LVMH, every mention
141 scenes · ← back to LVMH
tap a year for its mentions
every year anyone David Rosenthal 72Ben Gilbert 60David Senra 3Mitch Lasky 2Daniel Ek 2Andrew Marks 2
Verbatim, from the transcripts: the passages where LVMH comes up
Home Depot: The best-performing stock in the S&P 500 since IPO (Audio)
- ▶ 1:40 Ben Gilbert So that's more valuable than Netflix or Alibaba or Goldman Sachs or LVMH.
Vanguard: The communist capitalist who saved investors a trillion dollars (Audio) · Acquired
- ▶ 14:12 Ben Gilbert In the LVMH episode.
Ferrari: What happens when you staple a luxury brand to a sports team? (Audio) · Acquired
- ▶ 1:00:20 David Rosenthal It's probably also worth a quick moment here to talk about the sort of Italian nature of beauty and luxury versus the French nature of beauty and luxury that we've covered on Hermes or LVMH.
- ▶ 3:20:06 Ben Gilbert So when you look at companies that don't have to do that, LVMH is 66% and Hermes is 71%.
- ▶ 3:24:02 Ben Gilbert And until the luxury slump where LVMH and Hermes and all these other companies got hit too in the last couple of years, it was trading around 50 X for their last few years.
- ▶ 3:24:12 Ben Gilbert Now, for reference, most automakers trade at eight to 10 X, and Hermes trades at 35 to 60 X, again, big swing the last few years, and LVMH sort of around 25 X.
- ▶ 3:32:16 David Rosenthal On the other hand, I think it's not quite as powerful in terms of driving profit margins for a Ferrari as it is for, say, a LVMH or an Hermes.
- ▶ 3:58:12 Ben Gilbert If you liked this episode, go check out our episodes on Porsche, Rolex, Hermes, and LVMH.
Formula 1: Fast cars, celebrities, and B2B software (Audio) · Acquired
- ▶ 3:23:19 Ben Gilbert So the LVMH deal is a hundred million dollars per year, and that's the Louis Vuitton banners everywhere, Tag Heuer being the official timekeeping sponsor, the LV trunk, and of course they spray Moet all over each other on the podiums.
- ▶ 3:23:33 Ben Gilbert So you get sort of, um, wrapped in a blanket of LVMH now when you watch a race.
10 Years of Acquired (with Michael Lewis) · Acquired
- ▶ 4:43 David Rosenthal They, they, uh, somehow, I conned the French department into letting me do this, and what, probably 1213 years later, we made our LVMH episode, and, uh, it was a big moment for a choir.
- ▶ 27:02 Ben Gilbert Not all of it, but like, you know, we make epic systems about healthcare, and all the people who listen to LVMH are now learning how doctor's office IT works.
- ▶ 45:03 David Rosenthal That was LVMH.
- ▶ 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.
- ▶ 1:42:53 Ben Gilbert No, we learned it from LVMH.
- ▶ 1:42:57 David Rosenthal No, no, but LVMH was a banger.
- ▶ 2:39:44 David Rosenthal I got, um, I can tell you, uh, Ramo, uh, LVMH bought this, uh, it's a suitcase, a German suitcase company.
Trader Joe’s: Hawaiian shirts and counter positioning (Audio) · Acquired
- ▶ 1:57:16 David Rosenthal This is the exact same kind of structure, by the way, that Domenico DeSole and Tom Ford used to protect Gucci as the mechanism by which they rebuffed Bernard and LVMH in the handbag wars between Gucci and LVMH.
Rolex (Audio) · Acquired
- ▶ 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.
- ▶ 8:58 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.
- ▶ 3:28:45 Ben Gilbert And if we look at luxury versus premium, those definitions we used on the LVMH episode, it is absolutely luxury.
- ▶ 3:41:23 David Rosenthal This works so well for LVMH and Hermes and et cetera, et cetera.
- ▶ 3:47:54 David Rosenthal These days you're competing for physical space with LVMH.
