Hermès Hit With Rare Sell Ratings as Goldman, UBS Flag Slowing Growth; Shares Fall 3%

Hermès International SCA received its first sell ratings in over a year on October 5, 2026, as Goldman Sachs and UBS warned the Paris-based luxury maker's rapid growth era is ending. Shares fell as much as 3%, extending this year's decline past 40% and putting the stock on track for its worst annual performance since its 1993 IPO. Goldman analysts led by Erwan Rambourg said Hermès' years-long double-digit growth has ended, citing weakness in non-leather goods that depend on aspirational shoppers. UBS analyst Zuzanna Pusz flagged rising availability of Hermès products on the resale market as a crack in its supply-controlled defense. The downgrades challenge Hermès' reputation as the luxury sector's most resilient firm, built on Kelly and Birkin waiting lists. Its valuation premium has shrunk sharply—the stock trades near 27 times forward earnings, less than half its early-2025 multiple. Analysts expect full-year revenue growth of 6.82% at constant exchange rates, the slowest since 2020. Third-quarter results are due in mid-October.