Hermès International (RMS) Q3 2025 TU earnings summary

Executive summary

• Q3 sales reached EUR 3.9 billion, up 10% at constant exchange rates, with growth in Europe, the Americas, and Asia, and acceleration compared to Q2.

• Consolidated revenue for the first nine months of 2025 was EUR 11.9 billion, up 9% at constant exchange rates and 6% at current rates year-over-year.

• All regions posted growth, supported by an expanding exclusive distribution network and successful store renovations and openings.

Financial highlights

• Leather goods and saddlery grew 13% at constant exchange rates, driven by strong demand for iconic and new products.

• Ready-to-wear and accessories rose 6%, with notable acceleration in Q3.

• Silk and textiles increased 4%, while perfume and beauty declined 5% due to a high comparison base.

• Other sectors, including jewelry and home, delivered strong growth at 11%.

• Currency fluctuations negatively impacted revenue by EUR 254 million.

Outlook and guidance

• The group maintains its ambitious medium-term growth target for revenue at constant exchange rates for 2025, despite global uncertainties.

• Confident outlook for Q4 despite a tougher comparison base, with rebuilt stocks to support year-end and Chinese New Year demand.

• Price increases for next year will be below this year's level; budget process is ongoing.

• Continues to pursue a long-term development strategy based on creativity, artisanal know-how, and a balanced distribution network.