Global Luxury Goods Hermes International: Hermès: Stretching upwards

研报英文原文证据摘录

Global Luxury Goods Hermes International: Hermès: Stretching upwards

30 June 2026

Luca Solca

+41 582 723 126

Global Luxury Goods luca.solca@bernsteinsg.com

Hermes International Maria Meita

+44 20 7170 0540

Rating maria.meita@bernsteinsg.com

Outperform Yi-Peng Khoo, CFA

Price Target +44 20 7676 6822

yi-peng.khoo@bernsteinsg.com

RMS.FP 2,150.00 EUR

Eric Chen, CFA

+852 2123 2628

eric.chen@bernsteinsg.com

Hermès: Stretching upwards

Hermès’s brand equity is second to none. Hermès may be facing a momentary soft patch Close Date 29 Jun 2026

in brand momentum (see Hermès: Valuations already discount a 'Ferrari reset'), but it remains

RMS.FP Close Price (EUR) 1,615.50

one of the largest luxury brands by revenue, despite a significantly smaller presence on social

Price Target (EUR) 2,150.00

media, while its iconic bags consistently command a premium on the resale market.

Upside/(Downside) 33%

Since the failed attempted acquisition by LVMH in 2008, Hermès has done a lot grow 52-Week Range 2,482.00/1,529.00

through middle-class consumers. At €16 billion in revenues, Hermès is today a mega- EDME 1,582.25

brand. A focus on costume jewelry, silk, and more accessible handbags has opened the FYE Dec

brand to a larger consumer audience, reaching down well into the aspirational middle class. Div Yield 1.1%

Direct competitors like Chanel now seem better equipped to take care of top-end Market Cap (EUR) (M) 170,547

consumers. When compared to Hermès, Chanel is more expensive in apparel, in shoes, in EV (EUR) (M) 160,660

jewelry and – since post Covid-19 – as expensive in leather handbags. Performance YTD 1M 6M 12M

Absolute (%) (23.9) (0.3) (23.1) (29.0)

Hermès is stretching its assortment upwards to better serve rich consumers. It EDME (%) 7.6 2.1 7.6 18.2