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Plenty of companies, particularly those with family histories, resist the lure of takeovers by bigger rivals. Often the decision is guided by pride rather than financial sense. Hermes provides a road map of how to stay independent—and how it can pay off.
許多公司，尤其是那些具有家族歷史的公司，都在抵制著更大競爭對手的收購誘惑。通常情況下，這樣的公司在決策上會受到品牌自豪感的引導，而不是注重經濟意義。愛馬仕向我們展示了它如何保持獨立，并成功抵制并購的歷程。
The first step was to keep the wolf at bay. Though listed since 1993, most of Hermes’s shares belonged to 60 or so descendants, split into various branches. Hermes threw up all manner of defences. Mr Arnault was publicly rebuked as a corporate raider (less polite language was used). Lawyers attacked the underhand way in which his stake was built through complex financial products that skirted disclosure rules (LVMH was later fined 8m euros by the markets regulator). Ultimately, Hermes family members eager to remain in charge created a structure which pooled just over 50% of shares, committing themselves to owning their stakes come what may until 2031. By 2017 Mr Arnault had given up.
第一步就是把狼拒之門外。盡管愛馬仕在1993年就上市了，但是集團的大部分股份劃分成多份，分屬于大約60位后代。愛馬仕提出了各種各樣的防御措施。阿爾諾先生被公開譴責為企業掠奪者（使用了不太禮貌的語言）。律師們抨擊他使用了卑鄙的手段，利用復雜的金融產品避開披露規則以建立自己的股份（LVMH后來被市場監管機構罰款800萬歐元）。最終，渴望繼續掌權的愛馬仕家族成員創造了一個結構并匯集了超過50%的股份，承諾不論2031年之前發生什么，他們都擁有這些股份。到了2017年，阿爾諾已經放棄了。
The second step is to use independence wisely. That Mr Arnault coveted Hermes is testament to its good management. But the general rule in the past decade has been that multibrand conglomerates like LVMH, Richemont (home of Cartier and Montblanc) or Kering (Gucci and Saint Laurent) hold an edge over single-brand outfits like Burberry, Prada or Hermes. The cost of building new e-commerce capabilities can be spread more widely; size gives a bargaining advantage with landlords. Creators are lured to the biggest names in a virtuous loop of desirability.
第二步是明智地使用獨立性。阿爾諾對愛馬仕的垂涎足以證明它的良好管理。但過去十年的普遍規律是，諸如LVMH、歷峰集團（名下有卡地亞和萬寶龍）或開云集團（名下有古馳和圣羅蘭）等多品牌集團比巴寶莉、普拉達或愛馬仕等單一品牌的公司更具優勢。構建新型電子商務能力的成本可以更廣泛地分攤給名下多個品牌；在就店鋪規模與房東討價還價的方面更具優勢。創造者在吸引力的良性循環中被吸收到了大名鼎鼎的名牌。
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