- ▶ 3:51:12 David Rosenthal And I'm sure LVMH would have loved to have owned Boucher, eh?
- ▶ 4:12:39 David Rosenthal No, it's not managed like LVMH at all.
- ▶ 4:22:46 Ben Gilbert You could look at conglomerates like LVMH or Richemont, but there's too much other stuff in there.
- ▶ 4:59:41 Ben Gilbert If you like this episode, go check out LVMH, Hermes, or Porsche by searching in any podcast player.
Mars Inc. - The Chocolate Story (Audio) · Acquired
- ▶ 2:24 Ben Gilbert And their corporate strategy over the years is just as clever as companies like LVMH, Walmart, and Costco.
- ▶ 3:36:26 Ben Gilbert Mars always has been a diversified conglomerate, and they actually look a lot like LVMH in that they aren't a private equity firm, they're a buy and hold.
- ▶ 3:52:16 Ben Gilbert Well, if you like this episode, go check out our other episodes on LVMH, Sony, or Berkshire Hathaway, if conglomerates are your thing, or for more complex manufacturing, Novo Nordisk, the makers of Ozempec.
IKEA (Audio) · Acquired
- ▶ 2:39:41 Ben Gilbert With LVMH, they did the same thing.
- ▶ 2:39:44 Ben Gilbert He had, like, three years where he turned some small amount of money into six hundred million dollars to get the whole thing started, if I'm remembering our LVMH episode correctly.
- ▶ 2:39:52 David Rosenthal But LVMH, certainly capital, both from Bernard and the family and other sources, went into the business.
- ▶ 3:03:17 Ben Gilbert For listeners that haven't listened to LVMH and Hermes episodes, this borrows from the luxury playbook.
Microsoft Volume I: The Complete History and Strategy of founding through Windows 95 (Audio) · Acquired
- ▶ 2:55:27 David Rosenthal Back to the LVMH episode.
- ▶ 4:22:27 David Rosenthal And if you're not at all interested in technology or software, but have somehow managed to get through all these hours with us, go listen to our LVMH and Hermes episodes, even if you do love technology and software, which obviously you do…
Renaissance Technologies (Audio) · Acquired
- ▶ 3:01:33 Ben Gilbert So for anyone who listened to the LVMH episode, remember we were talking about the groundbreaking thing that Christian Dior did was his collection, The New Look, that was a post-World War II explosion onto the scene.
Hermès (Audio) · Acquired
- ▶ 2:21 Ben Gilbert LVMH was just after one year ago.
- ▶ 2:43 Ben Gilbert As much as they sort of get lumped together with brands owned by LVMH, they are in many ways the anti-LVMH.
- ▶ 2:55 David Rosenthal But, after our LVMH episode, I mean, you were so inspired by learning about Hermes, you went out and you bought your first luxury object, right?
- ▶ 3:03 David Rosenthal And it was not an LVMH brand.
- ▶ 3:06 Ben Gilbert My wife and I were on our honeymoon listeners after LVMH, so last summer, and we were in Exxon Provence, and we walked by an Hermes store, and I thought this would be a great time to go in and get each other something.
- ▶ 17:34 David Rosenthal Now, obviously, they also sort of learned the business from their parents, but they're not learning the business the way that the Arnaud children are learning the business at LVMH as executives.
- ▶ 18:30 David Rosenthal So critical to understand about Hermes and what really in my mind differentiates it from LVMH.
- ▶ 18:37 David Rosenthal LVMH, as we talked about on that episode, has world-class, best-in-the-world business executives who partner with world-class, best-in-the-world creatives.
- ▶ 55:41 Ben Gilbert 12 months now after we did the LVMH episode, we're finally on the tail end of this sort of pandemic bubble of luxury, and we're seeing a lot of these brands take a hit.
- ▶ 1:02:09 Ben Gilbert This idea that we talked about on the LVMH episode of luxury versus premium, where premium means you pay more and you get more utility out of a given product.
