Over two years (against pre-pandemic figures), the increase was 33% at constant exchange rates. Recurring operating income for the period was up 78% at €3.53 billion and made up 39.3% of sales. Net profit reached €2.45 billion, up 77% over 2020.

Regional growth

Asia and North America recorded the highest growth for the regions during the period, compared with both 2020 as well as 2019. Excluding Japan, Asia came in with growth of 45% over 2020 and 65% over 2019, driven in particular by a sustained performance in Greater China, Australia and Singapore.

Meanwhile, Japan along reported growth of 25% and 20% over the two years, posting a consistent increase in sales. North America grew by 57% and 24% respectively, despite restrictions imposed in several US cities in the fourth quarter.

Europe excluding France came in at 37% and 10% over the two year period with a strong second half and remarkable development of the local customer base, which partly offset the reduced tourist traffic, the company said. Finally, France alone grew by 35% over 2020’s results but remains down 3% on pre-pandemic 2019, with a fourth quarter marked by fewer tourists in the Paris stores.

Business lines

Hermès reports sales as exceptional for the leather goods and saddlery division during 2021, posting growth of 29% over 2020 and 23% over 2019. After the strong acceleration in the first nine months, sales in the fourth quarter reflected anticipated capacity constraints, the company said.

The ready-to-wear and accessories business line pursued dynamic growth with 59% and 44% increases over two years, thanks to the success of the ready-to-wear, fashion accessories and footwear collections, Hermès said.

Meanwhile, the watches segment of the business reported 73% and 77% growth over 2020 and 2019 respectively, which the company says results from exceptional watch-making expertise and the success of the new men’s watch H08 alongside other classics of the house.

Axel Dumas, Executive Chairman of Hermès, 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 (production units).

“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.”