Ladies and gentlemen, welcome to the quarterly information report of Hermès International. I am now going to hand the floor to Éric du Halgouët, CFO, and Alexandra Boucheron, in charge of investor relations. Éric, Alexandra, over to you.
Good morning, one and all. Thank you very much for joining this call. Welcome. The group's consolidated revenue at the end of September 2026 amounted to EUR 12.3 billion, up 6% at constant exchange rates and 3% at current exchange rates compared to the same period in 2025.
The Americas, Japan and Europe, excluding France, achieved particularly dynamic growth. Currency fluctuations represented a negative impact of approximately EUR 310 million on revenue. Third quarter sales continued to grow in Q3, with sales reaching EUR 4.1 billion, up 4% at constant exchange rates and 6% at current exchange rates. In spite of macroeconomic and geopolitical difficulties, all our regions posted growth with the exception of the Middle East.
I would like to highlight that after a dynamic Q1, sales for the third quarter are equivalent in value to those for the first two quarters of the year, which speaks to the desirability of our collections, the loyalty of our customers, and the robustness of our company. The group continued its operational investments globally in both production capacity and the distribution network. Over now to Alexandra, who will give you more detail on the performance by geographical area and by division.
Good morning, one and all. We will start with the geographical breakdown. The figures are presented at constant exchange rate. At the end of September, as Éric mentioned, all regions posted growth, bar the Middle East, that recorded a slight drop.
To start off, in spite of a more difficult environment in China, Asia, excluding Japan, continues to grow, driven by solid performance in Korea and a speed-up in Singapore and Thailand in Q3. Greater China was stable across the period, which is very positive given the backdrop. In April, the new Sanlitun store opened in Beijing, followed by the renovated and extended stores of Hong Kong Elements and SOGO Fuxing in Taipei. Finally, the Kaohsiung store in Taiwan and the Taikoo Li Mall store in Chengdu reopened after renovation and extension work. Japan next, up 11%, confirms solid and steady momentum driven by the loyalty of its local customer base. The new store at Hilton Plaza East in Osaka was inaugurated in May after renovation and extension work before the opening of the new Nagoya location in June.
Americas, plus 13%, achieved strong growth across all the countries and divisions. The San Diego store, renovated and extended, reopened in July, followed by the inauguration of new stores, the Plaza del Lago in Chicago and Williamsburg in New York. In Brazil, the Rio de Janeiro store also opened in August. An event dedicated to petit h creations was presented at the Ala Moana store in Hawaii in August. Europe, excluding France, is up 9%, so strong growth there, thanks to the dynamism of Southern Europe. The U.K. also recorded strong performance in the Q3 , driven by the opening of a new maison at 166 New Bond Street in London, successfully inaugurated on June 16. France, plus 2%, is making progress, supported by the solid performance of seaside stores and the loyalty of our local customer base.
Middle East, -4%, continues to show solid resilience in a geopolitical context that remains complex. Let's now take a look at the different divisions still at constant exchange rate. At the end of September, the leather goods and saddlery division, whose appeal remains as strong as ever, and the silk and textile divisions posted solid growth. Leather goods and saddlery, +10%, was remarkably good from a performance stand view with strong desirability of both new models and iconic pieces. Our collections have been enriched with the Double Longe, Besace Attelée, and Bridé de Jour. The increase in production capacity continued with the inauguration of new workshops. This dynamism shows that Hermès is unique. We are driven by the uniqueness of our know-how and by the loyalty of our customer base. We continue to grow our capacity with a 25th leather goods workshop in Loupes, Gironde.
