Axel Dumas appears deeply immersed in strategic development. He operates numbers effortlessly but doesn’t see his work solely as business. This became evident during the presentation. At first, he comes across as a typical businessman, one who thinks exclusively in terms of profit. He wears a perfectly tailored, double-breasted navy suit, buttoned up to the last button. The cuffs of his crisp white shirt peek out from under his sleeves—flawlessly measured at the ideal 1–1.5 cm. His hair is immaculately styled, unmoving. His mind seems cool, his voice following a steady, unwavering trajectory. He follows the slide structure precisely.
Then you notice the playful navy tie.
I'm very proud of our ties, which are not the most costly on the market. They're not worn by everybody.
The moment you notice the tie, the Q&A session begins. Now unbound by the rigid structure of the presentation, Axel Dumas gestures animatedly, enhancing his responses with expressive movements. Beyond numbers—which he effortlessly recalls from memory—something deeper emerges, something beyond mere number-chasing.
If you'd asked me ten years before, I had done some good calculations, saying I'd retire at 65, we'd grow by 7% a year. This led me to a revenue of 12 billion. We thought at that time that it was great and very ambitious. Today, I'm presenting 15 billion.
His statements are expansive. If they start with fact-based answers, those often extend beyond conventional business thinking. Responses are layered, diving into intricate nuances. He leans slightly forward, fully engaged in the conversation. At times, he crosses his arms, as if holding himself back.
My teams tell me to stick to the message, they tell me not to answer questions [that broadly].
Then another answer follows, generously infused with stories and reflections. Despite the expectation of adhering to dry, official commentary, he seems constrained by such a framework. The tightly buttoned double-breasted jacket feels too restrictive. Or perhaps... protective?
INTRODUCTION
It is hard to write about Hermès.
The presentation of the brand’s 2024 full-year results lasted 1 hour and 31 minutes, with the presentation itself taking only 19 minutes—the rest was dedicated to Q&A. For comparison, LVMH’s 2024 full-year presentation lasted 1 hour and 6 minutes, despite covering 75 brands across six divisions. Axel Dumas, the group's Executive Chairman, occasionally glanced at a team member.
I answer the questions that people advise me not to; they tell me to stick to the message,
—he said, yet continued answering them broadly anyway.
During the Q&A session, Axel Dumas, along with Eric Du Halgouët, Executive Vice President of Finance, answered all questions as comprehensively as possible, leaving no room for speculation. Add to this an extensive presentation that considers performance trends over the past ten years, the absence of scandals or internal conflicts that have become public, a stable management and creative team—and the group, intentionally or not, shapes its own narrative.
It might still be too early to provide a complete 360-degree view of the group’s plans, strategies, and current focus areas. The extended version of the results will most likely be published along with the Universal Registration Document by the end of March.
And yet, I still have something to add.
CONTENTS
2.1. Overview.
2.2. Revenue mix trends.
2.3. Country focus: China, Japan, France, United States.
2.4. Retail strategy.
2.5. Summary.
3.1. Leather goods and Saddlery.
3.2. Ready-to-wear and Accessories.
3.3. Other sectors.
3.4. Perfume and Beauty.
3.5. Silk and Textiles.
3.6. Watches.
3.7. Other products.
3.8. Summary.
IDEA LAB: ideas to implement for better performance.
VISUALS
Consolidated income statement, 2024 (*from official presentation)
Revenue change at constant exchange rates in 2015-2024, % YoY
Consolidated income statement, 2024 (*from official presentation)
Net profitability evolution in 2015-2024, % of revenue (*from official presentation)
Revenue by geographical area in 2024 (*from official presentation)
Revenue by geographical area in 2015-2024 (€m and % organic change YoY)
Revenue by geographical area in 2024, % of total (*from official presentation)
Revenue by sector in 2015-2024: change at constant exchange rate YoY
SOME QUESTIONS THIS REPORT ANSWERS (the list is not full):
How does Hermès maintain double-digit growth while competitors struggle with market volatility?
What lessons can other luxury brands learn from Hermès’ category diversification strategy to ensure sustainable growth?
What strategic pricing approach allows Hermès to preserve profitability without aggressive price hikes?
Why is Hermès deliberately limiting store expansion?
What product categories are emerging as the next revenue drivers?
How does Hermès leadership structure foster long-term stability?
Why does Hermès prioritize vertical integration in production, and how does this safeguard long-term brand value?
How is Hermès leveraging digital retail without compromising its exclusivity?
How does Hermès approach to workplace culture?
Who will benefit from this report?
This is a professional-oriented analysis, designed for those with a deep understanding of the luxury industry rather than a broad consumer audience. It offers strategic insights and in-depth analysis, focusing on Hermès group business model, market positioning, and long-term growth strategies.
Luxury brand executives & strategists: insights into Hermès long-term growth model and strategy;
Investors & financial analysts: key financial metrics, profitability drivers, and risks impacting Hermès future valuation;
Marketing & branding experts: Hermès’ unconventional "no-marketing" strategy and its impact on desirability;
Luxury consultants & business analysts: strategic takeaways to advise clients.