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Acquired / episode intelligence

Hermès

20 Feb 2024 81 published claims 2 attributable people
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Speakers in the public record

David RosenthalBen Gilbert

Claim mix

belief 52evaluation 9uncertainty 7recommendation 4commitment 4observation 4preference 1

Evidence policy

Every row below preserves an exact excerpt. Identified speakers are linked; unresolved voices are labeled and excluded from people counts.

Claim ledger

The useful parts, with receipts.

81 published records

05 / belief

Yup, which I think is very China focused. It's very interesting to me that they are trying to appeal, especially to a younger demographic, with a lot of their recent perfumes and selling in department stores.

“Yup, which I think is very China focused. It's very interesting to me that they are trying to appeal, especially to a younger demographic, with a lot of their recent perfumes and selling in department stores.”
Speaker
Ben Gilbert
Episode
Hermès
Publisher
Acquired

06 / belief

In this case, when you read about the Hermes family fortune today, it's the Dumas family that are obviously the CEO and the artistic director that you hear about visibly. But really, I think all the sons-in-laws and all of their descendants become active in the business.

“In this case, when you read about the Hermes family fortune today, it's the Dumas family that are obviously the CEO and the artistic director that you hear about visibly. But really, I think all the sons-in-laws and all of their descendants become active in the business.”
Speaker
David Rosenthal
Episode
Hermès
Publisher
Acquired

10 / belief

There's this almost dreamlike color palette that they use, starting with a base of orange and having this explosive rainbow of fun, but in some ways it all feels natural, from the earth, and just whimsy. I think that you nailed it, David, whimsical.

“There's this almost dreamlike color palette that they use, starting with a base of orange and having this explosive rainbow of fun, but in some ways it all feels natural, from the earth, and just whimsy. I think that you nailed it, David, whimsical.”
Speaker
Ben Gilbert
Episode
Hermès
Publisher
Acquired

12 / belief

Hermes has always thrived by figuring out how to be above it all and it be counterposition to the rest of luxury. It's an open question, I think, of whether the Apple partnership helps that or hurts that.

“Hermes has always thrived by figuring out how to be above it all and it be counterposition to the rest of luxury. It's an open question, I think, of whether the Apple partnership helps that or hurts that.”
Speaker
Ben Gilbert
Episode
Hermès
Publisher
Acquired

14 / belief

I would say, Hermes has figured out that there actually is a pretty big niche for craftsmanship or at least people who desire the brand of craftsmanship, and they're exceptional at value capture around that.

“I would say, Hermes has figured out that there actually is a pretty big niche for craftsmanship or at least people who desire the brand of craftsmanship, and they're exceptional at value capture around that.”
Speaker
Ben Gilbert
Episode
Hermès
Publisher
Acquired

20 / commitment

To identify Hermes at this point in time, and as we will see, he makes a Incredible amount of money on these trades, today, Hermes is a $230 billion market cap company, and he starts buying at below $10 billion.

“To identify Hermes at this point in time, and as we will see, he makes a Incredible amount of money on these trades, today, Hermes is a $230 billion market cap company, and he starts buying at below $10 billion.”
Speaker
David Rosenthal
Episode
Hermès
Publisher
Acquired

26 / belief

I think the latter part, it's not actually about the dollar amount. It's about the price difference, because if it's three times as much as it was a decade ago, it's harder to trust the intrinsic value of the good if it's fluctuating all over the place.

“I think the latter part, it's not actually about the dollar amount. It's about the price difference, because if it's three times as much as it was a decade ago, it's harder to trust the intrinsic value of the good if it's fluctuating all over the place.”
Speaker
Ben Gilbert
Episode
Hermès
Publisher
Acquired

32 / belief

Every time they come in at a generational transfer, and the company and the brand is under existential threat, even though we think of Hermes as the most unassailable thing in the world right now, but finds itself at a moment where it can be assailed.

