Ben Gilbert: belief

Transcript context

…Let's talk about that a little bit in analysis in just a sec because I have some thoughts on that. Here's some more numbers just to contextualize the business today. It's 200,000 employees across all the businesses, there are 75 houses, and there are nearly 6000 stores around the world. David, you mentioned the $80 billion in revenue and $20 billion in profit. I think that profit margin, that 25% operating income, is actually depressed because of how forward-looking they are. Arnault is reinvesting more into fixed costs of stores, landing the best talent, and signing the long-term deals, especially doing long-term ad deals. They're investing in building all the brand equity across all 75 of these brands. They could be cash flowing much more than they are. 100% great point. All that has, of course, very famously, recently made Bernard the newly recrowned wealthiest person in the world.…

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