Hermès was founded in Paris in 1837 as a maker of harnesses and saddles for Europe’s horse-drawn elite. From the outset, the company was defined by functional excellence and craftsmanship rather than fashion. Its first decisive strategic shift came with the rise of the automobile, which structurally reduced demand for equestrian equipment. Rather than defend a declining end market, Hermès redeployed its leather expertise into luggage and travel goods, applying the same standards of durability and quality to a new era of mobility.
That early pivot is instructive. Hermès adapted to technological change without diluting its identity, a pattern that has repeated over nearly two centuries. Today, the group is one of the most profitable companies in global luxury, with activities spanning leather goods, ready-to-wear, silk, jewellery, watches and homewares. Leather goods remain the economic engine, accounting for the majority of profits, while the broader portfolio reinforces the maison’s cultural relevance and desirability. Despite operating more than 300 stores globally and employing over 20,000 people, Hermès continues to behave less like a conglomerate and more like a craft maison, prioritising long-term brand equity over near-term growth.
This mindset underpins why we find Hermès such a compelling business. Its brand equity is built not on seasonal fashion or loud marketing but on function, heritage and longevity. Many of its most recognisable products, including the Birkin and Kelly bags or the silk carré, have remained largely unchanged for decades.
Image: istock
This continuity reduces fashion risk, extends product life cycles and reinforces trust, advantages that are rare at scale in luxury.
Hermès’ vertical integration further strengthens this position. The group controls almost every step of its value chain, from sourcing raw materials to tanning, design and manufacturing. This control protects quality, limits the ability to increase supply rapidly and creates barriers that are difficult for competitors to replicate. Importantly, it also allows Hermès to invest steadily in artisanal capacity, even when industry conditions are challenging, without compromising standards or margins.
Over time, this discipline has translated into exceptional pricing power. Hermès has consistently raised prices across cycles without undermining demand, reflecting both brand strength and deliberate supply constraints. The credibility of this pricing power is reinforced by the secondary market. Data consistently shows Hermès products retaining, and in many cases exceeding, their original retail price, with average resale values meaningfully above purchase price for flagship bags. In effect, the resale market validates Hermès’ primary pricing strategy and reinforces consumer confidence in the brand as a long-term store of value.
Crucially, Hermès does not attempt to clear excess demand. Production growth is constrained by artisan training timelines and capacity discipline, not by the level of customer interest. Waiting lists are a feature, not a failure, of the model. This ensures discounting is avoided and that demand consistently exceeds supply, protecting both margins and brand equity.
In a well-known book called Kapferer on Luxury, Jean-Noël Kapferer describes the central dilemma facing luxury brands: how to grow while preserving rarity and exclusivity. Many brands resolve this tension poorly, expanding volumes or distribution too aggressively during strong periods and eroding their long-term positioning in the process. Hermès stands out as one of the few large luxury companies that has solved this dilemma strategically. Growth is achieved through incremental capacity additions, selective category expansion and pricing rather than through volume acceleration. The company accepts slower short-term growth in exchange for durability and compounding over decades.
Every enduring investment case has areas of debate, and for Hermès this is valuation. The company trades at a significant premium to global luxury peers on most metrics, despite operating with deliberately constrained volume growth and exposure to discretionary consumer demand. For some investors, this premium appears difficult to justify, particularly when compared with peers that offer higher near-term growth or broader category exposure.
We believe the premium reflects structural characteristics that are both durable and rare. Hermès has delivered exceptional consistency in returns on capital and earnings through cycles, underpinned by disciplined supply, minimal discounting and limited fashion risk. This reduces downside volatility and supports higher through-cycle multiples. Family ownership and a relatively low free float further reinforce this dynamic, creating a form of scarcity at the equity level. The controlling shareholders’ long-term stewardship limits the risk of value-destructive strategic decisions, while the limited availability of comparable assets with similar quality, durability and governance characteristics provides ongoing valuation support.