Three new leather good workshops will open in the coming years. Charleville-Mézières in 2027, Colombelles in 2028, and Les Andelys by 2030. Hermès thus continues to reinforce its footprint in France by developing employment and training in 11 regions across the country. The ready-to-wear and accessories sector is up 1%. Our ready-to-wear collections were very successful, including our show at the Garde Républicaine, which speaks to the vitality of our offer. Silk and textiles up 7%, solid performance there as well, thanks to the richness of its creations in both women's and men's collections. The Carré Chevaux d'Héphaïstos and La Nature en Voyage lend a modern twist to our iconic scarves. Perfume and beauty recorded a slight drop, -1%, with an improvement in the Q3. The perfume collection was enriched by the new eau de parfum, a Solar signature, Barénia Pleine Fleur, as well as Ginseng Biloba.
Hermès Beauty introduced a lip care ritual with a mask and a balm, which was met with immediate success. Watches, -2%, continues to enrich its offering with, for example, the successful launch of the H08 skeleton model, equipped with the latest generation titanium movement unveiled at the last April Watches & Wonders trade show in Geneva. We are continuing to grow our production capacity with the extension of the watchmaking site in Le Noirmont in Switzerland by 2028. Finally, the other sectors, so including jewelry and the home universe, are up 3%, which speaks to our uniqueness and the power of our creation. The jewelry collection Into the Horsescape was successfully unveiled in early July in Paris at the Musée des Arts Décoratifs and was shown in Shanghai in September. Thank you very much, and if you have any questions, do not hesitate.
Ladies and gentlemen, you can now ask your questions by dialing star one on your phone. Please, two questions maximum per person. The first question comes from Anne-Laure Bismuth from HSBC. Over to you.
Good morning. Thank you very much. My first question is on leather goods. My question is, what was the driver of the speed up for each region? So what was the driver of regional growth for leather in Q3? In leather, we're looking at +3%, +6% volumes increase. Is that still a reality? Tell us about the trends in October. Do you think there'll be any changes? Can you give us some regional granularity, please?
Well, good morning, Anne-Laure. For leather, there is no region that is driving the rest. It's pretty much balanced across the board. All regions grew for Q3 in this area.
And the second question was what? Oh, yes, on October and trends. There's no change in trends compared to what we have seen towards the end of Q3 for all the regions. The questions that are up in the air right now are mainly about France, to know if recent developments will have an impact because of maybe future tourist flows that might be smaller, but we're not sure yet. Just a quick word on leather and the increase in volumes. Could you confirm that we're at +6%? Well, capacity has increased by 6% for 2026. So that, yes, indeed, remains unchanged.
Thank you.
The next question is from Erwan Rambourg from Goldman Sachs.
Hi, good morning. Thank you. First of all, I have a question on Europe, bar France. I see that Europe is growing faster than the Americas, which is surprising.
Could you tell us to which extent London and the new opening is driving that? Or is it because American customers have come and bought items in Europe rather than in the U.S.? I'm just trying to understand because I was expecting America to perform better than Europe, and that's not the case. Second question on your vision on what's happening in China. You told us Greater China was stable, so I imagine that China mainland is slightly decreasing, and that's offset by growth elsewhere. But what is the most important factor? There was a new tax announced in July. There is the real estate sector. There is also concerns about unemployment. What do you think is the main driver affecting demand for luxury goods and Hermès goods more specifically?
Thank you, Erwan. So first of all, on Europe. Europe grew 10% in Q1, 8% in Q2.
So we continue to grow in a very consistent manner. All countries in the region are growing, which is great, with double-digit growth in some countries, such as Italy, for example, U.K., Spain, Turkey, Austria, Benelux, Portugal, and Greece. So you can see that most countries, especially in Southern Europe, are driving this growth. Back to the specific example of U.K., we have a speed up in Q3, which is driven by, of course, the opening of the new Bond Street store. But it has exceeded, let's say, our expectations, because this store is bringing in a higher revenue than the store that we closed and the previous one before. So we are not encroaching on the other stores in London and doing better than expected. The European clients are those who are buying in Europe.
