Hermès sales in Asia up 23% in Q1 2023

Sales were boosted by the Chinese New Year.

Hermès’ consolidated revenue rose by 23% in the first quarter to reach around $3.7b (EUR3.38b) as sales across business lines and geographical areas increase, with sales in Asia increasing by 23% as well.

In a statement, Hermès said its sales in group stores rose by 23% and wholesale activities by 26% due to the recovery in travel retail.

In Asia excluding Japan, sales grew by 23% on the back of “a very good Chinese New Year” particularly in Greater China, Singapore, Thailand and Australia. Its Japan sales also rose 23% due to the loyalty of local customers.

READ MORE: Luxury sales in China to rebound to 2021 levels this year

The Americas recorded a 19% increase in sales due to the momentum in the US, whilst sales in Europe excluding France, and France jumped by 21% and 28%, respectively due to the rise in tourist flows.

Sales in its business lines recorded growth led by Ready-to-Wear and Accessories (34%), Watches (25%), Silk and Textiles (20%), Leather Goods and Saddlery (19%), and Perfume and Beauty (7%). Its other business lines which included jewellery and homeware were up by 28%.

$1 = EUR0.91