French luxury firm Hermes’ surpasses pre-pandemic figures in H1


With sharp rebound in sales and high inventory flow rate, the French luxury goods manufacturer Hermes International has surpassed pre pandemic levels with 33 per cent increase in sales to €4.2 billion in first half (H1) FY21 against FY19 and 77 per cent from last year. Operating income for the six-month period mounted to €1.7 billion (H1 FY20: €535 million).

 

Net profit expanded to €1.2 billion (€335 million), representing 28 per cent of the total sales. The group’s store sales rose 81 per cent against last year, and 41 per cent compared to 2019. Wholesale activities picked up with 46 per cent growth but remained penalised particularly by travel retail.

 

“The results for the first half of the year have been exceptional in nature. But this performance also reflects the momentum and resilience of our model, which puts people, the source of creativity and innovation, as well as the requirement for absolute quality, at its core. These are the key factors of our artisanal approach and the desirability of our objects,” Axel Dumas, executive chairman of Hermes, said in a press release.

 

Sales from Asia upsurged to €2.6 billion (€1.5 billion), gaining from strong performance in China and by acceleration in sales from Singapore and Thailand. Moreover, sales from Europe and Americas improved to €863.1 million and €667.9 million respectively.

 

During Q1 FY21, sales of ready-to-wear and accessories jumped 98.0 per cent to €1.0 billion (€537.0 million), while leather goods and saddlery sales were up 62.9 per cent to €2.0 billion (€1.3 million). Furthermore, silk and textiles sales gained 71.9 per cent to €273.9 million (€165.2 million).

Fibre2Fashion News Desk (JL)

With sharp rebound in sales and high inventory flow rate, the French luxury goods manufacturer Hermes International has surpassed pre pandemic levels with 33 per cent increase in sales to €4.2 billion in first half (H1) FY21 against FY19 and 77 per cent from last year. Operating income for the six-month period mounted to €1.7 billion (H1 FY20: €535 million).





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