Hermès

In luxury, there’s Hermès… and there’s everyone else. Stewarded
by one French family over six generations, Hermès sells the
absolute pinnacle of the French luxury dream. Loyal clients will
wait years simply for the opportunity to buy one of the company’s
flagship Birkin or Kelly bags. Unlike every other luxury brand,
Hermès:


Doesn’t increase supply to meet demand (hence the waitlists)

Doesn’t loudly brand their products (IYKYK)

Doesn’t do celebrity endorsements (stars buy their bags just
like everyone else)

Doesn’t even have a marketing department! (they barely
advertise at all)



And yet everyone knows who they are and what they represent. But,
despite all their iconoclasm, this is not a company that’s stood
still for six generations. Unbeknownst to most, Hermès has
completely reinvented itself at least three times in its 187-year
history. Including most recently (and most dramatically) by the
family’s current leaders, who responded to LVMH and Bernard
Arnault’s 2010 takeover attempt by pursuing a radical strategy —
scaling hand craftsmanship. And in the process they turned the
company from a sleepy, ~$10B family enterprise into a $200B
market cap European giant. Tune in for one incredible story!


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Links:


See our episode page for visuals!

The saddle stitch (video)

Inside the Saddlery at the Faubourg

Hermès 2022 Annual Report

Axel Dumas Interview

All episode sources



Carve Outs:


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Matter

Perplexity

The Score Takes Care of Itself



‍Note: Acquired hosts and guests may hold assets discussed in
this episode. This podcast is not investment advice, and is
intended for informational and entertainment purposes only. You
should do your own research and make your own independent
decisions when considering any financial transactions.