Latest news with #Hermes
Japan Today
4 hours ago
- Business
- Japan Today
Hermes confirms outlook for rising sales in 2025
The group said it might be able to avoid further price hikes after the EU's tariffs deal with the US French luxury group Hermes confirmed Wednesday its outlook for full-year sales growth as it turned rising revenue for all parts of the world in the first half despite global economic uncertainty. The group, known for its silk scarves and leather handbags, also said it might be able to avoid further price hikes in the United States following the weekend deal that will see EU goods entering the US face a 15-percent baseline tariff. First-half sales rose by 7.1 percent to 8 billion euros ($9.2 billion), including double-digit growth in the United States. Excluding currency effects, which had a negative impact of 77 million euros on revenue in the first half of the year, sales would have risen by eight percent. Sales rose by three percent in the Asia region excluding Japan, the company saying sales had also risen in China, a key market for luxury firms that has been soft recently. "I don't see at the moment a fundamental change in the sales climate in China, which remains favourable for us," chief executive Axel Dumas told journalists. Net profit dipped five percent in the first half of the year to 2.2 billion due to an exceptional tax France levied on major firms, but Hermes said its recurring operating profit had climbed six percent to 3.3 billion. Dumas said he was waiting for more details about the EU-US trade deal. The company raised its prices by five percent after the United States introduced a global baseline 10 percent rate in April. But if the 15 percent rate is a 10-percentage point increase from the roughly five percent rate that was in place before Trump took office, Dumas said "there is no reason to raise prices". He also noted the effect of dollar-euro exchange rate. "We have a dollar which has fallen a lot and that has as much if not more of an impact than tariffs," said Dumas. Hermes confirmed its full-year outlook. "In the medium-term, despite the economic, geopolitical and monetary uncertainties around the world, the group confirms an ambitious goal for revenue growth at constant exchange rates," it said. Hermes shares slumped more than four percent in midday trading, while the Paris CAC 40 index rose 0.4 percent. © 2025 AFP
Int'l Business Times
14 hours ago
- Business
- Int'l Business Times
Hermes Confirms Outlook For Rising Sales In 2025
French luxury group Hermes confirmed Wednesday its outlook for full-year sales growth as it turned rising revenue for all parts of the world in the first half despite global economic uncertainty. The group, known for its silk scarves and leather handbags, also said it might be able to avoid further price hikes in the United States following the weekend deal that will see EU goods entering the US face a 15-percent baseline tariff. First-half sales rose by 7.1 percent to 8 billion euros ($9.2 billion), including double-digit growth in the United States. Excluding currency effects, which had a negative impact of 77 million euros on revenue in the first half of the year, sales would have risen by eight percent. Sales rose by three percent in the Asia region excluding Japan, the company saying sales had also risen in China, a key market for luxury firms that has been soft recently. "I don't see at the moment a fundamental change in the sales climate in China, which remains favourable for us," chief executive Axel Dumas told journalists. Net profit dipped five percent in the first half of the year to 2.2 billion due to an exceptional tax France levied on major firms, but Hermes said its recurring operating profit had climbed six percent to 3.3 billion. Dumas said he was waiting for more details about the EU-US trade deal. The company raised its prices by five percent after the United States introduced a global baseline 10 percent rate in April. But if the 15 percent rate is a 10-percentage point increase from the roughly five percent rate that was in place before Trump took office, Dumas said "there is no reason to raise prices". He also noted the effect of dollar-euro exchange rate. "We have a dollar which has fallen a lot and that has as much if not more of an impact than tariffs," said Dumas. Hermes confirmed its full-year outlook. "In the medium-term, despite the economic, geopolitical and monetary uncertainties around the world, the group confirms an ambitious goal for revenue growth at constant exchange rates," it said. Hermes shares slumped more than four percent in midday trading, while the Paris CAC 40 index rose 0.4 percent.
