Gate News message, April 15 — Shares in French luxury group Hermès sank 14 percent at the open on April 15 after the company reported that the Iran war has significantly impacted sales in the Middle East and Europe, with declining tourist numbers reducing purchases of designer items in Paris, London, and other major luxury hubs.
Sales in the Middle East region fell 6 percent in currency-adjusted terms to €160 million, down from €185 million in the first quarter of 2025. Chief Financial Officer Eric du Halgouet noted that luxury mall sales in Dubai and other Gulf shopping centers dropped 40 percent in March alone, following strong double-digit growth in January and February. The decline in tourism has also hit airport concession stores and luxury retail centers in Britain, Italy, and Switzerland, where Gulf shoppers are a key customer base. Sales in France declined 2.8 percent due to reduced tourism, while Asia—Hermès’ largest region by sales—saw revenue growth of just 3.5 percent, with air travel disruption affecting Singapore and Thailand. The United States was a bright spot, with currency-adjusted sales up 17.2 percent.
Hermès’ overall sales rose 5.6 percent in currency-adjusted terms, falling short of analyst consensus expectations of 7.1 percent growth. The company’s stock dropped to its lowest level in more than three years, bringing year-to-date losses to 28 percent. Currency fluctuations reduced revenue by €290 million in the quarter, resulting in a 1 percent decline in reported sales to €4.07 billion from €4.13 billion a year ago. LVMH and Kering reported similar war-related sales impacts earlier this week.
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