Hermès generated €8.16bn in H1 2026 sales, up 6.1% at constant exchange rates and 1.6% reported. Recurring operating profit rose 0.7% to €3.35bn, while the margin decreased 40 basis points down to 41.0%. Net profit was broadly flat at €2.24bn.
Apart the Middle East all geographies grew. Japan rose 11%, the Americas 15% and Europe excluding France 8.8% at constant exchange rates. Leather Goods & Saddlery, Hermès’ largest business, grew 9.8%, while Silk and Textiles grew 9.7%.
Beauty, still small at less than 3% of group sales, is moving in the opposite direction. Perfume and Beauty sales fell 4.5% at constant exchange rates to €233m in H1, with the decline widening to 9.5% in Q2. It was the only Hermès métier in decline over the first half. Yet the division has continued to extend its offer with a seventh Jardin fragrance (Un Jardin sous la Mer) a new Hermessence (Musc Pallida) and the launch of Plein Air, the first Beauty Hermès foundation. Hermès says the foundation had a positive reception but not enough to offset softer sales across the broader fragrance and beauty business.
Strategically, to reignite growth and further scale the beauty business it could make sense for Hermès to licence it but it’s highly unlikely for Hermès to make such a move given its focus on controlling its full value chain.
Hermès does not give a forecast for the full year and reiterates a medium-term objective of ambitious revenue growth at constant exchange rates, while acknowledging economic, geopolitical and currency uncertainty.