If you look at people who are coming from outside of Europe to buy in Europe, we have a few Americans for sure. We also have a lot of Middle Eastern customers who are coming to Europe, that was towards the end of the summer, which helped us improve our results in both Italy and the U.K., mainly. So solid growth, and when we look ahead, when we look at the next couple of weeks, we have the inauguration of the Geneva store, which is planned for early November. Your second question was on China. First of all, it's worth reminding you that the macroeconomic context is not favorable, because real estate is down. Consumer trust in China is still quite low, with a very high savings rate and consumption, which remains unchanged.
Now, what made it a bit tougher is that financial markets dropped slightly over the last few months. This can be one part of the explanation. Then there was this new tax that was introduced, which aims at taxing all offshore goods to the tune of 20%, and it is retroactive. It applies to three previous years. It has retroactive effects. That income has to be paid pretty quickly for the last three years. That might speak to the figures in China, but I think it is worth looking at the group's performance. At the end of June, we were slightly growing in Greater China, and with this slight slowdown in Q3, we are pretty much stable compared to last year for Greater China. With a few developments, a slight improvement in Hong Kong, for instance, which remains a dynamic financial hub.
Macau is a slightly different picture with clients that do not necessarily come from China, mainland. Then Taiwan, where the situation is a bit more polarized between traditional industry that is slowing and the tech industry, which is growing very rapidly. Just a final word on China. We remain confident on the potential of China for the middle and long run. We have got a very qualitative distribution network there with few stores, but in good locations. We have 31 stores. As you have seen, we have opened a new store this year, and we continue to renovate our distribution network.
The next question. The next question is from Luca Solca from Bernstein.
Good morning, Éric and Alexandra. My first question is on France. Could you please remind us what your exposure to France will be in Q4? Tell us about the stores in France.
We have seen the demonstrations that took place last Saturday. We would like to try and work out the risk for French stores with the unrest for Q4. Second question now on China. Could you give us a bit more detail on what is currently driving your lower performances there? Is it a problem that has to do with footfall, with fewer people going to the stores? Or has it more to do with the fact that the average basket is lower? Or is it something else? My feeling is that the tax that you mentioned earlier affects rich people, but when you look at the business side of things, we see that it is the more affordable products that are in fact slowing down. I am wondering what your rationale is to explain this.
Okay, so first of all, on France. France is growing by 4% for Q3.
A lot of momentum on the French Riviera, so Monaco, Cannes. But it was a bit slower in Paris, especially during the summer, with a drop in footfall, which we believe is linked to the heat wave. Now, when you look at our clients, you can see that our local clients are growing. For the export side of things, we have a lot of momentum with a lot of European and American tourists that came to buy in the French stores. What we have also noticed, and I spoke about this for Europe, is that we have Middle Eastern clients who are coming to Europe to shop, but they arrive towards the end of the summer and then left quickly after that. But we are not at the same level as last year for Middle Eastern clients. There is a slight drop in that area.
The beginning of October confirmed this slight improvement that we saw in September after a month of August, which was quite slow for Parisian stores. Regarding China now. I forgot to answer your question on the recent demonstrations and events in Paris. First of all, we would like to have a thought for our clients and staff. The first thing that we did was to protect our staff, and we have reinforced security and safety of both our staff and stores. It is too early right now to gauge the impact on our stores and even lesser on tourism. We haven't noticed anything different over the last couple of days. It is mainly our store in Marseille that was attacked, which will not be reopening anytime soon. Otherwise, we have very few damages.
It is Nantes, Lyon, and the George V display windows that were broken, but nobody broke into these stores. So it is a bit too early to say what kind of impact that will have on our business in the weeks to come. Back to China now. What we see is that it is the volume divisions that are suffering. So fashion accessories, for example, and also watches and shoes.
These are the divisions, the métiers, that are the most impacted, and it has to do with a drop in footfall that we have been able to offset with greater value, which is the strength of Hermès with other divisions like jewelry, leather goods, and such like. But it is really a matter of footfall more than anything else, and the volume-related métier that suffer the most.
