Hermès reported year-on-year revenue growth of 4.3% to €4 billion for the third quarter of 2026. Growth was driven by the US, Japan and Europe, while China and the Middle East lagged behind. Leather goods and saddlery rose 10.8% to €1.91 billion, while ready-to-wear, watches, jewelry and watches were in negative territories.
Hermès reported sales were up 4.3% at constant exchange rates to €4 billion in the third quarter of 2026, below expectations of 5.2%. This marks a deceleration from Q2, when Hermès’s sales were up 6.7%. Asia-Pacific, excluding Japan, was flat.
Other regions including the Middle East were down 4.5%. By category, leather goods and saddlery rose 10.8 % to €1.91 billion; ready-to-wear and accessories were down 2% to €1.14 billion; other business sectors (including jewelry and homeware) were down 1.1% to €486 million; watches were down 6% to €125 million; and silk and textiles were up 1.4% to €214 million. Perfume and beauty sales rose 7.5% to €128 million.
Investors will be especially keen on any context for Q4,” Jefferies analysts including James Grzinic wrote in a note. Analysts had predicted that the third-quarter luxury earnings would be challenging notably due to a sequential deceleration in China. They have proved to be right so far.
LVMH’s fashion and leather goods division reported a sales decrease of 5% in Q3. Moncler brand revenues fell 1% in Q3, Kering, Prada and Zegna are to report their Q3 earnings on Thursday, and Richemont on November 13.
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