Hermès: growth slowed to 4.3% in third quarter, leather goods advance by 10.8%
Hermès published on October 22, 2026 revenue of €12,260 million for the first nine months of the year, up 6.0% at constant exchange rates and 2.9% at current rates. The third quarter, at €4,096 million, grew 4.3% at constant exchange rates, a pace lower than the 6.1% recorded in the first half.
The publication shows growth increasingly concentrated on leather goods and three regions (Americas, Europe excluding France, Japan), while Asia-Pacific excluding Japan, the group's leading region by sales, remained flat at constant rates in the quarter. These figures come after a period of stock market decline: on October 5, 2026, the stock touched a four-year low of €1,260.00, following UBS's sale of its stake.
Leather goods advance 10.8% in third quarter
Leather goods and saddlery, which accounts for nearly half of sales, achieved €5,673 million over nine months, up 10.2% at constant rates. In the third quarter alone, its growth reached 10.8% at constant exchange rates, at €1,912 million. The group attributes this to demand for both new models and historic pieces.
This momentum is accompanied by an increase in production capacity. A twenty-fifth leather goods workshop was inaugurated in early April in Loupes (Gironde), and three others are planned: Charleville-Mézières by 2027, Colombelles by 2028 and Les Andelys by 2030.
Other business lines evolved in more contrasting fashion. Ready-to-wear and accessories, the second business with €3,340 million, grew 0.6% over nine months but declined 2.0% in the third quarter. Silk and textiles posted a 7.0% increase over nine months, down to 1.4% in the quarter, and other Hermès business lines (jewelry, home) went from +3.3% over nine months to -1.1% in the quarter.
Watches declined 1.9% over nine months and 6.0% in the third quarter. Conversely, perfume and beauty, down 4% in the first half according to the July 29, 2026 publication, limited its decline to 0.7% over nine months thanks to a 7.5% increase in the third quarter.
Asia excluding Japan flat in quarter, Americas up 8.8%
Over nine months, the Asia-Pacific region excluding Japan achieved €5,182 million, up 1.6% at constant rates, supported by South Korea according to the group, while Greater China remained flat. In the third quarter, growth was zero at constant exchange rates (0.0%), versus +3.8% in published data.
The Americas grew 13.1% over nine months and 8.8% in the third quarter, at constant rates. Europe excluding France posted +9.0% over nine months and +9.5% in the quarter, with the group noting notably Southern Europe and the opening of the Maison at 166 New Bond Street in London, inaugurated on June 16. France grew 2.4% over nine months and 3.6% in the quarter.
Japan illustrates the weight of currencies: its sales increased 10.5% at constant rates over nine months, but declined 0.3% in published data, at €1,200 million. In total, the exchange rate effect weighed approximately €310 million on revenue at end-September, compared to more than €360 million indicated at the end of the first half. In the third quarter, growth at current rates (+5.5%) actually exceeded that at constant rates (+4.3%).
The Other zone, mainly the Middle East, is the only region in decline: -4.3% over nine months and -4.5% in the quarter, at constant rates.
Medium-term growth target confirmed, €160 million in share buybacks
The group confirmed, in the medium term, a revenue growth target at constant rates that it qualifies as "ambitious", despite economic, geopolitical and currency uncertainties. Axel Dumas, Chief Executive, indicated that the house was continuing its growth in a complex environment and announced for January the first menswear ready-to-wear collection signed by Grace Wales Bonner as well as the launch of Couture by Nadège Vanhée.
Over the first nine months, Hermès International repurchased 94,846 shares for €160 million, excluding liquidity agreements. MSCI agency also confirmed in August the group's AA rating. The 2026 annual results will be published on February 12, 2027.
At end-September 2026, leather goods and saddlery totaled €5,673 million on revenue of €12,260 million, up 10.2% at constant exchange rates.
