Hermes hands $4,300 bonus to all 22,000 staff after strong late 2023 Asia sales

Bryan Ke
·2 min read
1

[Source]

Hermes is giving over $4,000 to each of its workers after it recorded stellar sales in late 2023, particularly in the Asia-Pacific region.

Upholding its commitment: Starting early this year, Hermes will hand all of its 22,040 employees worldwide a bonus of 4,000 euros ($4,300), the company announced in its financial report on Friday. The bonus is reportedly part of the French luxury brand’s commitment as a responsible employer and its policy of “sharing the fruits of growth with all those who contribute to it on a daily basis.”

Hermes will also propose an increase in dividends for shareholders from 13 euros ($14) in 2022 to 15 euros ($16) at the general meeting on April 30.

How much it made: Hermes reported an increase in net profit amounting to 4.3 billion euros ($4.63 billion) in the final quarter of 2023, about 28% more than its profit in 2022. The Paris-based company saw especially strong sales in the Asia-Pacific region, most notably in Japan, as of Dec. 31, 2023.

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Sales rose by 14.5% in Japan, while the region as a whole saw an increase of 12.9%. Collective sales in these locations amounted to 7.5 billion euros ($8.07 billion), making them Hermes' biggest markets.

Meanwhile, Hermes reported a 17.1% increase in sales in the Americas ($2.69 billion) and a 19.8% increase in Europe (3 billion euros or $3.23 billion).

What the company saying: Axel Dumas, executive chairman of Hermes, celebrated the achievement in a statement, saying the brand “has once again cultivated its singularity and achieved an outstanding performance in all métiers and across all regions against a high base.”

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Thanking all those working for the company, Dumas added, “These solid results reflect the strong desirability of our collections and the commitment and talent of the house’s women and men.”

What's next: Dumas on Friday also shared the brand’s plan to increase its prices between 8% and 9% this year after a similar increase of 7% last year. The move reportedly accounts for higher production costs.

 

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