// Hermès to pay employees one-time year-end bonus of £3,552

// The French luxury retailer reported a 38% rise in profits last year from 2021

Hermès is set to offer its 19,700 employees a one-time year-end bonus of £3,552 as sales and profits rise.

The French luxury retailer reported a 38% rise in profits last year from 2021 – reaching £3 billion. Annual recurring operating profitability rose 40.5%, up from 39.3% in 2021.

In the year to 31 December 2022, revenues rose 29% thanks to strong demand across its international markets.

Sales at Hermès increased to £10.3 billion in 2022, up 29% at current exchange rates and 23% at constant exchange rates compared to the previous year.

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Sales growth in the fourth quarter was driven by the Americas, up 40.8%, and Asia-Pacific, excluding Japan, which was up 24.7%.

Hermès is currently working on two new manufacturing sites in France to assist with its expansion plans. Last year, it added 2,100 employees to its global headcount and increased salaries by 6%.

The company has created 4,300 jobs over the past three years, including 2,900 in France, and plans more hiring this year.