Hermès's third-quarter earnings report signals more doom and gloom for the luxury industry.Mike Kemp/In Pictures via Getty ImagesHermès reported an 11.4% increase in revenues for the first nine months of 2024.The French fashion house is bucking the trend of the luxury industry as competitors like LVMH stutter.Hermès is succeeding while peers struggle because it follows the law of luxury to a tee, analysts say.If the luxury slump is an epidemic, Hermès is managing to stay immune.A week after LVMH announced dismal third-quarter earnings and a day after Kering reported a 15% year-on-year decline in revenue in its most recent quarter, the French luxury design house has presented its own results.In stark contrast to its peers, Hermès's revenue jumped.Revenues were 11.2 billion euros ($12.1 billion) for the first nine months of 2024, up 14% from the same period in 2023.Third-quarter sales also displayed resilience, rising to 3.7 billion euros ($4 billion), up 10% from 3.4 billion euros ($3.7 billion) in the third quarter of 2023.
Comment on Hermès isn't just surviving the luxury slump — it's thriving
mnoyen@insider.com (Maria Noyen), Business Insider
Thu, 10/24/2024 - 2:59am
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