爱马仕三季度销售增4.3%至40亿欧元，皮具独撑增长
Hermès Sales Rise 4.3% in Q3
爱马仕公布 2026 年第三季度业绩：按固定汇率计，销售同比增 4.3% 至 40 亿欧元，低于市场预期的 5.2%，也比二季度的增 6.7% 明显放缓。分地区看，美洲增 8.8%、日本增 9.6%、欧洲增 7.2% 领跑；亚太（除日本）基本持平，含中东在内的其他地区跌 4.5%——中国需求转弱仍是本季奢侈品财报的共同背景。分品类看，皮具与马具增 10.8% 至 19.1 亿欧元，是唯一双位数增长的主力；成衣与配饰跌 2% 至 11.4 亿欧元，腕表跌 6% 至 1.25 亿欧元，含珠宝与家居的其他部门跌 1.1%；丝织品增 1.4%，香水与美妆增 7.5% 至 1.28 亿欧元。执行主席 Axel Dumas 称，尽管环境复杂，爱马仕仍保持盈利增长与既定方向，并预告明年 1 月将推出 Grace Wales Bonner 的首个男装成衣系列与 Nadège Vanhée 的高级定制。Jefferies 分析师提醒，皮具重新加速到近 11%，但其他品类的滞后也恶化到前所未有的程度，市场会紧盯四季度的说明。横向对照：LVMH 时装与皮具部门三季度销售跌 5%，Moncler 品牌收入跌 1%，开云、Prada、Zegna 将于今日晚些时候发布，历峰定于 11 月 13 日。说明：以上数字均出自爱马仕三季度业绩披露与 Vogue Business 的报道，预期值 5.2% 为分析师一致预期、非公司指引。署名：颜如玉编辑台。
- Hermès reported year-on-year revenue growth of 4.3% to €4 billion for the third quarter of 2026.
- Growth was driven by the US, Japan and Europe, while China and the Middle East lagged behind.
- Leather goods and saddlery rose 10.8% to €1.91 billion, while ready-to-wear, watches, jewelry and watches were in negative territories.
Hermès reported sales were up 4.3% at constant exchange rates to €4 billion in the third quarter of 2026, below expectations of 5.2%. This marks a deceleration from Q2, when Hermès’s sales were up 6.7%.
“Despite a complex environment, Hermès continues its profitable growth and maintains its course,” Hermès executive chair Axel Dumas said in a statement. “Convinced of the strength and relevance of our artisanal model, we see our vision as firmly rooted in the long term, and we look to the future with confidence.”
Dumas continued: “It is with great enthusiasm that we prepare for a new year rich in creation, with the first men’s ready-to-wear collection signed by Grace Wales Bonner and the introduction of couture by Nadège Vanhée next January.”
In the third quarter, growth was led by the Americas (up 8.8%), Japan (up 9.6 %) and Europe (up 7.2%). Asia-Pacific, excluding Japan, was flat. Other regions including the Middle East were down 4.5%.
By category, leather goods and saddlery rose 10.8 % to €1.91 billion; ready-to-wear and accessories were down 2% to €1.14 billion; other business sectors (including jewelry and homeware) were down 1.1% to €486 million; watches were down 6% to €125 million; and silk and textiles were up 1.4% to €214 million. Perfume and beauty sales rose 7.5% to €128 million.
“Leather has reaccelerated to almost 11% but the lag in other categories has also worsened to unprecedented levels. Investors will be especially keen on any context for Q4,” Jefferies analysts including James Grzinic wrote in a note.
Analysts had predicted that the third-quarter luxury earnings would be challenging notably due to a sequential deceleration in China. They have proved to be right so far. LVMH’s fashion and leather goods division reported a sales decrease of 5% in Q3. Moncler brand revenues fell 1% in Q3, Kering, Prada and Zegna are to report their Q3 earnings on Thursday, and Richemont on November 13.
来源：颜如玉编辑台 · vogue.com