Hermès, every mention
33 scenes (2025), the whole family · ← back to Hermès
tap a year for its mentions
every year 2025 anyone David Rosenthal 277Ben Gilbert 261Charlie Munger 4
Verbatim, from the transcripts: the passages where Hermès comes up
10 Years of Acquired (with Michael Lewis) · Acquired
- ▶ 16:02 Ben Gilbert Like my, in calling out Hermes, it's because I think quality and scarcity have become an important part of acquired.
- ▶ 16:09 Ben Gilbert And in some ways we like learned that from Hermes, but we covered Hermes last year.
- ▶ 16:33 Ben Gilbert Yeah, and at some point we kind of looked at each other and we were like, 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…
- ▶ 54:08 David Rosenthal Whereas if you look at our, um, Costco episode, which is now two and a half years old, or, um, LVMH, Hermes, Rolex, like they just, they just keep going.
- ▶ 2:46:11 Ben Gilbert Listeners, if you like this episode, go check out our episodes on TSMC, Hermes, Costco, the NFL, Berkshire, or any other episode that we talked about.
Coca-Cola: The Complete History & Strategy (Audio) · Acquired
- ▶ 3:44:20 David Rosenthal Hermes is always Hermes, but it's always whimsical.
Google Part I: Origins of Search. How the Best Business in Human History Happened (Audio) · Acquired
- ▶ 3:29:37 David Rosenthal I think it's weak branding power though, because that's not a branding power like Hermes has branding power.
Rolex (Audio) · Acquired
- ▶ 3:05 David Rosenthal Hermes doesn't sell a million Birkins every year.
- ▶ 7:19 David Rosenthal One, because it's sort of a fun story and, uh, calls back to our Hermes and LVMH episodes, and it's gonna call back very directly to those episodes in a minute here.
- ▶ 8:24 Ben Gilbert Louis Vuitton and Hermes.
- ▶ 8:58 David Rosenthal These brands, I mean, much less so Rolex, but Hermes, LVMH are so steeped in this European history and the tradition of the nobility, but it's actually these orphaned outsiders that founded them.
- ▶ 3:03:11 David Rosenthal I wear my Hermes band on my Apple watch.
- ▶ 3:28:12 David Rosenthal To me, that's what Hermes does better than anybody else out there.
- ▶ 3:28:15 David Rosenthal They manage the market.
- ▶ 3:28:17 Ben Gilbert They're in control.
- ▶ 3:28:18 David Rosenthal They're in control.
- ▶ 3:29:09 David Rosenthal You know, you get a Birkin for, I don't know, 12,015 thousand dollars, like, I mean, it's an insane amount of money, but relative to what they could charge or what the secondary market prices are.
- ▶ 3:32:22 David Rosenthal Yeah, and this also starts to build into the lore, you know, just like Hermes has,
- ▶ 3:39:33 David Rosenthal There is this really awesome New York Times article in the last couple months talking about this dynamic, how all the other luxury houses over the past couple years, you know, during the post-COVID craziness, really raised prices, and…
- ▶ 3:40:46 David Rosenthal Very different in their strategy versus, uh, Hermes or other luxury companies is they don't control the last mile of retail and the customer relationship.
- ▶ 3:41:08 David Rosenthal In a way that Hermes or Louis Vuitton or Chanel or the like, they're managing their own customer relationships.
- ▶ 3:41:23 David Rosenthal This works so well for LVMH and Hermes and et cetera, et cetera.
- ▶ 3:41:37 David Rosenthal Hermes can have their own stores because they sell furniture and they sell ready to wear and they sell jewelry and they sell handbags.
- ▶ 3:46:45 David Rosenthal You're just going there to sign up for, you know, a, a wait list, which again is a very different experience than the Hermes retail experience.
- ▶ 4:12:30 Ben Gilbert It's quite tempting to say that Rolex is Louis Vuitton and that Patek is Hermes, but Rolex isn't quite Louis Vuitton.
- ▶ 4:14:28 Ben Gilbert Hermes doesn't do this.
- ▶ 4:22:58 Ben Gilbert There's maybe two with Porsche and Hermes, but I think you're right, that's Hermes.
- ▶ 4:23:06 Ben Gilbert Porsche trades at 15 X earnings, Hermes trades at 60 X earnings.
- ▶ 4:23:11 Ben Gilbert And my best estimates on Rolex's growth rate is actually in the same neighborhood as Hermes' growth rate, and Hermes' margin profile is also pretty similar to a forty-ish percent operating margin.
- ▶ 4:23:26 Ben Gilbert I actually think if growth rate's close, and if the operating margin's close, and if it's a single premium brand that's the best in the sector is the same, you totally could value it at what Hermes is valued at.
- ▶ 4:25:04 David Rosenthal Yeah, I mean, again, Hermes has a two hundred and ninety two billion euro market cap, and depending on what the assets are within Rolex, yeah.
- ▶ 4:35:06 Ben Gilbert You look at Hermes, and you're like, oh, all of the fun that you're having is the same sort of fun.
- ▶ 4:59:41 Ben Gilbert If you like this episode, go check out LVMH, Hermes, or Porsche by searching in any podcast player.