Hermès FY23: a stellar performance in an increasingly polarised sector
Hermès ended FY23 with impressive sales growth (+18% in Q4), implying no slowdown versus Q3. We remain confident in Hermès growth prospects for 2024, expecting 15% organic sales growth (+12% previously) with a slight 20bps EBIT margin decline. We lift our 2024-25 earnings by 4%. Despite lofty valuaHermes International is engaged in the manufacture, sale, and distribution of luxury goods primarily in France, rest of Europe, Japan, Asia-Pacific, and Americas. Co.'s activities can be divided into two segments: the distribution via Co.'s exclusive network and the distribution via specialist outlets. The distribution via Co.'s exclusive network comprises silks and textiles, leather goods and saddlery, ready-to-wear and fashion accessories (men and women's clothing, belts, jewellery accessories, gloves, hats and shoes), and other goods (jewellery and products of the art of living department). The distribution via specialist outlets comprise perfumes, tableware and watches.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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