French luxury house Hermès revealed on 14th April that its global revenues for the first quarter of 2022 totalled €2.765 billion (US$3.02 billion), up 33 percent at current exchange rates, and 27 percent at constant exchange rates.
The Paris-based company said total sales accelerated in group stores with a 28 percent increase compared to 2021, with all geographical areas posting strong growth for the quarter ending on 31st March.
By region, Hermès Asia (excluding Japan) revenues lifted 20 percent, benefitting from a “very good Chinese New Year and from sustained activity, especially in Thailand, Singapore, and Australia.” The positivity was partially offset by Greater China, which has been penalised by new health restrictions and some store closures, particularly in Shanghai and Shenyang.
Elsewhere, Japan registered a 17 percent uptick in sales, pursuing “its sustained increase, which relied on the loyalty of local customers and the success of the collections,” Hermès said in a press release.
During the quarter, Hermés said it reopened its Pacific Place store in Hong Kong and One Central location in Macau in January and February, respectively, and opened a new store in Zhengzhou at the end of March, the first store for Hermès in the Chinese province of Henan. In March, the HermèsFit event was also held in Bangkok, Thailand, around fashion accessories on the theme of sport, after New York and Paris.
By category, Hermès said leather goods and saddlery sales increased 16 percent, while ready-to-wear and accessories revenues surged 44 percent. The company’s silk and textiles business segment increased 27 percent, perfume and beauty sales grew 18 percent, and watches sales surged 62 percent achieving “an outstanding performance,” said Hermès.
“The strong growth in sales at the beginning of this year reflects the desirability of our collections and the confidence of our customers in our artisanal and responsible approach,” said Axel Dumas, executive chairman of Hermès.
“Despite a still uncertain context, the group is accelerating its strategic investments, recruitments and training to support the growth of all the métiers of the house,” added Dumas.