French luxury design house Hermès has reported that its consolidated revenue in the first half of 2024 amounted to €7.5bn, up 15% at constant exchange rates and 12% at current exchange rates compared to the same period in 2023.
Recurring operating income was €3.1bn (42% of sales) and net profit (group share) reached €2.4bn (32% of sales).
In the second quarter, sales reached €3.7bn, up 13% at constant exchange rates.
Leather goods and saddlery was up by 19%, thanks to the increase in production capacities and particularly sustained demand, the company said. The collections have been enriched with new formats, including the Della Cavalleria Élan and the Kelly Mini clouté bags in particular. The increase in production capacities continues with the opening of the Riom (Puy-de-Dôme) leather goods production site in September 2024 and the laying of the first stone for two new leather goods production sites: Isle-d’Espagnac (Charente) in April and Loupes (Gironde) in May, which will open in 2025 and 2026 respectively.
Axel Dumas, executive chairman of Hermès, said: “The solid first-half results, in a more complex economic and geopolitical context, reflect the strength of Hermès’ model. The group is confident in the future and is continuing to invest, to pursue its vertical integration projects and to create new jobs, while remaining true to its values.”
