(BFM Stock Exchange) – The luxury group announced that it has gave growth of 7% in comparable data in the first quarter. The group’s growth, however, comes out slightly lower than expectations, which tenses the market.

Monday, April 14, Hermès delighted the title of first capitalization of the Parisian square to his rival LVMH.

Will the group are still distinguished among its luxury peers in 2025? The figures published this Thursday by the Sellier-Maroquerier gave a first overview of the company’s commercial dynamic in 2025. Expectations were particularly high for Hermès, which is perceived as the insubmersible ship, capable of outperform in good and in bad years.

The Sellier-Maroquinier has published positive growth this Thursday for the first quarter, which contrasts with the drop in LVMH income over the same period (-3% in comparable data).

Over the period from January to the end of March, Hermès thus released income of 4.1 billion euros, up 9% in published data and 7% excluding changes.

A disappointed market

“In a complex geopolitical and economic context, the house strengthens its fundamentals more than ever: quality without compromise, creation at the heart of all development and vertical integration, guaranteed to preserve excellence. Despite a basis of comparison high in the first quarter, the group continues solid growth thanks to the confidence of its customers and the commitment of the teams that I warmly thank”, in a press release.

The quarterly service of the good student in the luxury sector is no longer enough to satisfy the market, evidenced by the reaction of the title at the Paris Stock Exchange. The Hermès action gives 3.5%, to 2,276 euros, and accusing the highest drop in CAC 40, this Thursday, April 17. In a note published this Thursday morning, Stifel expected this “that the shares evolve slightly downward at the opening of the market”.

The saddler is slightly lacking market expectations, which aimed for an organic growth of 8%, according to a consensus cited by Stifel.

Hermès also marks a slowdown in its growth from one quarter to the other, after having seen its income increase by 17.6% in the fourth quarter. French society had, once again, signed the strongest growth in luxury over the period, and by far.

But the performance remains remarkable in view of the degradation of the economic situation in China, an important market for the sector (around 30% of luxury group income according to Bank of America), which the Rivals of Hermès have expressed.

The activity of the company is not completely immune to the gloom of the Chinese market. Hermès’ revenues only increased by 1% excluding changes in Asia-Pacific, a region that includes China. This marks a new brake after growth of 9% at the end of the year. Hermès quotes “a particularly high comparison base” and a “drop in traffic observed in Grande China since the end of the first quarter of 2024”.

Performance in Asia-Pacific also lacks the expectations of consensus, which anticipated 4% growth in the turnover of the Hermès group in the region. This “weaker than expected” growth in Asia-Pacific, has overshadowed a “solid” activity of activity in other regions, notes Stifel.

Vigorous growth in Japan

Conversely, other luxury groups, Hermès continued to record vigorous growth in Japan, 17% outside of changes. The company stressed “the loyalty of local customers” to explain these figures.

LVMH did, for example, a contraction of 1% of its activity in Japan in the first quarter. The activity in this country was carried, in the latter quarters, by the expenses of Chinese tourists in the country, attracted by the weakness of the Yen and therefore the more affordable prices of luxury products in Japan. But this impact did not a priori weighed on Hermès’ activity in the country.

In addition, Europe, outside France and the “America” ​​area have continued to display remarkable performance, with respective growths of 13% and 11% excluding changes.

By categories, the two main divisions of the company, namely “leather goods-sellerie”, and “clothing and accessories” increased by 10% and 7% in comparable data respectively.

“By category, the growth of leather goods is solid (+10% against.+9% consensus, although slowed down by low stock levels at the end of December). The growth of ready-to-wear (+7%), other sectors of Hermès (+6%) has been a little lower than expected, as well as the smallest and most cyclical categories like perfumes (-0.5% due to anticipated shipments 4T24) and watches (-10%) “, details Stifel.

Regarding its prospects, society has, as usual, avoided giving encrypted indications. “In the medium term, despite economic, geopolitical and monetary uncertainties worldwide, the group confirms an objective of increasing turnover at ambitious constant rate,” said Hermès again.

“In the medium term, despite economic, geopolitical and monetary uncertainties worldwide, the group confirms an objective of increasing turnover at ambitious constant rate,” added the group.

The company also announced that it would increase its prices in the United States, “from May 1 and on all trades”, in order to compensate for the 10% customs duties. Its director general of finance, Eric Halgouët, did not however specify the extent of this price increase.

The Sellier-Maroquerier had already noted its prices worldwide “6 to 7%” at the start of the year, and usually increases them only once a year.