The company noted that there was a negative currency impact for the quarter of €148 million on revenue.
There was double-digit growth in all regions for the quarter. Asia (excluding Japan) had an increase of 14% while the company’ opened its 34th store in China. Japan, meanwhile, was up by 25%.
The Americas saw growth of 12% for the period, primarily driven by the U.S., while Europe (excluding France) was up by 15% and France alone grew by 14% year-on-year.
By sector, Leather Goods and Saddlery had a 20% increase in Q1, and the company noted four new leather goods workshops projects for the next four years: Riom (Puy-de-Dôme) in 2024, l’Isle-d’Espagnac (Charente) in 2025, Loupes (Gironde) in 2026 and Charleville-Mézières (Ardennes) in 2027.
Ready-to-Wear and Accessories had growth of 16% while Watches grew by 4% and Other Hermès improved by 25%.
Axel Dumas, Executive Chairman of Hermès, said: “The solid sales growth in the first quarter 2024 reflects the loyalty of our clients worldwide, the strength of the group’s artisanal model and the desirability of our creations in a more complex environment. Hermès pursues its strategy based on exceptional know-how, the finest materials and uncompromising quality.”