French luxury group Hermès announced on Thursday that it would increase prices for its products in the United States to offset the impact of a 10% import tariff imposed by U.S. President Donald Trump. The group, known for its Birkin bags, scarves and leather goods, will increase prices on May 1, said Eric Halgouet, the group’s chief financial officer.
Halgouet did not disclose the size of the price increase, but said the move would “fully offset” the impact of the tariffs. “It will be a complementary price increase, which we are currently finalizing, but it will allow us to offset the impact of the tariffs,” he told reporters at a quarterly earnings briefing.
Hermès, known for its “H” logo on belts and other goods, typically raises prices once a year and has announced global price increases of 6% to 7% earlier in 2025. Shares of Louis Vuitton, the maker of Louis Vuitton, fell on disappointing earnings, and Hermès this week surpassed French rival LVMH to become the world’s most valuable luxury group.
Hermès’ global sales in the first quarter of 2025 reached 4.1 billion euros, up 8.5% year-on-year. Harguie said sales in the Americas jumped 13.3% to 695 million euros, with double-digit growth in the United States, Canada, Mexico and Brazil.
Wildfires in Los Angeles closed two stores for several days, and snowstorms hit other states, disrupting U.S. sales. Trump imposed a 10% tariff on global imports this month, but delayed tariffs on dozens of other countries, including a 20% tariff on EU goods.