The next question is from Charles-Louis SCOTTI from Kepler Cheuvreux. Over to you.
Thank you very much.
My first question is on the U.S. How do you explain the sequential slowdown in Q3 in the U.S.? Growth is driven mainly by price and scope in the U.S. with new openings of stores. Or is it, in fact, driven by volumes? My second question is on the division other, more specifically jewelry. Is jewelry now down in Q3, even if fine jewelry compensated to that extent? So tell us about price and volumes for jewelry and fine jewelry.
Thank you very much, Charles-Louis. First of all, on the Americas, overall growth since the beginning of the year speaks to a higher footfall, greater value, so a higher average basket, and a conversion rate effect that is also more positive.
There is no scope effect or very little because we've closed the Wall Street store in July, and we opened the Williamsburg one at the end of September, so there is no scope effect there. That growth was enjoyed by all the divisions, and when you take a look at the geographical breakdown, that growth was balanced out between East, West Coasts, Mexico, Brazil, so across the whole region. The slowdown that you mentioned comes from two things. First of all, there's a basis effect. We were up 14% in Q3 last year, whereas we were at 12% for the beginning of the year. There was a slight slowdown in August and in early September. But business is now back to the level of the beginning of the year. So there is no change in trend at the moment.
The positive thing for the U.S. is that we are going to have a busy Q4 with Manhasset and its opening. That is for October 29. We have a Craft in Time event in Miami, and in November, we will be displaying our new fine jewelry collection in New York. This should lend more momentum to the U.S. in the final stretch of the year. Your question on jewelry and fine jewelry. What we see there is that we have successfully launched the ninth fine jewelry collection in July, and that collection will continue to travel around the world. After Paris in July, it was Shanghai in September, and then it will be New York, as I mentioned a minute ago, in November. The division was hit by the slowdown of Greater China.
If you look at the product breakdown, performance remains strong for silver, which is a division where Hermès has always been very good, with a strong increase in volumes and also good numbers for fine jewelry. There as well, there is strong progress. There was a slowdown, as you mentioned, but that is mainly because of Greater China. The slowdown affected the intermediary products. You also need to bear in mind that we are comparing this to high performances and high increases in the past. You need to bear in mind that we have this high comparison point. It is a slowdown in the numbers, but it is just a momentary dip, nothing more. For jewelry, we are very confident, and we have two avenues for growth.
First of all, we are going to continue with our vertical integration to increase our production capacity and to grow fine jewelry. Then we continue to extend our stores precisely because we want to better show off our offering of jewelry and fine jewelry. You probably have seen the Bond Street store, where we have a beautiful area dedicated to jewelry and fine jewelry.
The next question is from Jean Danjou from ODDO BHF.
Good morning. Thank you. I was wondering if you have a comparison effect compared to 2025. Could you tell us about the surprising performance of perfume and beauty? Could you give us some detail on why that performance has improved so much?
Last year, growth for Q3 and Q4 was +10%. It was already a dynamic division.
Over and beyond the percentage, you have to look at the revenue for Q3 in value, which is the same as Q2 and Q1. In Q1, just for a reminder, there is the Chinese New Year. Strong momentum across the three quarters. For perfume and beauty performed really well with the launch of a new lipstick and a new range, Plein Air. For perfumes, there was the launch of Un Jardin sous la Mer and Musc Pallida, which is an Hermessence. Hermessence are fragrances that we only sell in the Hermès stores. Then we launched Barénia Pleine Fleur recently and another Hermessence, Milleb ois. There were a lot of launches for Q3 for perfume and beauty. The business remains very dynamic in our stores for perfume and beauty, mainly driven by the Hermessence range that I have just mentioned.
It's a bit tougher with different picture in the external network because a lot of the other players try to reduce their stock. We are being hit by that desire from the external distributors to reduce their stock. Our strategy remains unchanged. We're going to optimize our own distribution network with dedicated spaces to perfume and beauty to better display our offering that is now much broader and will get even broader with skincare and such like in 2028.
