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Hermes might have struggled to compete head-on. So instead— and this is the wise part—it played to its strengths. While rivals flocked to the fashionable, ostentatious and cutting-edge, it erred on the side of discretion, timelessness and tradition. Its biggest hits today, the Birkin and Kelly handbags that often sell for $10,000 or more, are refreshed versions of what it has sold for decades. It can do whimsy and eye-catching: its website currently features a functioning porcelain skateboard, a snip at 3,350 euros. And whereas a Dior dress will last one season, an Hermes product is for life. As creative directors shuffle from one brand to the next, at Hermes the same designer has overseen menswear since 1988.
愛馬仕可能很難正面對抗LVMH。因此，愛馬仕沒有選擇正面競爭，而是明智地發揮自己的優勢。在競爭對手們對時尚、耀眼和前沿的產品趨之若鶩時，愛馬仕卻在力求謹慎、永恒和傳統。如今，愛馬仕最受歡迎的產品是鉑金手袋和凱利手袋，售價通常在1萬美元或以上，盡管手袋版本不斷更新，數十年來卻一直暢銷。它還可以進行奇思妙想的設計來吸引眼球：它的網站上目前發布了瓷器滑板專題，售價3350歐元。迪奧的連衣裙只能穿一季，而愛馬仕的產品卻能終身使用。創意總監們會從一個品牌跳到另一個品牌，而從1988年開始，愛馬仕就一直任用同一位設計師監督男裝設計。
Understatement works as a strategy only because Hermes enjoys an aura of exclusivity. This gives it pricing power to sell knickknacks for over ten times what they cost to make. Waiting lists for Birkins stretch for years. Because much of what it sells carries through the seasons, Hermes does not need discounts to get it off the shelves. That preserves both margins and the brand, a luxury group’s most valuable asset. The firm claims not to have a marketing department. It is the kind of claim a clever marketing department might dream up, but Hermes does spend only around 5% of revenues on advertising and promotions, half the share of rivals.
低調是愛馬仕運行的策略，因為它享有一種排他性的光環。這使它擁有定價權，可以以超過制造成本10倍的價格出售小玩意。排隊購買鉑金包的顧客要等上數年。愛馬仕銷售的大部分商品都不會過季，因此它無需打折就能售空商品。這樣既保留了利潤，也保住了品牌價值，這也是奢侈品集團最寶貴的資產。愛馬仕聲稱沒有市場營銷部門。這可能是明智的營銷部門夢寐以求的說法，但愛馬仕確實僅將收入的5％用于廣告和促銷，是競爭對手的一半。
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