- ▶ 1:17:09 David Rosenthal Really, I think that was the best part of our LVMH episode.
- ▶ 1:17:13 Ben Gilbert When, uh, Domenico de Soleil and Tom Ford and that team rejected Bernard's takeover and managed to not become a part of LVMH, and obviously then Domenico and Tom Ford left to start Tom Ford after that.
- ▶ 1:39:14 Ben Gilbert We talked about this on LVMH, the Not Your Mother's Tiffany campaign.
- ▶ 2:11:54 David Rosenthal Ok, so, for anybody who's listened to our LVMH episode, as we talked about earlier, the climax of the story is Bernard's fight with Gucci in that episode.
- ▶ 2:12:52 David Rosenthal So it looks like other entities are buying these shares on the open markets, but LVMH have the rights to exercise options to go actually take those shares.
- ▶ 2:14:46 David Rosenthal I hope on our LVMH episode, this is some of the nuance that we painted about Bernard.
- ▶ 2:26:04 David Rosenthal Unless that is the core strategy of what you are doing, like LVMH.
- ▶ 2:29:36 David Rosenthal In October 2010, LVMH exercises its options on the equity swaps that it owns and announces that it now controls 14.2% of Hermes shares.
- ▶ 2:31:29 Ben Gilbert By LVMH.
- ▶ 2:31:31 David Rosenthal LVMH.
- ▶ 2:33:14 David Rosenthal You know, I'm sure Bernard and other people at LVMH and everybody else in the industry is doing everything they can to convince family members to sell.
- ▶ 2:38:32 David Rosenthal But meanwhile, there are all sorts of lawsuits going on, particularly around how LVMH amassed this stake in secret with the equity swaps.
- ▶ 2:38:48 David Rosenthal LVMH has to pay a fine, I believe, like a 10, fifteen million dollar fine for having done this.
- ▶ 2:39:00 David Rosenthal LVMH needs to distribute out that Hermes stake to its own shareholders.
- ▶ 2:39:06 David Rosenthal LVMH can no longer hold the stake.
- ▶ 2:39:08 David Rosenthal Well, who's the largest shareholder in LVMH?
- ▶ 2:39:56 David Rosenthal So, back when Bernard was engineering his takeover of LVMH, one of the financial instruments that he used to do it was he IPO'd a 25% stake in Dior.
- ▶ 2:40:26 Ben Gilbert And so he was able to generate a bunch of liquid cash from all the minority shares that he sold off, but he still got to control Dior, LVMH, Group RRNO, because he was technically the majority owner of each of them.
- ▶ 2:40:40 David Rosenthal Yes, but he and LVMH didn't own this 25% minority stake in Dior.
- ▶ 2:40:56 David Rosenthal With the 25% of Dior that he doesn't own, to bring that first into Group Arnault, his family office, and then he trades that into LVMH.
- ▶ 2:41:06 David Rosenthal So LVMH now finally, as a result of this, is able to take 100% control of Dior.
- ▶ 2:41:20 David Rosenthal Bernard's ownership of LVMH goes from 36% up to 46%.
- ▶ 2:41:25 David Rosenthal So he gets an extra 10% of LVMH.
- ▶ 2:41:36 David Rosenthal Basically, Bernard just gets 10% more of his own company as a result of this.
- ▶ 2:41:59 David Rosenthal I don't think there are any losers here, and the Hermes families absolutely are not losers, and you could even say they sort of have the last laugh here, because yes, Bernard gets to benefit from, you know, an extra four to five x…
- ▶ 2:42:18 David Rosenthal From, let's call it the real beginning of when LVMH publicly announces
- ▶ 3:23:22 Ben Gilbert And the question we asked David on the LVMH episode was, for luxury brands, is there anything else other than branding power?
- ▶ 3:24:10 David Rosenthal Now, on the LVMH episode, we talked a lot about, and I think this truly was maybe the most brilliant thing that Bernard Arnault did was he realized, when nobody else did, that there were scale economies in luxury to a group of luxury…
- ▶ 3:26:40 Ben Gilbert There's this really good part of the LVMH episode, and we're gonna need to repeat it point for point on the Hermes episode, and that is why handbags are just the best freaking product to sell ever as a business.
