At Hermès, sales rose 9% in the quarter to €4.1 billion. At constant exchange rates, the increase was 7.2%, a respectable result in the current context. But expectations were higher: the consensus was 7.9%. As a result, the stock market response was mixed. Asia disappointed, but this did not dampen the group's momentum in other markets, where it continues to outperform. This is in contrast to LVMH, which was weighed down at the beginning of the year by lower sales at Louis Vuitton.

Hermès' strength lies in its pricing power. "We will fully offset the impact of the new tariffs by increasing our selling prices in the United States as of May 1," assured CFO Éric du Halgouët. This was a rare statement of such confidence. The group had already indicated that it did not intend to relocate its production to the United States. Its position is clear.

Brunello Cucinelli's growth remains solid, exceeding 10% for the quarter. The president and founder, true to form, speaks philosophically about the crisis. Quoting Thomas More — "My God, help me accept what I cannot change" — he emphasizes adaptation and excellence. The group may also raise its prices in the US for the winter collection.

"We remain committed to Italian luxury, exceptional craftsmanship and the highest quality," said the founder. This strategy targets customers who are sheltered from economic turmoil. According to a group executive, customs duties would only reduce demand in this segment by 1%. And it would take a 50% drop in the markets to wipe out the gains accumulated by wealthy American customers over the past three years... True to form, Cucinelli punctuated this revelation with "of course, we don't want to shout this from the rooftops, because that wouldn't be very elegant towards those who are really suffering from the tariffs." In plain language, this means that the Solomeo brand will be among the last to be affected in the sector. A characteristic it shares with Hermès.