1. News
February 21, 2022

Hermès registers 42% increase in revenue for full year 2021

The company's stores sales were up by 44% at constant exchange rates from 2020 and 41% compared with two years earlier.

French luxury design house Hermès has reported €8.98bn ($10.1bn) in group consolidated revenue for the full year 2021, a 42% increase at constant exchange rates compared with 2020.

During the year, Hermès’ recurring operating income increased by 78% to €3.53bn, while its net profit rose 77% to €2.44bn against the previous year’s figure.

The group’s stores sales grew by 44% at constant exchange rates compared with 2020 and 41% against two years prior.

Hermès’ wholesale activities increased by 24% despite challenges to travel retail.

The company said this growth was driven by robust performance in its Asia and America operations, as well in Europe, which returned to growth compared with 2019.

Hermès executive chairman Axel Dumas said: “I thank, above all, the passion and quality of our teams’ work, because together we have made 2021 an exceptional year.

“Abundant creativity, unique know-how and the quality of materials have driven the growth of our sixteen métiers.

“Hermès is very dedicated to its role as a committed and responsible company and continues its commitments to job creation around the world and to regional regeneration in France, while reinforcing its ambitious environmental objectives.”

Last year, Hermès Group added almost 1,000 employees, taking its total to 17,595, including 10,969 in France, by the end of the year.

Despite several economic, geopolitical and monetary uncertainties worldwide, Hermès expects its revenue to grow at constant exchange rates throughout the year.

In a statement, the company said: “Thanks to its unique business model, Hermès is pursuing its long-term development strategy based on creativity, maintaining control over know-how and singular communication.

“‘Lighthearted’ will be the prevailing theme in 2022. Never lacking in depth, it is a source of creative vitality and nourishes the positive and resilient mindset of Hermès.