The next question is from Thomas Chauvet from Citi. Over to you.
Good morning, Éric and Alexandra. Two questions. First of all, for prices in 2027, what is the price increase that you're expecting on the basis of the inflation of prices for materials, et cetera?
I seem to remember that you talked about +6% or even more than that at the end of June, so please clarify on that. Secondly, on the scope effect, you gave us an estimate of 1% or 1.5%. That was for the impact on the store network. With Beijing, Geneva, Bond Street, what kind of impact would that be in 2027? So how will these stores be impacted, and especially Bond Street in 2027?
Thank you, Thomas. First of all, for our pricing policy, we're going to apply the same rule as usual. We are going to try and clarify our own costs and to pass that on, at least for the Eurozone. So factoring the increasing cost of materials and payroll. That's the first thing.
Secondly, we have to take into account the currency impact, which as we mentioned, will be negative because of the depreciation of the JPY, because we are hedging gradually, but we haven't hedged for 2027 yet, or at least not entirely. I mentioned that the price increases will probably be slightly under 2026 for 2027, but none of this is finalized for the moment. We'll decide on price increases in a month or two. Regarding the scope effect, we often have somewhere between 1% or 1.5% impact, but next year we should not see any greater scope effect because there are no big openings like we have this year, Bond Street and Geneva.
The next question is from Édouard Aubin from Morgan Stanley.
Good morning, Éric and Alexandra. Thank you for giving me the floor. On ready-to-wear, I see that there's a drop in Q3.
That's the first time in a decade, if I recall correctly. Éric, could you tell us why there is this slight drop, and what are you going to do to increase the desirability of ready-to-wear going forward? Question number two now. You have a growth gap of 13% between leather goods and ready-to-wear. Are there regions where there are stronger discrepancies? Is there anything that you can say on that? That's it for my two questions. Thank you.
Regarding ready-to-wear and accessories, it's worth saying that Q3 does not reflect the positive underlying trend. There is a slowdown in Q3, mainly because of China. Excluding China, ready-to-wear, accessories, and also jewelry and other divisions are growing. Volume-related divisions have suffered a bit more, once again, because of the slowdown in Greater China, and ready-to-wear, if you consolidate it, is growing, for Q3.
All the regions are growing for ready-to-wear except China, that is faced by a number of difficulties that I outlined earlier. The positive thing about ready-to-wear is that our sell-through rate of our collections remains very high, so much so that a lot of stores had to reorder, replenish their stock because both collections sold really well. The latest collection, spring/summer, which was presented at the Galeries Lafayette was very successfully launched. There were a lot of very positive articles on the lightness, the excellency of this collection with unique know-how. Here again, it's a bit like for jewelry. You need to bear in mind the fact that we had very strong growth across the last four years. For ready-to-wear, we're looking at +80% across four years. The comparison basis is really very high.
Now when we look ahead, there are two main projects that are important milestones for us. First of all, there's the launch of the first men's collection by Grace Wales Bonner, and then the new collection Couture, which will have a kind of halo effect for the whole ready-to-wear division, probably women's ready-to-wear to even a larger extent. Then shoes are affected by, of course, China and also the slowdown in the Middle East. But here we also have projects to have a value strategy. For men's ready-to-wear and for shoes and for women's shoes, we are going to be developing items such as the Jumping, so boots, essentially, and putting new models out there. But you'll see that soon. The next question. Oh, sorry. There was another question on the gap for leather goods. Leather goods is making progress across all the regions.
All the leather goods that we produce is being sold. So desirability is very strong for Kelly, Birkin, and other bags across all regions.
The next question is from David Da Maia from CIC CIB.
