Hermès

12190.117 - 12217.826 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 brands. There's the opposite of scale economies to an individual luxury brand, but at the group level, there is power and specifically scale economies power there.