The French luxury house recorded a 27.1 percent rise in revenues at constant exchange to 2.76 billion euros in the three months to March 31.
Further, tackling production disruptions and constraints, as well as homing in on clienteling for local consumers contributed to making up for 2021’s “missed [fourth] quarter,” said Mario Ortelli, managing partner of strategic mergers and acquisitions advisory firm Ortelli & Co.
As part of its “acceleration of strategic investments, recruitments and training” across all divisions, Hermès has continued to reinforce its leather goods production capabilities, with one new workshop opening planned this year in Louviers, France, and an additional four in the next five years. It is forecasting a 6 to 7 percent increase in production capacity in 2022 at the company’s 52 sites in France.
At constant rates, it reported 44.2 percent growth in the Americas, supported by “good momentum” in the U.S. and marking the reacceleration of business in the region at the end of March. While the direct impact of the ban on sales of luxury goods to Russia as part of sanctions against the government of President Vladimir Putin is expected to be limited, any enlargement of the area of conflict would have clear negative implications. “Not only from a geographic point of view, but also by increasing the anxiety level of consumers,” pointed out Ortelli.
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