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Hermès

Craft-led growth, Long-term growth

An independent house of creation since 1837, guided by the attributes of craftsmanship: Responsibility, authenticity and a long-term approach
How Hermès describes itself

Craft-led growth

Hermès sold €16 billion in 2025 and earned a recurring operating margin of 41%. It publishes no numbered plan, only the aim of revenue growth at constant exchange rates, and describes the way it gets there: an integrated artisanal model, its own workshops in France, a school for the people who will work in them, and stores it controls. It grows by opening workshops and training the artisans to staff them.

I

In-house production

  1. In-house productionManufacture 55% in its in-house and exclusive workshops, and make 75% of its objects in France.
  2. New workshopsOpen new leather goods workshops: L’Isle-d’Espagnac in September 2025, then Loupes in 2026, Charleville-Mézières in 2027, Colombelles in 2028, and Les Andelys in 2030.
  3. A school for artisansTrain its own artisans at the École Hermès des savoir-faire, which opened on 6 September 2021 to prepare people of all backgrounds for the national leatherwork diploma.

Leather goods and saddlery grew 13.1% at constant exchange rates in 2025, to €7,070 million, as production capacity increased.

Hermès had 24 leather goods workshops in operation at the end of 2025, and opened Loupes in April 2026.,

Hermès had 27,107 employees at the end of June 2026, 16,656 of them in France.

Four more leather goods workshops by 2030

Hermès adds leather goods capacity by opening workshops, and trains the artisans for them at its own school. It had 24 in operation at the end of 2025 and has dated four more.

End of 20252026Loupes202720282030

One building for each leather goods workshop. The counts after 2025 are worked out from the 24 in operation at the end of 2025 and the four Hermès has dated.

25workshops

Loupes, Gironde

Opened in April 2026.,

Employees, end of June 2026
27,107
Of them in France
16,656

Net job creation of more than 600 in the first half of 2026, 300 of them in France.

Leather goods made 44% of revenue and grew fastest

Leather goods and saddlery was €7,070 million of Hermès’ €16,002 million in 2025. Perfume and beauty and watches shrank.

Leather goods and saddlery€7,070m+13.1%Ready-to-wear and accessories€4,525m+6.1%Silk and textiles€964m+4.7%Other Hermès sectors€2,055m+11.2%Perfume and beauty€489m−7.6%Watches€549m−1.5%Other products€349m+5.5%

Growth is against the same period of the year before.

Japan grew 11.0% in yen and fell 2.1% in euros

Hermès reports every region’s growth twice, at constant exchange rates and as reported in euros.

−10%0%+10%Asia-Pacific excluding Japan€3,533m−1.2%+2.4%Americas€1,585m+8.9%+15.3%Europe excluding France€1,165m+7.1%+8.8%Japan€798m−2.1%+11.0%France€753m+1.8%Middle East€330m−8.9%−4.2%All of Hermès€8,163m+2.0%+6.0%
At constant exchange ratesAs reported in euros

France has one dot because its currency is the euro. The 2026 total is given in whole percentages, and each row’s revenue is in € million.

  1. Add capacity by adding people, not by hurrying them.

    Hermès opened a leather goods workshop in September 2025 and another in April 2026, has four more dated through 2030, and runs its own school for the artisans who will fill them. Leather goods grew 13.1% in 2025 as production capacity rose. We recommend tying a growth target to the hiring and training that delivers it, so that the target cannot get ahead of the team.

  2. Read growth in the currency you earn it in.

    In the first half of 2026 Japan grew 11.0% at constant exchange rates and fell 2.1% in euros, and Hermès publishes both. We recommend showing a target’s underlying measure next to the reported one, so that a currency move can neither hide a good half nor flatter a poor one.

  3. Name the part carrying the growth and the parts it protects.

    Leather goods was 44% of 2025 revenue and grew 13.1%, while perfume and beauty fell 7.6% and watches 1.5%, and Hermès keeps all sixteen métiers. We recommend a plan that says which part leads and which parts the house holds anyway, so that a lagging one is the known cost of a broad house and not a surprise.

Sources

  1. 1. Hermès International (2026). Hermès International: 2025 Full-Year Results. Press release, 12 February 2026. globenewswire.com
  2. 2. Hermès International (2026). Hermès International: 2026 Half-year Results. Press release, 29 July 2026. nasdaq.com
  3. 3. Hermès International (2026). A value-creating and sustainable French model. finance.hermes.com, Accessed 29 September 2026. finance.hermes.com
  4. 4. Hermès (2026). L’École Hermès des savoir-faire. hermes.com, Accessed 29 September 2026. hermes.com

Headwater is not connected with Hermès International. Hermès is a trade mark of its owner. Updated 29 September 2026.

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