Hermès

7941.801 - 7971.317 David Rosenthal

So in 2001, right after he lost Gucci, Bernard quietly buys an initial stake in Hermes of 4.9%. Now, I believe that was just under the threshold that they would have to disclose it under French securities regulations. And then here's what they do that the Hermes families couldn't see coming, that only Bernard could engineer. He continues buying for the next 10 years using equity swap derivatives.