Hello, Alexandra and Éric. Thank you for taking my question. My first question is on the October trends. If I understand correctly, there is no change in trends compared to Q3. You have given us some information on France, the U.S., for Q3. Could you tell us similar information about the Chinese market? How has it changed over Q3 so that we understand the October trends a bit better? Then second question on exchange rates. My understanding is that you haven't completely completed your hedging strategy. Could you tell us what you expect from a currency fluctuation point of view for the end of 2026 and for 2027?
Right. Okay.
In October, no change in trends, and that's true for all regions, including China. China is following the trend that we've seen so far for August and September, so no drop there. A slowdown that has impacted mainly Q3. We'll see to which extent that will impact Q4, but right now, we don't see any change in trends. Regarding the currency hedging effect, we're waiting for the budgets of our different entities. For this year, we're at about EUR 310 million of negative impact, but we are 100% covered for that. That has an impact on the operational margin. For next year, I can't really give you more information because we still have one amount to hedge. You might also have noticed that the dollar is a bit stronger now.
So the dollar should be maybe more favorable, but we haven't completed the hedging yet, so I remain conservative for the moment.
We are now going to move on to questions in English.
The next question a from Chiara Battistini with JP Morgan. Please go ahead.
Hello. Good morning. Thank you for taking my questions. I have just a couple left. One is on the operating expenses. In the current environment, given the uncertainty and the ongoing pressure in Asia, how should we be thinking about the evolution of operating expenses into H2, but also starting to budget for next year and margin implications from sustained volatility on top line? The second question on maybe touching on the Middle East, what are the latest trends that you've been seeing there towards end of the quarter and into Q4? Thank you.
Okay. Maybe regarding the Middle East. As a reminder, we operate six stores in the region, out of which three are directly operated in the UAE, two in Dubai and one in Abu Dhabi, and three concessionaires in Qatar, Bahrain, Kuwait. Like in Q2, the performance has been supported by local customers and the value strategy. We observed a significant drop in traffic by around 25%, and part of this impact has been offset by this value strategy, mostly leather and jewelry. The growth is driven by the retail sales, while the performance is a little bit lower in Qatar, Bahrain, Kuwait, our concessionaire. The region remains a strong growth potential for the group, hoping that the situation will improve in the near future, but this is not fixed today. Operating expenses.
Communication expenses will be maintained quite at a significant level because we consider that we need to address our key customers. As you know, 70% of our communication expenses are dedicated to specific events like Hermès in the Making. We consider it is very important to maintain the level of operating expenses. Of course, we are starting now the budget process for next year.
Recruitments will be focused on capacity, because we will continue to invest in our capacity in the leather, new workshops, and capacities also for other métiers. Also perimeter effect for new stores, enlargement of stores, and therefore, we will focus on the production capacities and perimeter effect for sales next year. While, of course, we will be more conservative for support functions.
The next question comes from Melania Grippo with BNP Paribas. Please go ahead.
Good morning. This is Melania Grippo from BNP Paribas. I have got two questions. One, if you could please tell us what was the performance of your online business in the quarter, should we assume, compared also to what you reported. Also I have seen that there is a greater visibility of bags online. In particular, some of them are quite expensive. Is there any risk in doing this? Thank you.
Online activity is growing at a lower pace than retail, but still growing. Regarding your question on leather visibility, the offer, which was presented until last month was very poor, and we decided to have a broader presentation to reflect the richness of our offer. But it remained very marginal. It is more for presentation point of view. This is why we decided to increase slightly the number of models presented in the e-commerce.
Thank you.
The next question comes from Zuzanna Pusz with UBS. Please go ahead.
Thank you for taking my questions. I have two, I just wanted to follow up on one thing. I guess maybe first of all, on the margin. How should we think about, you keep on investing in the business, which is obviously the right thing to do. Also, there is FX impact that we need to consider. Now, you have just printed a 4% growth, which is obviously something we have not seen in a while. I am just wondering, what kind of level of organic growth do you need to maintain the margins? For most of the companies, I think it is roughly 2%-3%, but you are obviously investing more. I am wondering if that is perhaps a slightly higher number. That is my first question. Second question is on the U.S.
