Sales of the French luxury group Hermès reached 2.1 billion euros in the first quarter of 2021, increasing by 38% compared to 2020, the year marked by the start of the pandemic. Sales even exceed their pre-Covid-19 level.
The French luxury sector is not suffering from the crisis. After LVMH which last week indicated sales up 32% compared to 2019, it is Hermès’ turn to announce, in a press release published on Thursday, April 22, sales up 33% compared to 2019 .
The Hermès group thus did better than analysts’ expectations. Factset and Bloomberg expected sales of 1.76 billion and 1.84 billion euros, respectively. “The strong growth in sales, in a still unstable context, testifies to the solidity of our responsible artisanal model, and the desirability of our collections with our customers around the world”, greeted Axel Dumas, president of the group, quoted in the press release.
Sales at constant exchange rates, the indicator used as a benchmark by Hermès, increased by 44%. This is to be blamed in particular for Asia (+ 94%) and Japan (+ 20%), the recovery of America (+ 23%). Even Europe, penalized by waves of health restrictions, is resisting (-1%), according to the group.
Sales of the group’s stores increased by 51% compared to 2020 and by 41% compared to 2019. Those of leather goods and saddlery posted a year-on-year increase of 34%, watchmaking grew by 96%, the division clothing and accessories by 51%, silk and textiles by 34%, perfumes and beauty by 21%.
The other Hermès businesses (+ 93%) confirmed their strong momentum, “thanks to the world of home and jewelry,” the press release said.
“The success of online sales has been confirmed”, according to Éric du Halgouët, general manager of finance, who reports “triple-digit growth in all regions”.
“For 2021, the impacts of the epidemic remain difficult to assess due to the evolutions underway in the various geographical areas, but the trend for the first quarter is very encouraging,” he noted during a telephone point with journalists.