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Hermes International revenues fall 7.2% to €6,389 mn in FY20

22
Feb '21

Pic: Hermes International

Hermes International SA, a French high fashion luxury goods manufacturer, reported 7.2 per cent revenues decline to €6,389.4 million in its full fiscal 2020 ended on December 31, 2020, compared to revenues of €6,883.4 million in the previous fiscal. Group’s net profit for the complete year was down to €1,385 million (FY19: €1,528 million).

“The solidity of our results reflects both the desirability of our collections and the agility of our craftsmanship model. I am proud of the work accomplished by all Hermes employees, who have shown courage, solidarity and commitment, and I thank our customers for their loyalty all over the world,” Axel Dumas, executive chairman of Hermes, said in a press release.

Gross margin for FY20 decreased to €4,376.2 million (€4,758.5 million), whereas operating income dropped to €2,072.5 million (€2338.9 million).

Geographically, Hermes sales in Asia (excluding Japan) grew 14 per cent to €3,749.3 million (€3,453.6 million) driven by 47 per cent growth 4th quarter particularly in Greater China, Korea and Australia. Sales in Japan fell 4 per cent to €833.9 million (€864.0 million). While, sales in Americas and Europe (excluding France) for FY20 slipped 21 per cent (€959.0 million) and 20 per cent (€1,573.0 million) to respectively.

Sales by business in all sectors for Hermes dipped during FY20: leather goods and saddlery 6 per cent to €3,209.2 million (€3414.3 million); ready to wear and accessories 10.5 per cent to €1,408.9 million (€1,574.2 million); and silk and textiles 23.7 per cent to €452.0 million (€592.5 million).

Fibre2Fashion News Desk (JL)

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