Flat Asia-Pacific excluding Japan sales at constant exchange rates and 4.3% revenue growth, below Visible Alpha’s 5.2% forecast, framed Hermès International’s third quarter, when sales reached €4.096 billion, Reuters reported. Sales for the three months ended Sept. 30 rose 5.5% at current exchange rates from a year earlier.
The region generated €1.650 billion in quarterly revenue, unchanged on a constant-currency basis but 3.8% higher at current exchange rates. Over the first nine months, Asia-Pacific excluding Japan accounted for €5.182 billion, about 42% of group revenue based on company figures. Hermès said Greater China was stable during that nine-month period. The company did not provide a separate China-only sales figure for the quarter, so the regional result does not show China on its own.
Product lines diverged. Leather Goods and Saddlery revenue climbed 10.8% at constant exchange rates to €1.912 billion, while the combined Ready-to-wear and Accessories category fell 2% to €1.141 billion. Reuters reported that Hermès Chief Financial Officer Eric du Halgouët tied most of the decline to weaker Chinese demand for accessories sold in greater volumes. He called the Chinese market “very difficult.”
Bloomberg reported that analysts were questioning whether more Birkin and Kelly bags in boutiques and on resale platforms could make them seem less scarce. The outlet also reported that Hermès shares fell as much as 9% in Paris trading on Oct. 22.
China has featured in other luxury companies’ recent updates. LVMH said Oct. 12 that conditions in China had weighed on its third-quarter business. Its Fashion & Leather Goods division recorded a 5% organic decline.
Hermès said it remained committed to an ambitious medium-term revenue-growth objective measured at constant exchange rates, without specifying a growth number. Its next scheduled results release, for full-year 2026, is on Feb. 12, 2027.
