Hermès undermines the ranking of luxury. The Parisian label closed the third quarter of 2021 with revenues equal to 2,367 billion euros (+31%) against the +21% of the consensus and a good +40% on 2019 when the pandemic crisis had not yet exploded. By beating the competitors lvmh e Kering which respectively marked +2021% and +20% in the third quarter of 12,6.
The performance of the Birkin manufacturer exceeded all market expectations, albeit showing a slight slowdown compared to the second quarter of the year. However, in the first nine months of 2021 the turnover of the Parisian maison was of 6,6 billion euros, with a growth of 57,2% at constant rates on 2020 and an increase of 35,3% on 2019.
The positive trend was driven by a good recovery in sales in Europe, strong growth in America and sustained performance in Asia. In Europe, excluding France, the increase was equal to 45% and 7% over two years), while in France +40% and -6% over two years. Sales in America, on the other hand, grew by 85% and 30% over two years, with a strong acceleration at the end of September. Finally, theAsia (excluding Japan), has experienced sustained growth of 63% and 69% over the past two years. However, tourist shopping remains low, and the increase in infections in Asia during the summer has undermined its growth.
In detail, the Leather goods and saddlery division, which generates around 45% of total turnover, exceeded one billion euros, recording an increase of 22,2% (+31,7% on 2019). Instead, the Clothing and Accessories division (including shoes) grew by 39,4% on 2020 and by 48,8% on 2019.
“The performance in the third quarter reflects an atypical year – he concluded Dumas, executive chairman of Hermès - during which we continue our strategic investments and accelerate job creation. In a world that remains unstable, the balance between our sixteen métiers and our global presence allow us to move forward with optimism and caution, continuing to create beautiful, high quality and sustainable objects”.
