French luxury giant Hermes reported better-than-expected sales growth in the fourth quarter of last year on Friday, indicating that demand for the most upscale products remains strong in the turbulent luxury market.
The company said that sales in the fourth quarter rose 17.6% to 3.96 billion euros (about 4.15 billion US dollars) at constant exchange rates, exceeding the 3.69 billion euros forecast by analysts surveyed by LSEG.
Full-year sales in 2024 rose 14.7% to 15.2 billion euros at constant exchange rates, higher than the expected 14.94 billion euros.
In recent years, Hermes has largely avoided the general downturn in the luxury industry, maintaining a sense of appeal and exclusivity while other brands have faced setbacks due to rising costs and limited innovation.