Net profit for the year rose to €1.53 billion from €1.41 billion in 2018, achieved by growth in all geographical areas, according to the company. Revenue for the period was €6.88 billion, up 15% compared with the same period last year, up by 12% at constant exchange rates. Operating income stood at €2.34 billion, up from €2.13 billion in 2018. “In the medium term, despite economic, geopolitical and monetary uncertainties around the world, the group confirms an ambitious goal for revenue growth at constant exchange rates,” Hermes said in a statement.

Hermes reopens stores in China
According to Hermes CEO Axel Dumas, the Group is seeing a return to “potential normalisation” in China after reopening seven of the eleven stores it had closed due to the coronavirus outbreak. He warned, however, that it is as yet too early to predict when the market will recover and the full impact on luxury spending. This comes in the wake of earlier disruptions to business by political protests in Hong Kong and strikes in France, which have also negatively affected sales.