France 24
14 hours ago
- Business
- France 24
Hermes confirms outlook for rising sales in 2025
The group, known for its silk scarves and leather handbags, also said it might be able to avoid further price hikes in the United States following the weekend deal that will see EU goods entering the US face a 15-percent baseline tariff. First-half sales rose by 7.1 percent to 8 billion euros ($9.2 billion), including double-digit growth in the United States. Excluding currency effects, which had a negative impact of 77 million euros on revenue in the first half of the year, sales would have risen by eight percent. Sales rose by three percent in the Asia region excluding Japan, the company saying sales had also risen in China, a key market for luxury firms that has been soft recently. "I don't see at the moment a fundamental change in the sales climate in China, which remains favourable for us," chief executive Axel Dumas told journalists. Net profit dipped five percent in the first half of the year to 2.2 billion due to an exceptional tax France levied on major firms, but Hermes said its recurring operating profit had climbed six percent to 3.3 billion. Dumas said he was waiting for more details about the EU-US trade deal. The company raised its prices by five percent after the United States introduced a global baseline 10 percent rate in April. But if the 15 percent rate is a 10-percentage point increase from the roughly five percent rate that was in place before Trump took office, Dumas said "there is no reason to raise prices". He also noted the effect of dollar-euro exchange rate. "We have a dollar which has fallen a lot and that has as much if not more of an impact than tariffs," said Dumas. Hermes confirmed its full-year outlook. "In the medium-term, despite the economic, geopolitical and monetary uncertainties around the world, the group confirms an ambitious goal for revenue growth at constant exchange rates," it said.
Wall Street Journal
19 hours ago
- Business
- Wall Street Journal
Birkin Bag Maker Hermes Beats Luxury Slump With Sales Rise
Hermes sales grew faster in the second quarter despite continued soft demand for luxuries that is taking a toll on most of its industry peers. The French group, maker of the Birkin bag, logged revenue of 3.91 billion euros ($4.51 billion) for the three months. This compares with consensus estimates of 3.92 billion euros, according to Visible Alpha.
The Age
a day ago
- Business
- The Age
The unsolved mystery over missing $25 billion Hermes windfall
The former adviser to an Hermes heir has died as a longstanding mystery over the whereabouts of company shares worth some €14 billion ($25 billion) remains unsolved. Eric Freymond worked for 24 years as a wealth manager to Hermes descendant Nicolas Puech before their relationship soured, leading to a court case in Geneva. The wealthy octogenarian Puech alleged that Freymond had played a role in the disappearance of some 6 million shares in Hermès International SCA that he had inherited. A decision by an appeals court in Geneva last year found no evidence that Freymond mismanaged Puech's fortune or that the reclusive, fifth-generation heir was duped over an extensive period during which time at least some of the stock was sold. Freymond denied all allegations of wrongdoing. Freymond's lawyer Yannis Sakkas confirmed the death, saying he was 'deeply shocked by the terrible news'. Freymond was 67. The dispute over Puech's stake in Hermes was one of the most enduring mysteries in the fallout from one of France's most high-profile corporate battles. A recent twist came from a lawsuit filed in March in Washington, DC, in which Puech was accused of failing to deliver the $US16 billion of Hermes shares as part of a sale agreement. His lawyer said his client was not involved in the deal. More than a decade ago, Bernard Arnault, luxury goods rival and founder of conglomerate LVMH, revealed he had stealthily amassed a stake in Hermes. Descendants controlling Hermès came together and successfully fought the unwelcome advance. The fate of Puech's shares was never clarified, even after Arnault's 2014 agreement with the Hermes clan to start unwinding his stake. The enigma deepened in 2023, when Puech accused Freymond of mishandling his holdings. The Hermes clan, which counts more than 100 members, is one of Europe's richest families. Should Switzerland-based Puech still hold his stake, he would be the single largest investor in the purveyor of Birkin handbags and colourful silk scarves that was founded in 1837.
