Ben Gilbert: observation

Transcript context

…Yup. I don't think we want to go down this rabbit hole, but there is a whole TikTok and Instagram culture of Hermes sales associate appointments, Birkin appointments and reveals, and all that. It's huge. There are millions and millions of people that watch this. Yup. One thing that we did not talk about is how they merchandise the stores. This is another thing that sets Hermes apart from other brands. They have a pull model versus a push model for all you software engineers out there. Basically, they embrace this idea that every store is for the local clientele and that store managers know their clients the best. Therefore, store managers should get to pick what is in each store. Headquarters does not dictate what every store stocks, which is super different than every other brand. You open retail stores in order to just get your product out. The point is distribution. Whatever salespeople we hire to work at those stores, they're going to sell the same iPhones and iPads that we have everywhere else at every other store. That is not Hermes. At Podium every year, which is this event that they have every six months where they show off all the new references, here's all the new designs for all the new products, each store manager gets a budget. They have the freedom to "buy" basically stock and get allocations of whatever they want at their store under the constraint that you can't ask for 120,000 Birkin bags at your one store. I believe there's also regulation that every store needs to carry at least one item from each métier.…

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