- Hermès employees will receive a bonus of 4,500 euros in response to the company’s financial performance in 2024.
- The bonuses have regularly increased in Hermès despite the collapse of the luxury market.
- Hermès won more than $ 15 billion in revenues last year.
Hermes Employees collect the success of the company.
Friday, Hermès presented his financial report in 2024 which showed Better than expected sales. (Business Insider converted euros into dollars according to currency rates from Friday.)
The French luxury group said that sales had reached 4 billion euros ($ 4.1 billion) during the fourth quarter, an increase of 18% in constant and current exchange rates. In addition, Hermès earned 15.2 billion euros ($ 15.9 billion) in income last year.
In response, Hermès employees obtain a 4,500 euros ($ 4,723). There are more than 25,000 employees currently in Hermès.
“True to his commitment as a responsible employer and his desire to share the fruits of growth with all those who contribute daily to 2024,” said the report.
Hermès has become used to giving its employees at the end of year, but the amount has regularly increased in the past five years. The company offered a 1,250 euros ($ 1,312) After its 2020 financial results, then distributed a Genus of 3,000 euros ($ 3,148) the following year.
The bonus was hit at 4,000 euros ($ 4,198) Following 2022 of the company and 2023 financial results.
“In 2024, in a more uncertain economic and geopolitical context, the solid performance of the results attests to the strength of the Hermès model and the agility of the house teams, which I warmly thank,” Axel Dumas, president, Executive of Hermès, said in a declaration on Friday.
The financial results of the company are a brilliant stop in the luxury industry, where some companies had trouble navigating Market sagging in 2024. The share price for LVMH, Burberry and Kering all dropped last year.
Potential luxury buyers in China reduce expenses in the middle of a economic crisiswhile inflation has prompted many Americans to Avoid luxury products expensive. In Europe, uncertainty surrounding politics has led buyers to hesitate.
“50 million luxury consumers have either withdrawn from the luxury products market, or have been forced to do in the past two years,” said Claudia d’Arpizio of the Bain & Company consulting firm in a November report .
The representatives of Hermis did not respond to a request for comments to Business Insider which was made outside of regular working hours.