Hermès published yet again consensus-beating H1 23 figures. All segments and all regions experienced a stronger-than-expected performance in Q2 23. The operating margin reached a new high of 44% during the first half. Unlike its industry peers, which have been affected by the slowdown in demand from American aspirational customers, Hermès’ growth in the Americas was almost double the market’s expectations. The unwavering waiting list and the brand’s less exposure to aspirational customers wil ....