Core Insights - The company reported solid sales growth in the third quarter, with sales reaching €3.9 billion, reflecting a 10% increase at constant exchange rates and a 5% increase at current exchange rates compared to the previous quarter [1] - Consolidated revenue for the group at the end of September 2025 was €11.9 billion, marking a 9% increase at constant exchange rates and a 6% increase at current exchange rates compared to the same period in 2024 [2] - The company maintains a positive outlook for medium-term revenue growth despite global economic uncertainties, supported by a strong artisanal model and customer loyalty [9] Sales Performance - Sales by geographical area showed growth across all regions, with notable performances in Asia excluding Japan (+4%), Japan (+15%), the Americas (+13%), and Europe excluding France (+12%) [5][13] - The Leather Goods and Saddlery sector achieved a remarkable growth of 13%, driven by strong demand for iconic products and new collections [4][15] - The Ready-to-wear and Accessories sector grew by 6%, with an acceleration noted in the third quarter [11][15] Sector Analysis - The Leather Goods and Saddlery sector reported sales of €5.3 billion, up 10.2% from the previous year [15] - The Ready-to-wear and Accessories sector saw sales of €3.4 billion, reflecting a 3.5% increase [15] - The Perfume and Beauty sector experienced a decline of 5.6%, attributed to a high comparison base from the previous year [11][15] Regional Highlights - In Asia excluding Japan, the region benefited from a value strategy and local client loyalty, with significant store renovations and expansions contributing to growth [5] - Japan's growth was sustained by local client loyalty, with a 15% increase in sales [5][13] - The Americas confirmed their momentum with a 13% increase, particularly driven by new store openings in the United States [5][13] Sustainable Practices - The company opened a new leather goods workshop in L'Isle-d'Espagnac, which will employ 260 artisans, reinforcing its commitment to local employment and high environmental standards [7]

Core Insights - Hermès International's shares increased by 1.4% to 2,250 euros following the appointment of Grace Wales Bonner as the new creative director for menswear [1] Group 1: Leadership Transition - Grace Wales Bonner, a 35-year-old British Jamaican designer, will succeed Véronique Nichanian, who has been with Hermès for 37 years [2] - Nichanian's final collection will be presented in January 2026, while Wales Bonner's first collection is scheduled for January 2027, allowing for a smooth transition [2][3] - The quick announcement of Wales Bonner as Nichanian's successor suggests that the transition plan has been in development for some time [3] Group 2: Financial Performance Expectations - Analysts anticipate Hermès will report an organic growth of 9.7% across all categories in the upcoming third-quarter results [3] - Sales for ready-to-wear items are expected to rise by 8% for the three months ending September 30 [4] - Leather goods sales, particularly the iconic Birkin and Kelly models, are projected to increase by 14.5%, indicating Hermès' strong market position [4] Group 3: Design Philosophy and Market Position - Nichanian was known for her "quiet luxury" aesthetic, which combined comfort, luxury, utility, beauty, heritage, and simplicity [5] - The decision to hire Wales Bonner, who has her own established brand, was unexpected, as analysts anticipated an internal promotion [5] - Industry experts believe that any external hire would need to align closely with Hermès' existing values and design philosophy [6]

Core Insights - LVMH's organic sales returned to growth with a 1% increase in the third quarter, signaling a potential recovery in the luxury market [1] - LVMH's stock surged by 12.2% to 597.90 euros, resulting in a market capitalization exceeding 300 billion euros [2] - Analysts view LVMH's performance as a positive turning point, addressing structural issues while managing costs [3] Sales and Market Performance - The luxury sector saw a collective rise in stock prices, with notable gains from Salvatore Ferragamo (up 7.8%), Moncler (up 7.8%), Prada (up 7.7%), Hermès International (up 7.4%), Compagnie Financière Richemont (up 6.3%), and Kering (up 4.8%) [4] - The overall investor sentiment improved, although one day of positive performance does not guarantee a sector-wide recovery [4] Consumer Trends and Regional Insights - LVMH's fashion and luxury goods division benefited from improved local spending in China (growing mid-single to high-single digits), as well as from American, Southeast Asian, and Middle Eastern consumers [5] - The turnaround at Tiffany is showing positive results, alongside improvements in traffic and basket size at Sephora [5] Leadership and Creative Direction - LVMH is experiencing a shift in creative leadership, with new appointments at key brands such as Dior, Fendi, and Loewe [5]

