飞机盗号软件全自动破解技术|【唯一TG:@heimifeng8】|电报盗号系统全功能破解技术✨谷歌搜索留痕排名,史上最强SEO技术,20年谷歌SEO经验大佬✨Hermès reports Q1 growth, plans U.S. price hike in May
Dominique Muret Translated by
Nazia BIBI KEENOO Published
April 17, 2025
Hermès is continuing its momentum into 2025, despite a complex economic backdrop. In the first quarter, the French luxury house reported revenue of €4.1 billion, marking a 9% increase, or 7% at constant exchange rates, compared to the same period last year. Growth was seen across all regions. "We reached a record level, surpassing the very high sales of Q4 2025, which included holiday purchases," said Chief Financial Officer Eric Halgouët during a conference call with analysts.
"Hermès is on track with its objectives in all regions. In this uncertain environment, the loyalty of our customers remains a fundamental strength," Halgouët added. He announced that Hermès would raise its U.S. prices in May to fully offset the 10% import duties imposed by the U.S. government.
On April 15, Hermès surpassed LVMH to become France's most valuable listed company. The brand will "fully offset" the duties by implementing a price increase across all product categories in the U.S. starting May 1, Halgouët confirmed. However, he did not specify the percentage of the increase.
"This will be an additional price adjustment we are finalizing, but it will allow us to neutralize the impact," he said. Hermès had already raised prices globally by 6% to 7% earlier this year and typically only makes one pricing adjustment annually. In late March, Ferrari also announced plans to pass the added tariff costs onto its U.S. prices.
Sales in the Americas rose 13.3% to €695 million in Q1. “It's double-digit growth across the United States, Canada, Mexico, and even Brazil," said Halgouët. However, he noted that the start of the quarter was challenging due to extreme weather conditions.
The quarter began with wildfires in Los Angeles, which forced two Hermès stores to close temporarily, followed by unusual snowstorms in other states, including Florida. “We started the year with very low inventory levels in the United States," he said. "But we ended the quarter with a strong March in every city."
Stable sales in China
In Asia-Pacific (excluding Japan), Hermès posted a 2.7% increase in revenue to €1.97 billion, down from the 14% growth seen in Q1 2025. In Japan, sales surged 17.9% to €421 million, driven by strong local demand.
Halgouët reported that sales in Greater China remained virtually stable, which he described as solid considering the high base from Q1 2025. He observed "no major developments or trend shifts" in mainland China compared to prior quarters.
"Real estate and exports—China's top two economic pillars—remain weak. However, in terms of consumption, which is the third pillar, the government has introduced several stimulus measures. These are positive, even if they don't directly impact most of our customers," he added.
Taiwan continues to post strong growth, supported by a value-driven strategy and a loyal clientele. In Macao, performance has been more volatile due to changing Chinese tourism patterns in the luxury sector. While competition is increasing in Shenzhen, which is drawing more Chinese shoppers, Hong Kong remains "an important financial hub."
In Europe (excluding France), revenue rose 12.7% to €501 million, while sales in France climbed 14.2% to €357 million. Hermès continues to see steady performance in its historic core markets—France, Europe, and Japan. In Europe, strong results were fueled by both local customers and international tourists from the United States, the Middle East, and parts of Asia, particularly in Germany, Switzerland, and Spain.
High luxury, higher standards
Hermès' robust results are partly attributed to its "ultra-luxury positioning, with products purchased by ultra-wealthy clients," said Andréa Tueni, head of market activity at Saxo Bank France, in comments to AFP.
In March, HSBC analysts echoed this sentiment, noting Hermès' "unique business model," the rarity of its iconic handbags, the strength of its broader leather goods portfolio, and the resilience of its non-leather categories.
"Another strength of the Hermès model lies in its broad product range, from iconic high-end handbags to more accessible offerings such as silver jewelry and beauty products," they said.
With AFP