Hermès

11236.485 - 11258.131 Unnamed Speaker

Next, their cash position. They've got $10 billion in cash, and that is after materially increasing the dividend for the first time in a decade. They've recently just started dividending out more cash, which, again, is emblematic of the same idea of money is not our constraint, which is pretty new for the business. That's a decade or two old problem that never existed over the first 170 years.