Hermès, new quarter up with revenues at 3.9 billion (+9%)
In the first half year, revenues were 8 billion (+7%), while net profit fell to 2.2 billion from 2.4 billion due to extra taxes in France
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Key points
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Hermès is confirmed as the best in class in the global luxury sector. The French group closed the second quarter of the year with a 9% increase in sales at constant exchange rates, slightly exceeding analysts' expectations (+8.9%), to €3.9 billion. The 'managed scarcity' model adopted by Hermès - which deliberately maintains a limited availability of the most sought-after products - has proved resilient even in a phase of marked slowdown in global demand for high-end goods, which has instead hit giants such as Lvmh and Kering hard. A case in point is the auction held in Paris in early July, where a rare example of the first Birkin fetched a record price of €8.58 million ($9.91 million).
Net profit declined due to the exceptional profit contribution of large companies in France. On the Paris market, the share price dropped 3.5%, while the balance of the last twelve months was positive by 13%.
The first semester
.In the first half of 2025, the luxury group reported consolidated revenues of EUR 8 billion, up 8% at constant exchange rates and 7% at current exchange rates compared to the same period in 2024. Recurring operating profit stood at EUR 3.3 billion or 41.4% of sales, up 6% year-on-year. Despite the negative effect of currency hedges, recurring operating profitability reached 41.4% of sales, compared to 42.0% at the end of June 2024.
"The solid first half results in all regions reflect the strength of the Hermès model. I would like to thank all our customers for their trust and all our employees for their commitment. We will continue to invest and recruit to ensure the lasting success of the group," commented Axel Dumas, Executive Chairman of Hermès.
The net profit attributable to the group was EUR 2.2 billion, down from EUR 2.4 billion in the same period last year, due to the exceptional profit contribution from large companies in France. Excluding this exceptional charge, adjusted net profit stood at EUR 2.5 billion, up 6% compared to the first half of 2024.
