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Hermès to pay all staff £3,500 bonus after big profit increase

Hermes

Hermès is set to give its 19,700 employees a one-time year-end bonus of £3,552 after a bumper increase in profits.

The French luxury store has announced a 38 percent increase in profits from 2021 to £3 billion last year.

The profitability of annual recurring operations increased to 40.5 percent from 39.3 percent in 2021.

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Revenues went up by 29 percent in the year ending December 31, 2022, as a result of strong demand in its worldwide markets.

Sales rose to £10.3 billion in 2022, which was a 23 percent rise at constant exchange rates and a 29 percent increase at current currency rates over the prior year.

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The company saw a a 40.8 percent increase in sales In the Americas , while Asia-Pacific, excluding Japan, saw a 24.7 percent increase in sales during the fourth quarter.

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Hermès is now building two new manufacturing facilities in France.

It has also hiked pay by six percent and hired 2,100 new employees last year, expanding its global workforce.

Over the last three years, the company has added 4,300 jobs, 2,900 of which were in France. This year, the company aims to add additional positions.

Source:  Retail Gazette

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