BERNSTEIN：2025年爱马仕的“魔法公式”：奢侈品投资标杆的可持续增长密码报告（英文版）

Hermès stands out as the most desirable luxury goods brand. That is a great position to have. When things are bad and people cut their shopping lists, Hermès would be the last brand most people will cut. When things are good, Hermès would be the first brand people will flock to. Combine this with a deliberate choice to sell — at least in some categories such as leather goods — less than the market would take, and you have one of the most stable and least volatile performers in the market. Thi