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Hermès International S.A., a French luxury fashion house, is set to raise its prices this year. This comes after the company reported a huge sales increase in the fourth quarter of 2023.
Another Price Markup
RTE News reported that Hermes plans to impose a price hike of eight to 9% in all its stores worldwide. The Birkin bag maker's executive chairman, Axel Dumas, confirmed the increase on Friday, Feb. 9.
It was noted that the company raised its prices last year, and about 7% was added to the price tags worldwide. Hermes explained then that this was a step it needed to take due to higher production costs. The hike in the United States was considerably lower than the rest of the world, at only 3%, with Japan having the biggest double-digit increase.
Hermes Attains Record Sales in 2023
At any rate, Hermes' total sales in the fourth quarter hit a record number. According to Bloomberg, the company thrived amid the decline in demand for luxury products in 2023. Its Q4 revenue soared to 17.5%.
Business analysts also expect the luxury brand to gain about 14% more. Moreover, the revenues from the last three months to the end of December 2023 reached €3.36 billion at constant foreign exchange rates. Lastly, Hermes also announced its plans for an exceptional dividend of €10 per share.
"There has been no interruption in trends," the Hermes executive chairman said. "While he noticed lower mall traffic in China during his last trip to the country over the fourth quarter that is not reflected in our figures."
Photo by: Olena Kamenetska/Unsplash
