The group reported a better-than-expected profit of €4.3 billion, up 28% from 2022, on sales that surged 16% at current exchange rates to €13.4 billion.

“In 2023, Hermes has once again cultivated its singularity and achieved an outstanding performance in all metiers (businesses) and across all regions against a high base,” executive chairman Axel Dumas said in an earning statement.

The group said its 22,000 employees worldwide would get a €4,000 bonus early this year as part of “its policy of sharing the fruits of growth with all those who contribute to it on a daily basis”.

It will also propose an increase in dividends for shareholders.

Shares in Hermes rose by more than 4% to €2,168 in late morning deals at the Paris stock exchange, propelling the group above cosmetics giant L’Oreal in terms of market capitalisation.