French luxury house Hermes has reported a 16 per cent growth in revenue to $14.46 billion for last year, with net profit surging 28 per cent to $4.64 billion despite global demand for luxury goods slowing down. 

Sales in the fourth quarter ended December 30 reached $3.56 billion, up 13 per cent. 

“These solid results reflect the strong desirability of our collections and the commitment and talent of the house’s women and men,” said Axel Dumas, executive chairman of Hermes. 

The group’s sales in America and Europe increased by 21 per cent and 20 per cent respectively, and in Asia (excluding Japan), by 19 per cent with sales growth in all the region’s markets. Sales in Japan surged 26 per cent. 

“In the medium-term, despite the economic, geopolitical, and monetary uncertainties around the world, the group confirms an ambitious goal for revenue growth at constant exchange rates,” the company said in a statement. 

Further reading, Gucci’s parent company Kering Group reported a revenue of $21 billion for last year, down 4 per cent against 2022.