Q3 2025 - Hermès Int'l

In-line performance with slight improvement in China

Before the bell, Hermès International provided an update on its Q3 and YTD sales performance. Similar to previous quarters, it was broadly in line with some puts and takes on segment performance and FX headwinds. At the time of writing, the stock’s down 2.6%.

Let’s take a closer look at the report and updated valuation model, and more broadly share our views on where we look for attractive exposure to luxury categories - two names that stand out.