H08 boosts watch sales by 72% within the Hermès group

French luxury conglomerate Hermès Group, whose Berkin handbag is about as inaccessible as a Patek Phillippe Nautilus with a Tiffany Blue dial, reported total revenue up 41.8% in 2021 to reach 8.98 billion euros.

This is not only an increase from the pandemic ravaged 2020, it is also 33.4% more than in 2019.

Further proof, if it were needed, that the wealthy have made it through two years of covid restrictions; accumulating even more wealth along the way.

Consolidated net income increased further, from 1.4 billion euros in 2020 to 2.45 billion euros in 2021.

Watches make up a fraction of the Hermès group’s sales – totaling 196 million euros in 2020 – but the group’s annual accounts indicate it is the fastest growing category, up 72% to 337 millions of euros.

In the fourth quarter alone, worldwide sales of timepieces amounted to 96 million euros.

Asia is by far the largest market for Hermès, representing sales of 5.2 billion euros out of a worldwide total of 8.98 billion euros, but the Americas have been the growth territory. the fastest, with an increase of 57% to 1.5 billion euros at constant exchange rates.

“The Watches business (+73% and +77% over two years) confirms its solidity, which is the result of exceptional watchmaking expertise and the success of the new H08 men’s watch alongside other house classics”, specifies Hermès in its annual report.

Floyd N. Morlan