Hermès

Global luxury groups · RMS.PA

The Japan read

From the company's own filing for H1 2026 (to June) · reported 2026-07-29 · the filing

+11.0%Japan salesExcludes currency swings (Hermès's own figure).

JapanJapan sales rose 11.0% at constant rates to €798m (−2.1% in euros), accelerating to +12.3% in Q2 on strong store traffic and the loyalty of local customers.
StoresHermès expanded and renovated its Hilton Plaza East store in Osaka in May, then opened a new store in Nagoya in June.

Other callouts in the filing

BasisThe weaker yen erased Japan's growth in euros, a 13-point gap between constant-rate (+11.0%) and reported (−2.1%) figures (floortok's arithmetic); currencies cut more than €360m from group revenue.
One-offNet profit again includes France's exceptional levy on large companies' profits, as in H1 2025; excluding it, group-share net profit would have been €2.5bn, or 30.7% of sales.
OutlookHermès confirmed its 'ambitious' medium-term goal for revenue growth at constant exchange rates, without giving a number.

floortok's reading of the filing, in our own words. Figures are the company's own; where a growth rate is our arithmetic, it says so.

Show figures in

H1 2026 (to June) · Year-to-Date

Reported 2026-07-29

Revenue€8.2bn+1.6%

Recurring operating income€3.4bn+0.7%

Net income€2.2bn−0.4%

Japan+11.0%Excludes currency swings (Hermès's own figure).

The Birkin maker grew first-half revenue 6% at constant currency, though the strong euro held the reported rise to 1.6% and eased its recurring operating margin to 41.0%. Japan was a standout, up 11% at constant currency and accelerating through the second quarter on strong store traffic and loyal local customers.