PARIS – Hermès International continued to demonstrate its resilience and strong brand equity, with sales up 9 percent in the second quarter at constant exchange rates, slightly exceeding analysts’ expectations for 8 percent growth.

Sales totaled 3.9 billion euros, with growth recorded across all regions.

“The solid first-half results across all regions reflect the strength of the Hermès model. I would like to thank all our customers for their trust and all our employees for their commitment. We will continue to invest and recruit to ensure the group’s sustained success,” Hermès chief executive officer Axel Dumas said in a statement.

“Hermès has consistently focused on scarcity, craftsmanship and brand equity, rather than chasing aggressive volume growth. Its approach appears well-suited to a market where high-end consumers are becoming more selective and emotionally connected to brands,” commented Third Bridge analyst Yanmei Tang.

Sales in Japan rose 14.7 percent at constant exchange rates to 392 million euros in the three months to June 31, driven by the loyalty of local clients. That market defied the downturn affecting other luxury groups, including LVMH Moët Hennessy Louis Vuitton, which reported that organic sales in Japan plunged 28 percent in the second quarter.

In the Americas, Hermès sales rose 12.3 percent at constant exchange rates to 760 million euros, driven by “double-digit” growth in the U.S., despite earlier price hikes due to tariffs.

The brand also achieved double-digit growth in Europe, up 12.6 percent in the second quarter. In its home country of France, sales grew 4.1 percent, supported by continued strength among local clients.

Elsewhere in Asia, excluding Japan, sales increased 5.3 percent in the second quarter despite ongoing challenges. Hermès attributed this to its value-oriented strategy, as the brand continues to be viewed as a safe haven amid economic headwinds affecting other major players.

“While the overall luxury market in China is cooling, Hermès has continued to avoid heavy promotional campaigns and has not overextended itself in terms of product range or store expansion,” said Tang. “The brand’s disciplined retail strategy and selective investment in China are also paying off. Rather than flooding the market, Hermès has maintained a focused footprint and high store productivity…this has helped the brand avoid the fatigue now visible in some of its competitors.”

Hermès reopened two stores in the region, in Taiwan and Macao, following renovations and expansions.

While a smaller contributor by volume, sales in the Middle East surged 20.4 percent to 177 million euros.

Leather goods sales rose 14.8 percent in the quarter to 1.76 billion euros, as Hermès bags remain symbols of quality and desirability. The company continues to expand its production capacity, with new factories opening and more under construction to ease its well-known waiting lists. Three new workshops are set to open in France by 2028.

Ready-to-wear and silks posted modest gains, up 3.8 percent and 2.2 percent, respectively, l while other categories saw declines.

The beauty and fragrance category was down 7.2 percent in the three-month period, facing a tough year-over-year comparison following the launch of three new fragrances last year.

Watches, which have faced industry-wide challenges, declined 5.5 percent to 130 million euros in the second quarter. Hermès plans a recovery in this segment and will expand its watchmaking facility in Noirmont, Switzerland, by 2028.