Hermès International stock faces uneven luxury demand

Published on 11/05/2026 at 17:48 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Hermès International stock faces an uneven luxury backdrop as leather goods lead growth. Watches and beauty remain under pressure.

Uneven demand shapes the luxury outlook

Hermès reported nine-month revenue growth despite a more difficult luxury market.
Leather goods and saddlery remained the group's strongest business, while watches and perfume faced pressure.
Management maintained its medium-term revenue-growth ambition at constant exchange rates.

Hermès International, FR0000052292, Illustration mit AI erstellt.

Hermès International reported resilient nine-month revenue growth in a mixed luxury market, with leather goods continuing to carry the group while watches and perfume faced weaker demand. The operating update was published on October 22, 2026, and covered the period through September.

Leather goods keep the lead

According to MarketScreener, revenue reached EUR 12.260 billion in the first nine months, up 5.5 percent at constant exchange rates and 2.9 percent at current exchange rates. Third-quarter revenue rose 4.3 percent at constant exchange rates.

Leather Goods and Saddlery grew 10.2 percent at constant exchange rates over the nine-month period to EUR 5.673 billion. The company attributed the performance to demand for both new models and established collections, while it continued to expand production capacity in France.

Product mix remains uneven

The broader portfolio delivered a more mixed picture. Silk and Textiles increased 7.0 percent at constant exchange rates, while Ready-to-wear and Accessories grew only 0.6 percent. Watches declined 1.9 percent and Perfume and Beauty fell 0.7 percent over nine months, although the latter improved in the third quarter with a 7.5 percent increase.

Regional performance also diverged. The Americas grew 13.1 percent at constant exchange rates, Japan advanced 10.5 percent and Europe excluding France rose 9.0 percent. Asia-Pacific excluding Japan increased 1.6 percent, with Greater China stable in a more difficult environment, while the Middle East declined 4.3 percent.

Capacity and outlook matter next

Currency movements reduced reported revenue by approximately EUR 310 million during the first nine months. Hermès nevertheless maintained its ambitious medium-term goal for revenue growth at constant exchange rates. The next scheduled company milestone is publication of 2026 full-year results on February 12, 2027.