Luxury fashion group Hermès has reported annual revenue of €15.17bn ($15.91bn) in the fiscal year 2024 (FY24), up 15% at constant exchange rates and 13% at current exchange rates compared to 2023.
The company experienced a consistent upswing across all its geographical markets, with the Americas leading the way.
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In Asia, excluding Japan, sales increased 7%, while Japan itself experienced a remarkable 23% surge.
The Americas region reported a solid 15% increase in sales.
Europe also showed strong results, with non-French European sales climbing by 19% and French sales by 13%.
The numbers were bolstered by strong local demand, customer loyalty and dynamic tourism.
Hermès’ recurring operating income rose to €6.15bn in FY24, which represents 40.5% of sales, a notable increase from €5.6bn the previous fiscal year.
The company’s diluted earnings per share also improved, reaching €43.87 in FY24, up from €41.12 in FY23.
Net profit for Hermès stood at €4.60bn, equivalent to 30.3% of sales, although this is slightly down from 32.1% of sales in FY23.
The fourth quarter alone saw sales hitting €4bn – 18% growth at both constant and current exchange rates.
Hermès has been proactive in recruitment efforts, adding 2,300 new employees to its ranks, including 1,300 positions in France.
By the end of 2024, the group’s total employee count exceeded 25,000, with more than 15,556 based in France.
Since 2023, Hermès has generated 7,000 jobs, 60% of these within France.
Executive chairman Axel Dumas stated: “In 2024, in a more uncertain economic and geopolitical context, the solid performance of the results attests to the strength of the Hermès model and the agility of the house’s teams, whom I thank warmly. While preserving the group’s major balances and its responsibility as an employer, the house is staying the course, attached more than ever to its fundamental values of quality, creativity and savoir-faire.”
