Hermès' Japan revenue accelerates to double-digit growth in H1 2026, as it opens in Nagoya and renovates Osaka

Hermès said Japan revenue rose 11.0% at constant exchange rates in the first half of 2026, accelerating to 12.3% in the second quarter alone — the fastest of any Hermès region except the Americas — according to the half-year report the French luxury house published on 29 July. Hermès attributed the performance to strong store traffic and the loyalty of local customers.

Group-wide, consolidated revenue reached €8.163 billion for the first half, up 6.1% at constant exchange rates but just 1.6% at published rates, as currency movements cut more than €360 million from the top line, the company said. The second quarter alone brought in €4.094 billion, up 6.7% at constant rates, a slight acceleration from the first quarter's 5.6%. Recurring operating income held at 41.0% of revenue (€3.351 billion), down marginally from 41.4% a year earlier, while adjusted free cash flow grew 18% to €2.182 billion.

Region by region, Hermès' own breakdown puts Japan second only to the Americas (+15.3% at constant rates) among its six geographic segments, ahead of Europe excluding France (+8.8%), Asia-Pacific excluding Japan (+2.4%) and France itself (+1.8%). The "Other" region, chiefly the Middle East, was the sole decliner, down 4.2% at constant rates — resilience Hermès credited to local customers and its value strategy amid what it called an unstable geopolitical environment.

Behind the Japan figure sat two concrete store moves: Hermès reopened its Hilton Plaza East store in Osaka in May, after an expansion and renovation, and inaugurated a new store in Nagoya in June, the report said. Within the half, Japan's own constant-currency growth accelerated — from 9.6% in the first quarter, per the company's reminder table, to 12.3% in the second.

"Convinced by the strength of our unique artisanal model and in control of our key balances, we look to the second semester with confidence," Axel Dumas, Hermès' executive chairman, said in the report.

The acceleration matters more than the headline number. A market that grows faster in its second quarter than its first isn't simply lapping a weak prior year — the trend is building through 2026, not fading. It also matters that Hermès rarely discounts and treats scarcity as a lever rather than a problem to solve, so double-digit constant-currency growth of this kind reads as a full-price, demand-led story rather than one built on promotions. Committing capital to physical space at the same time — a renovated Osaka flagship and a new Nagoya door — reads as a bet on the Japanese client specifically, not just on currency-driven tourist spending passing through the country.

Hermès next reports Q3 revenue on 22 October; whether Japan's pace holds through the back half, as the yen and travel patterns shift, is the open question the report leaves for then.