Hermès posted record revenues, despite Walmart’s viral Birkin dupe
A lot of people are still workin’ for a Birkin, even as look-alike products threaten the brand.
Birkin bag maker Hermès reported better-than-expected sales for 2024 on Friday, with revenues reaching €3.96 billion ($4.15 billion) in Q4 — up 18% year over year. Hermès rose modestly on the news, as the French brand bucked the slowdown recently observed in the luxury sector.
Total revenues topped €15 billion (~$15.7 billion) in 2024, boosted by a strong performance in the Americas and significant growth in its leather goods category (up 16%). Despite the pressure of looming US tariffs, analysts remained confident that Hermès could bypass the impact of import duties by bumping prices further, since demand for its ~$270 ties, ~$12,000 bags, and ~$1,050 belts exceeds its supply.
Wirkin hard, or hardly Birkin
Hermès is the world’s oldest luxury brand, with artisanal roots dating back to 1837. The fashion house launched its iconic Birkin bag over a century later, which has since been cemented as a status symbol — not only through appearances in rap lyrics and Kardashian closets, but through the difficulty of acquiring one.
While Hermès no longer keeps a waiting list for wannabe bag holders, buyers must still demonstrate commitment to the brand with a history of purchases. Even then, by Sotheby’s estimates, prices continue to rise, with the cost of a Birkin 25 bag up 20% in the last three years alone.
This exclusivity has been controversial; however, the launch of a viral Walmart dupe (dubbed “Wirkins”) last December for just $78 gave consumers the opportunity to buy a substitute at less than 1% the price of an actual Birkin bag. Hermès CEO Axel Dumas addressed the look-alike on the earnings call: “It’s difficult to know what, exactly, to think about it apart from the fact that it irritated me — annoyed me.”
But, so far, Walmart’s alternative is doing little to deter the world’s wealthiest clientele from a bag that requires previous splurging in order to be splurged on.