Core Viewpoint - Ferrari NV shares experienced a significant decline after the company issued cautious forecasts regarding future earnings, disappointing investors despite the launch of its first electric vehicle [1][2]. Financial Outlook - Adjusted earnings are projected to rise to at least €3.6 billion ($4.2 billion) by 2030, up from €2.72 billion this year, indicating a slower growth rate compared to previous forecasts made three years ago [1]. - The company has raised its net revenue guidance for this year to equal or exceed €7.1 billion, an increase from the prior guidance of €7 billion or more [5]. - Adjusted EBITDA for this year has been increased by 1.5% to at least €2.68 billion [5]. - For 2030, Ferrari's adjusted EBITDA margin is expected to be over 40%, which is below analysts' average estimate of 42% [5]. Market Reaction - Ferrari's stock fell as much as 16%, marking the steepest drop since its listing in Milan in January 2016, and is currently down about 12% for the year [2]. - Trading of Ferrari shares was temporarily halted due to volatility following the announcement [2]. Analyst Expectations - Analysts had high expectations leading into the investor day, with the highest proportion of buy ratings in five years [3]. - Some analysts anticipated that a potential lowering of electric vehicle targets would enhance Ferrari's earnings, expecting ambitious mid-term targets to be unveiled [4]. - The company's projections were viewed as underwhelming compared to high expectations, with targeted free cash of about €8 billion over five years seen as low against an expectation of €9 billion [6].

Core Points - Hermès International publishes the total number of voting rights and shares comprising its share capital monthly, in accordance with French regulations [2] - The data includes the total number of shares, theoretical voting rights, and effective voting rights, which are reported for the end of each month [3][4] Summary by Category Voting Rights and Shares - As of September 30, 2025, the total number of shares is 105,569,412, with 543,052 theoretical voting rights and 810,005 effective voting rights [3] - The effective voting rights have shown fluctuations over the months, with a peak of 818,530 on June 30, 2025, and a low of 216,740 on March 31, 2023 [3][4] Monthly Reporting - The company reports these figures before the 15th day of the following month, ensuring timely updates for stakeholders [2] - Historical data shows a consistent reporting pattern, with the latest figures being published on October 8, 2025, for the month ending September 30, 2025 [3]

Core Points - Hermès International publishes the total number of voting rights and shares comprising its share capital monthly, in accordance with French regulations [2] - The data includes the total number of shares, theoretical voting rights, and effective voting rights, which are reported for the end of each month [3][4] Summary by Category Voting Rights and Shares - As of August 31, 2025, Hermès had a total of 569,412 shares and 545,613 theoretical voting rights, with 178,811 effective voting rights [3] - The number of effective voting rights has shown fluctuations over the months, with a peak of 818,530 effective voting rights recorded on June 30, 2025 [3] - The effective voting rights decreased from 612,915 in July 2023 to 545,613 in August 2025, indicating a downward trend over this period [3] Monthly Reporting - The company consistently reports its voting rights and shares on the 11th of each month for the previous month’s data [2] - The reporting includes detailed figures for each month, allowing for tracking of changes in voting rights and shares over time [3][4]

Core Viewpoint - Hermès International is required to publish the total number of voting rights and shares comprising its share capital monthly, in accordance with French regulations [2]. Summary by Category Voting Rights and Shares - As of July 31, 2025, Hermès has a total of 569,412 shares, with 550,181 theoretical voting rights, and 178,816 effective voting rights [3]. - The total number of effective voting rights has shown fluctuations over the months, with a peak of 818,530 effective voting rights recorded on June 30, 2025 [3]. - The number of theoretical voting rights, including treasury stock, has also varied, with the highest recorded at 550,545 on June 30, 2025 [3]. Historical Data - The effective voting rights have decreased from 612,915 on July 31, 2023, to 550,181 on July 31, 2025, indicating a downward trend over the two-year period [3]. - The total number of shares has remained constant at 569,412 since November 2022, suggesting stability in the share capital structure [4]. Publication Schedule - Hermès publishes these figures before the 15th day of the following month, ensuring timely disclosure of its share capital information [2].

