Hermès accelerates as US demand and leather goods drive growth

Hermès reported an acceleration in second-quarter sales growth, with revenue up 6.7% at constant currency. The Americas posted double-digit growth, and leather goods, the group's largest and most profitable category, continued to show strength. The results stand out against a sector that has broadly struggled with slowing Chinese demand and cautious aspirational spending.

The performance underlines Hermès' position as the most resilient name in hard luxury. Its policy of controlled scarcity, in-house craftsmanship and steady price increases has insulated it from the discounting and inventory pressure that have hit more exposed rivals. Strength in the Americas is particularly notable given that US consumer sentiment has been mixed elsewhere in luxury, suggesting Hermès' core clientele remains largely unaffected by broader economic anxiety.

The read for the wider industry is stark. Hermès continues to demonstrate that ultra-high-end brands with genuine production constraints can keep growing even when the middle of the luxury market stalls. Investors and rivals will watch whether this Americas strength holds through the second half, and whether Hermès extends its lead over LVMH and Kering, both of which have had a harder 2026.

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