Continued pent-up demand for luxury boosted sales at Hermès International 23 percent in the first quarter to 3.38 billion euros, with strong growth in Europe and the U.S., and a leap in sales in Japan.
“The first quarter of 2023 is aligned with the good results of 2022 and reflects the success met by our collections all over the world, driven by the loyalty of our customers. We are proud to strengthen our production capacities and consolidate our artisanal model,” chief executive officer Axel Dumas said in a statement. He cited the company’s approach of local anchoring as a source of the company’s strength.
Those price increased helped boost the bottom line said Bernstein analyst Luca Solca. “Higher exposure to richer consumers is probably also helping,” he wrote in a note. Hermès “leveraging its high brand desirability and waiting lists for iconic products.” It was an especially strong start to the year in Japan, where sales leaped 26 percent. Local customers were driving sales in the country, despite rising inflation and wage stagnation there.
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