French luxury group Hermès said Thursday it will raise prices in the United States starting 1 May to offset the impact of a 10 percent import tariff imposed by President Donald Trump.

The company's finance chief, Eric Halgouet, said the increase would "fully offset" the tariff’s effect, though he did not specify the exact rate. “It will be a complementary price increase that we are currently finalizing,” he told reporters during a quarterly earnings presentation.

Hermès, known for its Birkin bags and signature “H” belts, typically raises prices once a year and had already announced a global price hike of 6 percent to 7 percent earlier in 2025.

The announcement comes as Hermès overtook rival LVMH as the world’s most valuable luxury group, following a drop in LVMH’s stock after disappointing earnings.

Hermès reported €4.1 billion ($4.7 billion) in global sales for the first quarter of 2025, up 8.5 percent from a year earlier. Sales in the Americas rose 13.3 percent to €695 million, with strong growth in the U.S., Canada, Mexico, and Brazil.

U.S. sales were briefly disrupted by wildfires in Los Angeles and snowstorms in other states, Halgouet noted.

Trump imposed the 10 percent global tariff earlier this month but delayed additional duties on select countries, including a planned 20 percent tariff on goods from the European Union.