Hermès posts 13% sales growth in a luxury downturn by staying true to its equestrian roots
Apr 1, 2025
Key Points
- Hermès posted 13% sales growth in 2024 while the broader luxury sector contracted, crediting its strategy of doubling down on equestrian heritage rather than chasing trends.
- The brand hosted the Saut Hermès show-jumping competition at Paris's Grand Palais, drawing 177,000 attendees and reinforcing that it remains an operating equestrian business beyond handbags.
- Hermès sells $1,200 riding breeches and custom horse treats, incorporating equestrian details into bag closures and product design, proving heritage focus outperforms executive and creative director turnover seen at competitors.
Summary
Hermès posted 13% sales growth in 2024 despite a luxury downturn by staying rooted in its equestrian heritage rather than chasing trends. The French luxury house, founded as a harness maker in 1837, reinforced that connection by hosting the Saut Hermès—one of the world's most challenging show-jumping competitions—under the glass ceiling of the Grand Palais in Paris last week. The three-day event featured 110 horses competing over hurdles reaching 1.6 meters, with competitors vying for branded rosettes and a €400,000 grand prize.
Hermès is not just a handbag and scarf company. The brand still outfits top riders in equestrian gear, sells $1,200 riding breeches and $460 felt sugar boxes for horse treats, and incorporates its equestrian legacy into product design through stirrup-inspired bag closures and obstacles shaped like the brand's signature H logo in orange and brown.
The competition drew nearly 177,000 ticket holders over the weekend. Temporary stables were decorated with the same chandeliers used at the main venue, making the horses themselves part of the brand experience. According to Hermès' managing director of its equestrian category, the event demonstrates that "our equestrian roots are very much alive, not just a narrative."
While many competitors have cycled through executives and creative directors during the downturn, Hermès has doubled down on heritage and category focus rather than novelty. Heritage and athlete endorsement, rather than seasonal trend-chasing, are driving growth.