Core Insights - The company reported consolidated revenue of €8 billion for the first half of 2025, reflecting an 8% increase at constant exchange rates and a 7% increase at current exchange rates compared to the same period in 2024 [1][16] - Recurring operating income reached €3.3 billion, representing 41.4% of sales, which is a 6% increase from €3.1 billion in the first half of 2024 [1][6] - The net profit attributable to the group was €2.2 billion, down from €2.4 billion in the first half of 2024, but up to €2.5 billion when excluding an exceptional contribution from large companies in France [7][16] Revenue Growth - Sales in the second quarter amounted to €3.9 billion, marking a 9% increase at constant exchange rates compared to the first quarter [2] - All geographical regions experienced growth, with notable increases in Japan (+16%), the Americas (+12%), and Europe excluding France (+13%) [5][24] Performance by Sector - The Leather Goods and Saddlery sector saw a solid growth of 12%, driven by increased production capacities and sustained demand [5][26] - The Ready-to-wear and Accessories sector grew by 6%, benefiting from successful new collections [5][26] - The Perfume and Beauty sector experienced a decline of 4%, while the Watches sector saw a decrease of 8% [5][26] Financial Position - Cash flow from operating activities reached €2.3 billion, a 4% increase, with adjusted free cash flow at €1.8 billion after operational investments and lease repayments [8] - The restated net cash position at the end of June 2025 was €10.7 billion, down from €12.0 billion at the end of December 2024 [8][18] Employment and Sustainability - The company increased its workforce by over 500 employees in the first half of 2025, with 300 new hires in France, bringing the total number of employees to 25,700 [9] - Hermès continues to focus on diversity and inclusion, with a direct employment rate of 7.90% for people with disabilities in France [10] Outlook - The company maintains an ambitious goal for revenue growth at constant exchange rates despite global economic uncertainties [13] - Hermès is committed to its long-term development strategy, emphasizing creativity and control over its know-how [14]

Core Insights - Hermès International reported strong financial performance for the first half of 2025, with revenue reaching €3.5 billion, reflecting a 12% increase compared to the same period in 2024 [1] - The company's net profit for the first half of 2025 was €1.2 billion, marking a 15% rise year-over-year [1] - The growth was driven by robust demand in Asia and the Americas, with sales in Asia increasing by 18% and in the Americas by 14% [1] Financial Performance - Total revenue for the first half of 2025 was €3.5 billion, up from €3.1 billion in the first half of 2024, indicating a 12% growth [1] - Net profit reached €1.2 billion, compared to €1.04 billion in the same period last year, representing a 15% increase [1] - Operating margin improved to 35%, up from 33% in the previous year, showcasing enhanced operational efficiency [1] Regional Performance - Sales in Asia surged by 18%, driven by strong consumer spending and increased tourism [1] - The Americas saw a 14% increase in sales, attributed to the growing luxury market and brand expansion efforts [1] - Europe experienced a more modest growth of 5%, reflecting a challenging retail environment [1] Product Categories - Leather goods remained the top-performing category, contributing €1.8 billion in sales, a 10% increase year-over-year [1] - The ready-to-wear segment also showed strong performance, with sales rising by 20% to €600 million [1] - The fragrance and beauty division reported a 15% increase in sales, reaching €300 million [1]

Core Points - Hermès International publishes the total number of voting rights and shares comprising its share capital monthly, in accordance with French regulations [2][3] Group 1: Share Capital and Voting Rights - As of June 30, 2025, Hermès has a total of 569,412 shares, with 550,545 theoretical voting rights, and 818,530 effective voting rights [3] - The number of effective voting rights has shown a consistent increase from 723,917 on December 31, 2024, to 818,530 on June 30, 2025, indicating a growth of approximately 13.1% [3] - The total number of theoretical voting rights, including treasury stock, has remained stable at 550,545 since June 30, 2025 [3] Group 2: Historical Data - The effective voting rights were recorded at 612,915 on July 31, 2023, and have increased to 818,530 by June 30, 2025, reflecting a significant upward trend [3] - The effective voting rights were at 526,892 on November 30, 2023, and have increased by 55.3% to 818,530 by June 30, 2025 [3] - Historical data shows fluctuations in effective voting rights, with a peak of 758,072 on December 31, 2021, and a low of 216,740 on March 31, 2023 [4]