Acquired
Hermès
Unnamed Speaker
It's still not right, though. Oh. It's all marketing, that 4.5% versus 12%. But remember you pointed out to me earlier before recording, two-thirds of Hermes' communication is actually events. So if you look at the remaining third, it might be as low as 1.5% of their sales are actually spent on media buys for marketing compared to LVMH's 12%.
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