Hermes

“Interestingly, 70% of buyers online for all the stuff that you can buy online were new to Hermes.”

“And uniquely, Hermes still does 85% of their production by hand by Mastercraft's people in France, as we will talk a lot about.”

“Basically, they embrace this idea that every store is for the local clientele, and that store managers know their clients the best. So therefore, store managers should get to pick what is in each store. And headquarters does not dictate what every store stocks…”

“Hermes cares so deeply about their brand that they burn imperfect products so they never see the light of day.”

“And Rolex followed this exact playbook over the last 10 years of not price-guiding themselves out of the market, but intentionally limiting supply, letting the secondary market go nuts, and then by keeping an even keel for themselves, and then now that there's…”

“The founders of arguably maybe the three biggest and most significant luxury brands in the world today were all orphans from the 1800.”

“Maybe if we just admit that we are heavily constrained, and then try to just lean into that constraint in the way that Hermes leans into every single Birkin bag must be handmade by one artisan, and we're going to build a business model around that. And it turn…”