I think you mentioned a little bit before that the U.S. slowed, perhaps because the comparable basis was a bit tougher, et cetera. I think we've read somewhere that maybe there's been a change in the leather goods wish list allocation policy in the region. I don't know if you can elaborate on that. I'm just wondering if this maybe impacted the region a little bit. So that's my second question. Then just follow up. I think you said that you want to maintain the level of communication expense, but I think in the past, that was many years ago, I think 2014, you may have said that the level of marketing you aim for is 5% to 5.2% of sales, in recent years has dropped below 4%.
Can you just refresh us, remind us, what is the level, if you look at it on an absolute level or as a percentage of sales? Thank you.
So three question. For communication, we do not build our budget saying we want to reach 3% or 3.5% or 4% of the sales. It's a bottom-up approach, country by country, and event by event, and our budget is a sum of the event. Of course, when summing all these project, then we define some priorities. But it's a bottom-up approach, value oriented and not a percentage of sales. We want to remain qualitative and to transmit, to explain the specificities of our models to our customers. In fact, of course, to cover our fixed costs, given the increase of raw materials, which can be expected, and given our wage policy to support our employees in this inflation context, a price increase of at least 4% to 5% could be meaningful. But this is not yet defined for next year.
The next question comes..
Of the new system that has been put in place in the U.S. regarding the wish list, it is not significant. It has nothing to do, I would say, with the
With the slightly slower growth that we have seen in Q3, to which I think É ric du Halgouët explained the fact that it is rather linked to a basis of comparison that was a bit more challenging, I would say, in Q3 last year. So there is nothing to do with this, I would say.
Okay, thank you. Just, sorry, the question, I do not think I got the answer. On the level of top-line growth, you need to maintain margins and growth.
Well, I just say the 5%, for instance, will be an average.
Five. Okay. Thank you.
The next question comes from Viktoria Petrova with Barclays. Please go ahead.
Thank you very much for letting me ask the question. I don't fully understand and need your help to understand the discrepancy between leather goods and all other divisions. You obviously have double-digit growth with acceleration in leather goods and deceleration is pretty much everywhere else, also sequentially. You talk about China. My understanding is that China is a drag on everything but leather goods. Could you explain it, either on the China example or overall? Do you have different customers in different divisions? Do you have different level of desirability? Do you think the price points are not resonating? What has changed recently when this massive underperformance of ex-leather goods started? Thank you so much.
The leather business is accelerating, but this is linked to the level of deliveries and the very strong desirability of the products which are delivered, while the other métiers are, as I mentioned before, impacted by the slowdown in Greater China, or as explained by the basis of comparison of the past year. But the trend remains positive for most of the métiers.
Why? Why so different? Why you have desirability for leather goods and no desirability for ready-to-wear in China?
Ready-to-wear remains slightly-
Slightly positive, yes.
Slightly positive in Greater China, which is mostly more volume products like fashion accessories and shoes, which are impacted by the slowdown.
Thank you very much.
We have no further questions for the moment.
Well, in that case, thank you very much. Thank you kindly for your attention. To conclude, Hermès continues to follow its course, continues to perform better than the market in a difficult set of circumstances. It is particularly remarkable because Hermès has continued to grow every single year over the last few years, and the market trends have not always been very favorable over the last four years, and yet we have performed really well and better than our peers. Therefore, Hermès continues to deploy its long-term strategy whilst protecting its ability to grow, to be profitable. We are facing the future with confidence, and we are excited to prepare for a new year with a lot of creation and the first collection by Grace Wales Bonner and the introduction of Couture by Nadège Vanhée next year.
The fundamentals of Hermès are more than ever a source of strength. I would like to thank you very much, and we will see and speak to you soon. Thank you.
Thank you.
Ladies and gentlemen, this conference is now over. Thank you so very much for taking part. You can now sign out.