David Rosenthal: belief

Transcript context

…No, but that section could annoyingly be summed up by luxury brands, power comes from brand. At the brand level, yeah, but I think the holding company level is interesting and different. Okay, let's talk about playbook. Yeah, let's do it. The way that I want to do playbook, the way that I've been thinking about it is, what should you walk away with this episode and have as insights, things you learned, or things that could be applicable to your business? I think one of the most interesting ones is, Bernard had the insight that with scale economies, there are going to be massive profit pools in the luxury industry. We can talk about the trend of why luxury became big in the 90s to today. But when he had that insight, he operated the business in such a way where he made sure those profit pools all collected with the properties that he owned. Department stores have not had a great 20 years. Faceless manufacturers in China have not had a great 20 years. All the profit dollars get squeezed out of those.…

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