David Rosenthal: belief

Transcript context

…Except for the ones that are opening their own independent shop, and those ones don't have brand power. An Hermes craftsman can make a wallet, an independent craftsman can make a wallet, you're going to pay a lot more for the Hermes one. In fact, you're never even going to be aware that the independent craftsman exists. If someone else wanted to go compete with Hermes, it'd be hard because they don't have the brand, they don't have the history, but also, you literally can't find any more craftsmen, so you'd have to train them yourselves. I think even the other luxury brands out there, most of them probably do have some craftsmen, some stuff that's done by hand, some components of some products done by hand. But nobody does what Hermes does, and Hermes does all the craftsmen, so cornered resource for sure. Yup. The other one that is a little bit squishier, are they counter positioned to other luxury brands by basically saying, hey, we don't have to serve as many customers as you, so we actually can handcraft each item individually? Louis Vuitton has no ability to switch gears and say, ooh, it's important to compete on the vector of handcrafted.…

Stored transcript either side of the excerpt. The highlighted words are the published quote; the surrounding text is unedited source, never generated.