Uber-luxury brand Hermes recorded 23% sales growth in the first quarter owing to the rising demand in all of its international markets. In the U.S., sales rose 19% off good momentum, while in Asia, mainly China, it surged 23%.
Hermes said sales were particularly dynamic in all geographical areas and across all business lines. The French brand confirmed its goal for revenue growth at constant exchange rates in the medium term.
Alex Dumas, Hermes’ executive chair, said the first quarter of 2023 is aligned with the good results of 2022 and reflects the success met by their collections all over the world, driven by the loyalty of their consumers. Sales increased by 23% at the end of March 2023 at constant exchange rates in group stores and by 26% in wholesale activities. Dumas said they recorded strong momentum in Greater China and across the wider region, particularly in Singapore, Thailand, and Australia.
Hermes stated that the 19% growth in leather goods and saddler was driven by sustained demand across all geographical areas. As for the U.S. region, the brand had a new store opened in Naples, Florida, during the quarter. Its ready-to-wear and accessories business line rose by 34%, while the silk and textiles business line increased by 20%. Moreover, Hermes’ perfume and beauty sales rose by 7%, the watches division saw a 25% growth.
The Iconic Birkin Bag
The French luxury design house, Hermes, which was established in 1837 is renowned for its iconic Birkin Bag. It’s a symbol of luxury and exclusivity in the world of fashion. The Birkin Bag is highly regarded for its innovative design and features two rolled handles, a flap top, clou feet and a lock closure. The elegant design continues to captivate the hearts of Hermes’ collectors.
Hermes says the Birkin is crafted by expertly trained artisans who spend a minimum of 18 hours on each piece. One artisan creates and assembles the entire bag, versus more modern assembly line manufacturing. It should be noted that each bag carries a unique code indicating the year it was made, the workshop where it was crafted, and the artisan responsible for its creation.
The Birkin is an antique, in the sense that customers must have a purchase history with the brand, and boutiques are only allowed to order a limited number twice a year. Furthermore, the Birkin bags are considered an investment piece because of their enduring appeal and timeless design.
