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Business
商業(yè)版塊
Schumpeter
熊彼特專(zhuān)欄
The one that got away
逃脫的品牌
Hermes seemed destined to become part of LVMH’s luxury empire. Not so fast
愛(ài)馬仕似乎注定要成為酩悅·軒尼詩(shī)-路易·威登集團(tuán)奢侈帝國(guó)的一部分。但沒(méi)那么快。
In the autumnof 2010 le tout Paris of business braced for the sad, if predictable, end of an era. After 173 years and six generations, Hermès, a purveyor of handbags to bankers and neckties to their husbands, was to become part of LVMH. The champagne-to-evening- gowns mastodon, home to Louis Vuitton and Christian Dior, among many others, had disclosed a stake of 17% and rising. Bernard Arnault, LVMH’s boss, with a knack for closing in on companies he admires, had only to pick off a few Hermes heirs ready to cash out. Bankers assumed the “wolf in cashmere” would take mere weeks to gobble up his elegant prey.
2010年秋季的巴黎商業(yè)圈生意悲慘，不出所料地還見(jiàn)證了一個(gè)時(shí)代的落幕。愛(ài)馬仕是一家為銀行家們提供手袋，為丈夫們提供領(lǐng)帶的公司。經(jīng)過(guò)173年六代人的努力，這家公司準(zhǔn)備加入酩悅·軒尼詩(shī)-路易·威登集團(tuán)（LVMH)。LVMH這家奢侈品巨頭業(yè)務(wù)廣泛，從香檳到晚禮服，名下還擁有路易威登和迪奧等眾多品牌，這家公司已經(jīng)披露持有愛(ài)馬仕17%甚至更多的股份。LVMH的老板貝爾納·阿爾諾很擅長(zhǎng)接近自己欣賞的公司，他只需要接近幾位準(zhǔn)備接手愛(ài)馬仕的繼承人即可。銀行家們認(rèn)為這匹“披著羊皮的狼”只需幾周就能吞下優(yōu)雅的獵物。
Fast forward to autumn 2020, and the various descendants of Thierry Hermes not only still control their family’s firm, they have beaten LVMH at its own game. One of their own, Axel Dumas, has reclaimed the helm from an outside manager. Mr Arnault has all but scarpered off the Hermes shareholder register and moved on to other targets, though not always successfully: on September 9th LVMH said it would not go ahead with a $17bn bid for Tiffany, an illustrious American jeweller. By just about any measure, Hermes has led the luxury pack, nearly trebling revenues between 2010 and 2019, to 6.9bn euros($7.7bn). Operating margins last year hit 34%, best in the industry. Even as it has been roiled by covid-19, its market capitalisation has risen this year to 78bn euros, while big competitors have shrunk.
快進(jìn)到2020年秋季，蒂埃里·愛(ài)馬仕的后代們不僅仍然控制著家族企業(yè)，還在博弈中戰(zhàn)勝了LVMH集團(tuán)。其中一位后代阿克塞爾·杜馬斯已經(jīng)從一位外部經(jīng)理手中奪回了掌舵權(quán)。阿爾諾幾乎掉出了愛(ài)馬仕的股東名冊(cè)，他只好退而轉(zhuǎn)向其他目標(biāo)，盡管也不總是成功：9月9日，LVMH集團(tuán)表示，不會(huì)繼續(xù)以170億美元的價(jià)格收購(gòu)美國(guó)著名珠寶商蒂芙尼。不管以任何標(biāo)準(zhǔn)衡量，愛(ài)馬仕都算是奢侈品品牌的領(lǐng)跑者，在2010年至2019年之間，其收入幾乎翻了兩番，達(dá)到69億歐元（合77億美元）。去年的營(yíng)業(yè)利潤(rùn)率達(dá)到了34％，在業(yè)內(nèi)名列前茅。即使受到疫情困擾，愛(ài)馬仕的市值今年仍增至780億歐元，而大型競(jìng)爭(zhēng)對(duì)手卻縮水了。
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