Hermès’ global watch sales sector increased by 1.4% last year, ending on €157.5 million, a far cry from the average growth reported by LVMH.
The company reported total sales to be up by 8.6% with sales clocking in at €5.55 billion, and despite outperforming the 6% average for the luxury market, this was still below forecast and less than LVMH which reported growth of 13%.
Further comparison doesn’t help Hermès either, the company’s 1.4% watch sector growth is lackluster in comparison to the 10% that LVMH boasts.
Guillaume de Seynes, CEO of La Montre Hermès, conceded that the brand had experienced some “complicated years” for watchmaking, but declined to give figures.
Hermès typically sticks to conducting business in physical stores, stating that online purchases only account for around one third of sales for the company. Watches are one of the few things made by Hermès that have an ecommerce platform.
Hermès however does seem to be responding to this underwhelming watch stat; this year the brand attended SIHH for the first time, an event that could see the reputation of the brand as a watchmaker improve.
The growth rate in the Americas for the brand rose 7.7% to €995.8 million, this however accounts for the entire business, not just watchmaking.