Hermès International (RMS) 1H 2024 results are in: Sales rose 11.5 percent, and CEO Axel Dumas touted a flight to quality among consumers in China and U.S.
International finished the second quarter more than a nose ahead of its luxury peers, maintaining a double-digit pace across all regions.
Still, momentum at Hermès is weakening, as sales in the first quarter were up 17 percent at constant exchange rates. Similarly, he said Chinese consumers are “looking for high-quality products, which is good for us, and they also don’t want a logo attached, which is also good for us.”“Hermès is resilient and solid in the face of a complex and challenging environment. We are forging ahead with confidence and humility,” he said, seated next to chief financial officer Éric du Halgouët, broadcasting from the brand’s airy boutique on the Rue de Sèvres.
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