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Category: Hermès
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Listed beauty groups averaged 4.2% weighted like-for-like growth in Q1 26, but this masks a real divide. Half the peer group grew meaningfully while the other half was flat or in decline. I reckon that the differences partially come down to three variables: category mix, China exposure, and proximity to the Middle East conflict.
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Hermès opened its 2026 fiscal year with a performance that will test the patience of shareholders accustomed to the group’s unassailable trajectory with shares down 14% at the open on April 15th.
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Hermès reported full-year sales of €16bn, up 8.9% at constant exchange, although perfume and beauty diverged sharply from the group trajectory. The division contracted 8% against exceptionally high comparatives set by the Barénia womenswear fragrance launch in 2024. The division launched two new Eaux de Parfum Intenses, Terre d’Hermès in the first half and a…