Hermès announced on July 29 total revenues for the first half of 2022 totalled 5.5 billion EUR (5.6 billion USD), up 29 percent at current exchange rates and 23 percent at constant exchange rates compared to the same period in 2021.
The Parisian luxury house said all the geographical areas posted strong growth, with strong resilience from Asia despite the sanitary context in China.
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Revenues in Asia excluding Japan were up 15 percent, driven by a high level of activity across the region and by sustained sales in Singapore, Australia and Korea.
The company’s greater China sales strongly bounced back in June after being penalised by sanitary restrictions and store closures in April and May, especially in Shanghai and Beijing. After the reopening of the renovated Pacific Place store in Hong Kong and One Central store in Macao at the beginning of the year, a new store was launched in Zhengzhou at the end of March, in the Henan province in China.
Hermès Japan revenues surged 20 percent “thanks to the loyalty of local clients,” the company said. In June, the first edition of the exhibition La Fabrique de la légèreté, was also held in Tokyo.
Hermès said all its business lines confirmed high levels of sales, with a “remarkable increase” in silk, ready-to-wear and accessories, watches and other Hermès business lines (jewellery and homeware) during the six months ending June 30.
Consolidated net profit amounted to 1.6 billion EUR, compared to 1.2 billion EUR in the first half of 2021.
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“The very dynamic results over the first six months of the year testify to the growth across our 16 métiers and the strong desirability of our objects, designed by craftsmen with a sustainable approach, without compromising on quality,” said Axel Dumas, executive chairman of Hermès.
“In a still unstable context, we are moving forward with confidence, faithful to our role as a responsible and committed company to our employees and our partners.”