Hermès holds the reins amidst uncertainty in the luxury space
The six-generational French house sees a healthy increase in turnover whilst other brands seem unsteady
Words: Charlie Bentley
The French luxury design house Hermès has long been synonymous with timeless elegance, particularly renowned for its leather goods, silk scarves, and the iconic Birkin bag. While the luxury sector has recently reported widespread low profits for the first half of 2024, Hermès International (RMS.PA) defied the trend with a 15% increase in turnover, reaching €7.5 billion. So, what are the secret ingredients to Hermès's recent success, and can other brands replicate this in the second half of the year?
Brands’ historical and cultural weight have always been a useful indicator to predict how they will survive difficult economic climates within the fashion markets, and Hermès is certainly one of the major international players with serious clout. Founded in 1837, Hermès has always been defined by its high-quality luxury goods. Initially, the brand crafted high-quality bridles, harnesses for carriages, and saddles for horses. Over the decades, Hermès evolved towards fashion, especially handbags. The Hermès Birkin bag, first designed in 1984, is a global symbol of wealth, owned by New York rappers to Hampstead Heath millionaires.
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