- ▶ 3:27:03 Ben Gilbert So the point that was made on the LVMH episode are handbags are the best product ever because they're super easy to sell versus clothing.
- ▶ 3:31:29 Ben Gilbert So if you look at the remaining third, it might be as low as one and a half percent of their sales are actually spent on media buys for marketing, compared to LVMH's 12%.
- ▶ 3:42:28 Ben Gilbert Let's compare this to LVMH.
- ▶ 3:42:30 Ben Gilbert Well, LVMH's total turnover in twenty-twenty-two was 24%, versus Hermes's six percent.
- ▶ 3:53:18 David Rosenthal And really, like you said, Ben, this episode started a year ago when we did the LVMH episode, and it's been percolating and percolating and percolating, and the last four weeks it's been every waking moment for us.
- ▶ 3:55:37 David Rosenthal Hermes could go out tomorrow and they could follow the consultants, they could borrow a page from the LVMH playbook, and they could vastly increase their sales and profitability overnight.
- ▶ 4:07:45 Ben Gilbert Super kind and a huge contributor to this episode, just like he was to LVMH.
Novo Nordisk (Ozempic) · Acquired
- ▶ 2:11 Ben Gilbert It is really hard to imagine a bigger market to go after, which is why Novo Nordisk has become Europe's largest company, surpassing even LVMH last year, David.
Holiday Special 2023 (Audio) · Acquired
- ▶ 2:22 Ben Gilbert We're just gonna do a lot of LVMH, NFL, uh, Visa, Costco, Nike, and the, you know, mixed in there.
- ▶ 14:07 David Rosenthal Is that those stories and studying the LVMHs, the Costcos, the Nikes of the world, if anything, that's like even more important than studying the great technology companies for building a great technology company.
- ▶ 14:24 David Rosenthal We found this just incredible response, especially to the LVMH episode of like, wow, here are these lessons that are not well talked about and known in our world.
- ▶ 14:54 Ben Gilbert But with LVMH, with Costco, maybe with Porsche, certainly with Nike,
- ▶ 16:10 David Rosenthal Then we did LVMH, which I feel like we have even more to talk about.
- ▶ 17:50 Ben Gilbert But you asked me what my favorite episode was, and my favorite episode was LVMH, because it was so not on my radar at all, and not something that I valued at all, and I scorned luxury before doing the research, and I didn't understand any…
- ▶ 18:21 Ben Gilbert And actually, that item is not made by LVMH.
- ▶ 18:42 Ben Gilbert And I should say, I own probably a lot of things that are LVMH, but none that I would consider luxury.
- ▶ 18:48 Ben Gilbert I mean, like, I have some Woodinville whiskey in the closet that LVMH somehow over the last few years came to own Woodinville whiskey.
- ▶ 22:38 David Rosenthal I think our best episodes this year were LVMH, Costco, and Visa.
- ▶ 27:30 Ben Gilbert Brand or a luxury product prior to LVMH.
- ▶ 27:56 Ben Gilbert Do with our scarcity before studying LVMH, but then afterwards, I sort of came to the realization of, oh, we should embrace the fact that we only have the throughput to be able to do one episode a month.
- ▶ 29:07 David Rosenthal So, The Luxury Strategy, which was part of our preparation for LVMH was reading this incredible book, The Luxury Strategy, which contains the 24 anti-laws of marketing, and I just want to call out anti-law of marketing number 18.
- ▶ 30:10 Ben Gilbert And like, if you are an LVMH, you do have to go build another factory in order to go serve more customers.
- ▶ 30:42 David Rosenthal I think LVMH, that episode alone, I think, completely changed, acquired.
- ▶ 31:13 David Rosenthal Which for me were LVMH, Costco, and Visa.
page 1 of 2 · 100 scenes per page · newest episode first next →