Hermès released third-quarter revenue information on October 22, 2026. First-nine-month revenue totalled EUR12.260 billion, up 5.5% at constant exchange rates and 2.9% as reported. Third-quarter revenue alone was EUR4.096 billion, with corresponding growth of 4.3% and 5.5%. Different percentages reflect different periods and currency bases rather than contradiction. These two coordinates come first when reading the brand’s product and retail direction through its report.
Constant and reported exchange rates answer different questions
Constant-rate growth applies the earlier period’s exchange rates to current sales to compare business changes across markets. Reported rates give the amounts actually presented after conversion into euros. The company says currency movements reduced nine-month revenue by approximately EUR310 million. The higher constant-rate percentage should not stand for the whole result, nor should a quarterly percentage become a full-year figure.
Brand leather goods show silhouettes and handle details in styling.
Regional figures also require their period. Over nine months, constant-rate growth was 13.1% in the Americas, 10.5% in Japan, 9.0% in Europe excluding France and 1.6% in Asia-Pacific excluding Japan. In the third quarter, Asia-Pacific excluding Japan was flat at constant rates. Cumulative growth and current-quarter pace can differ, while stable Greater China sales over nine months do not mean every city or quarter increased together.
Leather Goods and Saddlery leads, without every sector rising together
Leather Goods and Saddlery generated EUR5.673 billion over nine months, up 10.2% at constant rates, accelerating to 10.8% in the third quarter. It includes men’s and women’s bags, travel items, small leather goods and equestrian products. New Double Longe, Besace Attelée and Bride de Jour models join established pieces; one celebrated handbag alone cannot explain the category.
Silk and Textiles rose 7.0% over nine months at constant rates, while Ready-to-wear and Accessories increased 0.6%. Perfume and Beauty fell 0.7% over nine months but rose 7.5% in the quarter. Watches declined 1.9% over nine months and 6.0% in the quarter. Higher group revenue does not mean every collection or material benefits equally, and one quarterly shift does not settle a full-year trend.
Brand fragrance imagery against a coloured background.
Workshops and stores extend the timeline across years
The twenty-fifth leather workshop opened in Loupes, France, in April. The company lists further workshops in Charleville-Mézières by 2027, Colombelles by 2028 and Les Andelys by 2030. Training and locations build capacity gradually; planned workshops are not already contributing current-quarter production. Retail renovations and expansions include Taipei SOGO Fuxing, Hong Kong Elements, Kaohsiung and Chengdu, making network renewal distinct from new openings.
Creatively, the company confirms Grace Wales Bonner’s first men’s ready-to-wear collection and Nadège Vanhée’s Couture for January 2027 as forthcoming plans. This release concerns revenue and does not provide standalone third-quarter net profit. Medium-term growth aims remain objectives rather than achieved results. Separating amounts, comparison bases, category differences and future plans makes leather, clothing and stores’ different timelines visible.
