinelli, in the first half of 2025, made total investments of 63.5 million (44.8 in the same period of 2024), of which 32.1 for boutique openings and restyling and 24.4 for production and logistics (expansion of the Solomeo plant). Hermès was not far behind, which had made operating investments of 316 million as at 30/6/2025, of which 159 million for boutique openings and restyling and 85 million in production facilities.

The strategy put in place by the two groups, in line with the entire luxury sector, focuses on expanding the presence in the most strategic international locations (especially in non-European areas) and extending the product range, in both cases with a special focus on craftsmanship and 'Made in Italy' and 'Made in France' production respectively.