Never before has Hermès achieved more sales and profits than in 2023. While others suffered from high inflation and other crises, the luxury brand continues to benefit from its exclusive image.
4,000 euros for every employee
Hermès sales grew 16 % to 13.4 billion euros last year, while profits even climbed 28 % to 4.3 billion. The growth came mainly from the West (+ 19 % to 3 billion euros in Europe, + 17 % to 2.5 billion euros in the United States). The Far East does remain the largest market, accounting for 7.5 billion euros in sales, but grew slower.
The figures are in sharp contrast to its French luxury rival Kering, which had to admit a drop in both sales and profits. Hermès deliberately positions itself very high in the market and keeps costs in check by offering only a limited number of models. The brand also keeps small stocks, which leads to often long waiting lists and only makes the luxury leather goods more coveted. The French fashion house rewards all its employees with a 4,000-euro bonus for strong performance.