“Every time they come in at a generational transfer, and the company and the brand is under existential threat, even though we think of Hermes as the most unassailable thing in the world right now, but finds itself at a moment where it can be assailed.”
Speaker
David Rosenthal
Episode
Hermès
Publisher
Acquired

40 / belief

There, I think, is a reasonable indictment to make that many of you will want to make on all of luxury and say, it's just excess, they don't actually create value in the world, and then they capture a tremendous amount of value because they just have a brand that allows people to social signal, and all luxury is excess.

“There, I think, is a reasonable indictment to make that many of you will want to make on all of luxury and say, it's just excess, they don't actually create value in the world, and then they capture a tremendous amount of value because they just have a brand that allows people to social signal, and all luxury is excess.”
Speaker
Ben Gilbert
Episode
Hermès
Publisher
Acquired

41 / belief

The business and the craft are intimately intertwined, they cannot be separated. This is a playbook theme I want to pull all the way forward, but it's so critical to understand about Hermes and what really in my mind differentiates it from LVMH.

“The business and the craft are intimately intertwined, they cannot be separated. This is a playbook theme I want to pull all the way forward, but it's so critical to understand about Hermes and what really in my mind differentiates it from LVMH.”
Speaker
David Rosenthal
Episode
Hermès
Publisher
Acquired

53 / belief

I think the takeaway is real that this knowledge is transmitted from one generation to the other in the very same way that it was from father to son all the way back at the founding of the company.

“I think the takeaway is real that this knowledge is transmitted from one generation to the other in the very same way that it was from father to son all the way back at the founding of the company.”
Speaker
Ben Gilbert
Episode
Hermès
Publisher
Acquired

65 / belief

I suspect though that it was strategic of like, our French clients are going to go to these places, they're going to rub shoulders with the Americans, with the British, and then we're going to have a store there so that those Americans, those British, elite, can go purchase our products there too.

“I suspect though that it was strategic of like, our French clients are going to go to these places, they're going to rub shoulders with the Americans, with the British, and then we're going to have a store there so that those Americans, those British, elite, can go purchase our products there too.”
Speaker
David Rosenthal
Episode
Hermès
Publisher
Acquired

73 / evaluation

I think we spent an hour and a half, and I had the most wonderful service and built an almost friendship with the associate who helped us through the whole process, spending as much time with me as they spent with someone coming in to pick up their Birkin bag.

“I think we spent an hour and a half, and I had the most wonderful service and built an almost friendship with the associate who helped us through the whole process, spending as much time with me as they spent with someone coming in to pick up their Birkin bag.”
Speaker
Ben Gilbert
Episode
Hermès
Publisher
Acquired

76 / evaluation

All of the puzzle pieces that fit together to create Hermes is an entirely different puzzle than the pieces that fit together to create Louis Vuitton. It's a great reminder that just because you are in the same product category as someone else, you don't have to build a similar business, and you might not even be competing with them.

“All of the puzzle pieces that fit together to create Hermes is an entirely different puzzle than the pieces that fit together to create Louis Vuitton. It's a great reminder that just because you are in the same product category as someone else, you don't have to build a similar business, and you might not even be competing with them.”
Speaker
Ben Gilbert
Episode
Hermès
Publisher
Acquired

77 / evaluation

There were, I think, some real problems in the business. That is the story of the sixth generation of Pierre-Alexis and Axel, who I think have certainly fixed those problems, but have really led Hermes, the business, and the company into a whole new era.

“There were, I think, some real problems in the business. That is the story of the sixth generation of Pierre-Alexis and Axel, who I think have certainly fixed those problems, but have really led Hermes, the business, and the company into a whole new era.”
Speaker
David Rosenthal
Episode
Hermès
Publisher
Acquired

78 / evaluation

At the same time, I find it absolutely terrifying from the perspective of what it means for Hermes and the Hermes' future, not because I think that Apple and technology is going to take over the world, but I think there are some serious problems with this product along the lines of the issues that Bernard identified in the company when he was making his run.

“At the same time, I find it absolutely terrifying from the perspective of what it means for Hermes and the Hermes' future, not because I think that Apple and technology is going to take over the world, but I think there are some serious problems with this product along the lines of the issues that Bernard identified in the company when he was making his run.”
Speaker
David Rosenthal
Episode
Hermès
Publisher
Acquired
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