Hermès still has the queue. Growth already cooled.
Leather still double-digit; RTW accessories and APAC cooled first.
The queue remains. The growth rate is no longer a myth.
- Q3 +4.3% — slowest since 2020
- Leather +10.8%; RTW & accessories −2%
- APAC ex-Japan flat; China traffic soft
Hermès reported Q3 sales up 4.3% at constant exchange rates—about €4.1B—beating a slowdown narrative but marking the softest quarter since 2020. The market read it as proof that even the scarcest house now moves in “normal luxury weather.”
Leather and saddlery still rose 10.8%, while ready-to-wear and accessories fell 2%. Americas and Japan stayed strong; Asia-Pacific excluding Japan went flat as China footfall weakened. SS27’s AIR runway sold lightness; the retail ledger said fewer bodies in store.
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