《明起，爱马仕美国涨价，中国不跟进！

Company Overview - Hermès has announced a price increase in the U.S. market effective May 1, with a regular price hike of 6% to 7% to offset additional tariffs imposed on European goods [1][5] - As of April 29, Hermès' market capitalization reached $286.4 billion, surpassing LVMH's $284.6 billion, making it the largest luxury goods group globally [2][3] Financial Performance - In Q1 2025, Hermès reported revenue of €4.129 billion, a year-on-year increase of 9% (7% at constant exchange rates), although slightly below market expectations [3] - The growth rate has slowed compared to Q1 2024, which saw a 17% increase, indicating a potential weakening in growth momentum [3][4] Business Segments - Hermès' leather goods and saddlery remain the primary revenue drivers, growing by 10%, while other segments like ready-to-wear and accessories grew by 7.2% [4] - The watch segment experienced a significant decline of 10%, marking it as the only category with a noticeable drop in revenue [4] Regional Performance - All markets reported growth, with Japan leading at 17% growth to €420 million, followed by France at 14.2% and the Americas at 11% [4] - However, the Asian market (excluding Japan) showed only a 1.2% increase, raising concerns given its significant contribution to Hermès' revenue [4] Industry Context - The luxury goods sector is experiencing a trend of price increases due to rising production costs and currency fluctuations, with brands like Louis Vuitton and Chanel also implementing regular price hikes [8][9] - Analysts suggest that Hermès' price increase may trigger a broader price hike across the luxury sector as brands seek to mitigate the impact of higher import tariffs [8] Market Dynamics - The luxury market is facing challenges, particularly in China, where consumer confidence is low, and sales are expected to decline in 2024 [11][12] - Despite the overall market slowdown, Hermès has demonstrated resilience, achieving growth in all regions except for the watch segment [12][14] Brand Strategy - Hermès maintains a single-brand strategy, focusing on exclusivity and limited production, which helps sustain its high-end image and demand [14] - The brand's unique positioning and strong customer loyalty are attributed to its historical significance and craftsmanship, making it attractive to high-net-worth individuals [13][14]