French brand Hermes, maker of leather goods and handbags and currently the most valuable luxury group worldwide, announced on Thursday it would hike its prices in the United States to offset the impact of 10% import tariffs imposed by President Donald Trump.
Famous for its Birkin handbag, silk scarves, wallets and other leather goods, the increases would take effect on May 1, said the group’s finance chief, Eric Halgouet.
Halgouet did not say by how much prices would be raised, but he said the move would “fully offset” the tariffs’ impact.
“It will be a complementary price increase that we are currently finalizing, but which will allow us to neutralize this impact,” he told reporters during a quarterly earnings presentation.
Hermes, also known for the “H” logo on its belts and other goods, usually raises prices once a year and had already announced a worldwide increase of between 6% and 7% earlier in 2025.
The group this week overtook French rival LVMH as the world’s most valuable luxury group after the share price of the Louis Vuitton maker sank on disappointing earnings.
Hermes posted global sales of 4.1 billion euros ($4.7 billion) in the first quarter of 2025, an 8.5% increase from the same period last year.
Sales in the Americas region jumped 13.3% to 695 million euros, with double-digit growth in the United States, Canada, Mexico and Brazil, Halgouet said.
U.S. sales were disrupted by wildfires in Los Angeles, which forced the closure of two shops for several days, and snowstorms in other states.
Trump imposed a 10% tariff on imports from around the world this month, but he delayed higher duties on dozens of other countries, including a 20% levy for goods from the European Union.
