Luxury Hermes Strongly Increased Profit and Revenue in the First Half of the Year

The French luxury goods manufacturer Hermes reported on Thursday that it achieved strong profits in the first half of the year due to a surge in revenue across all business segments and regions.

“The business results in the first half of the year confirmed a positive momentum in streetwear collections and fashion accessories, as well as in silk and textile businesses,” Hermes stated in its press release.

Total group revenues for the period from January to June rose by 11 percent to 2.7 billion euros. Operating profit jumped by 13 percent to 931 million euros, and its share of total revenues reached a record 34.3 percent, Hermes noted. Net profit strengthened by 11 percent to 605 million euros. The group also emphasized that its revenues strengthened in all markets worldwide.

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Hermes CEO Axel Dumas welcomed the “very good profitability” of the group at a press conference, insisting that it can be attributed to “organic growth.” However, he warned during a conference call that Hermes plans to remain “prudent in a very unstable environment” and that conclusions for the entire year cannot be drawn from the results of the first half of the year.

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“In the medium term, despite the increasing economic, geopolitical, and monetary uncertainty worldwide, the group confirms its ambitious goal of increasing revenues when excluding currency fluctuations,” the group stated in its press release.