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Hermès stands out within the luxury sector: while other major houses struggle, the Birkin Bag maker has outperformed expectations in the fourth quarter – and all employees can share in the success.
Price increases do not deter ‘real’ luxury buyers
With a sales growth of nearly 18 % in the fourth quarter to 3.96 billion euros, Hermès did significantly better than the predicted 3.69 billion euros. This confirms its position as one of the best-performing luxury brands, while on the other hand rivals like Gucci and Versace see their sales figures drop markedly.
For the full year 2024, Hermès’ revenue grew by nearly 15 % to 15.2 billion euros, lifted by the continued popularity of the Birkin and Kelly bags, which still have long waiting lists. The price increases of 6 to 7 % that the company implemented did not have a negative impact on sales.
According to CEO Axel Dumas, the strong performance is a testament to the strength of the business model and the flexibility of the teams. All 25,000 employees will therefore receive a bonus of 4,500 euros. Analysts from UBS emphasise that Hermès is one of the few luxury companies that benefited from accelerated growth in virtually all product categories and regions, especially in America and Asia.
