.jpg&w=1440&q=75)
- Hermès reported year-on-year revenue growth of 4.3% to €4 billion for the third quarter of 2026.
- Growth was driven by the US, Japan and Europe, while China and the Middle East lagged behind.
- Leather goods and saddlery rose 10.8% to €1.91 billion, while ready-to-wear, watches, jewelry and watches were in negative territories.
Hermès reported sales were up 4.3% at constant exchange rates to €4 billion in the third quarter of 2026, below expectations of 5.2%. This marks a deceleration from Q2, when Hermès’s sales were up 6.7%.
“Despite a complex environment, Hermès continues its profitable growth and maintains its course,” Hermès executive chair Axel Dumas said in a statement. “Convinced of the strength and relevance of our artisanal model, we see our vision as firmly rooted in the long term, and we look to the future with confidence.”
Dumas continued: “It is with great enthusiasm that we prepare for a new year rich in creation, with the first men’s ready-to-wear collection signed by Grace Wales Bonner and the introduction of couture by Nadège Vanhée next January.”
In the third quarter, growth was led by the Americas (up 8.8%), Japan (up 9.6 %) and Europe (up 7.2%). Asia-Pacific, excluding Japan, was flat. Other regions including the Middle East were down 4.5%.
By category, leather goods and saddlery rose 10.8 % to €1.91 billion; ready-to-wear and accessories were down 2% to €1.14 billion; other business sectors (including jewelry and homeware) were down 1.1% to €486 million; watches were down 6% to €125 million; and silk and textiles were up 1.4% to €214 million. Perfume and beauty sales rose 7.5% to €128 million.
“Leather has reaccelerated to almost 11% but the lag in other categories has also worsened to unprecedented levels. Investors will be especially keen on any context for Q4,” Jefferies analysts including James Grzinic wrote in a note.
Analysts had predicted that the third-quarter luxury earnings would be challenging notably due to a sequential deceleration in China. They have proved to be right so far. LVMH’s fashion and leather goods division reported a sales decrease of 5% in Q3. Moncler brand revenues fell 1% in Q3, Kering, Prada and Zegna are to report their Q3 earnings on Thursday, and Richemont on November 13.