爱马仕：橙色是新的黑皮书

JUNE 2025HERMÈS: ORANGE IS THE NEWBLACKBOOKHermès has delivered a 5,400% TSR over the past 20 yearsand continues to hone its “Magic Formula.”Hermès is the most desirable luxury brand. The allure of the Birkin and Kelly – always justout of reach – sits comfortably alongside a rich tradition of storytelling and whimsy thatpermeates across the brand.Hermès is the mega-brand in disguise. It has grown beyond handbags and the high-end. It accommodates a much larger consumer audience than many suspect, offering asteady balance. Beauty and jewelry have come to complement ties, scarves, and belts thataspirational consumers can buy to their heart’s content.Hermès is very seldom cheap, but high multiples are well-deserved: it has deliveredoutperformance in both good times and bad, while investors continue to reward a focus onorganic growth, industry-leading ROIC (at >60%), and a record for stable and predictableperformance.We believe this performance is sustainable. High vertical integration ensu