The benefits of the Hermès model have been particularly evident through the recent challenging period for the luxury sector. Slowing global demand, softer Chinese consumption and inventory pressure have led to revenue declines and margin contraction for many peers. Hermès has stood apart. Growth has moderated but remained positive, margins have proven resilient, and inventory discipline has been maintained. The company’s exposure to the highest-income consumers, combined with its scarcity-driven strategy, has insulated the business from the more cyclical elements of aspirational luxury demand.
Ultimately, Hermès is not simply a luxury brand. It is a structurally advantaged business with rare durability, built on craftsmanship, restraint and long-term thinking. That combination has allowed it to protect brand equity, sustain pricing power, and compound value across cycles, supporting its place as a high-quality, long-duration holding within a global equity portfolio.
Hannah Dickinson
Sector Head Franchises & Healthcare
Sources: Company filings
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By clicking "I agree," you agree that you have read the terms detailed below and confirm that:
1) you:
(i) are an "habitual investor" for the purposes of section 3(2)(a)(ii) of the 1978 Act. "Habitual investors" are persons whose principal business is the investment of money or who, in the course of and for the purposes of their business, habitually invest money; or
(ii) otherwise fall within one of the other categories set out in section 3(2)(a) of the 1978 Act, meaning that you are not a member of the public for the purposes of the 1978 Act; or
(iii) you are acting for a person described in (i) or (ii); and
2) you are a "wholesale client" for the purposes of the 2008 Act.
The information contained in the Institutional section of this website is intended only for institutions that are both (i) habitual investors or otherwise fall within one of the other categories set out in section 3(2)(a) of the 1978 Act and (ii) "wholesale clients" under the 2008 Act. Such persons shall be referred to as "institutional investors" herein. Persons who are not institutional investors should not review the information contained in the website. This website is supplied on the condition that it is not passed on to any person who is not an institutional investor.
Nothing on this website constitutes investment, legal, business, tax or any other type of advice. The information on this website does not take into account the particular financial and investment objectives, circumstances and needs of any person. Information on the website is not intended for investors in any jurisdiction in which distribution or purchase is not authorized.
Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value fluctuate so your investment, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. Investors should be aware of the increased risks associated with investments in foreign/emerging markets securities, high yield securities and smaller companies.You are solely responsible for evaluating the risks and merits regarding the use of the website and any services provided within. Nothing contained in that website constitutes a solicitation, recommendation, endorsement or offer to buy or sell any securities or other financial instruments.
Important Legal Information: By clicking "I agree," the user agrees that I have read the terms detailed below and confirm that I am an investment professional as that term is defined in the Handbook of the Financial Conduct Authority ("FCA") or that I am acting for an investment professional.
Information contained on the Institutional section of this website is not intended for investors in any jurisdiction in which distribution of the information or purchase is not authorized or permitted.
The information is exclusively intended for, and directed at, investment professionals and advisers to investment professionals. Any products and investment services that are referenced on this website are only available to, or will only be engaged in with, investment professionals. Investment professionals will usually fall within one or more of the following categories (terms used have the same meaning as in the FCA handbook):
1) An authorised person;
2) An exempt person;
3) A government, local authority (constituted in any jurisdiction) or an international organisation;
4) Any person whose ordinary activities involve him in carrying on an investment activity;
5) A person who is acting in their capacity as a director, officer or employee of the above.
Persons who do not fall into one of the above categories, or who do not otherwise constitute investment professionals, should not read or rely on the information contained on this website.
The information provided on this website is for information purposes only and nothing on this website constitutes investment, legal, business, tax or any other type of advice.
Any performance data shown represents past performance. Past Performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. Investment return and principal value fluctuate so your investment, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. Investors should be aware of the risks associated with investments generally and the increased risks associated with investments in foreign/emerging markets securities, high yield securities and smaller companies.
Magellan Investment Partners (UK) Limited (FRN: 1037936) is an appointed representative of Sentinel Regulatory Services Ltd (FRN: 1007093) which is authorised and regulated by the Financial Conduct Authority.
Important Legal Information: By clicking "I agree," the user agrees that I have read the terms detailed below and confirm that I am an "Institutional Investor" and that I wish to proceed.
Information contained in the Institutional section of this website is not intended for institutional investors in any jurisdiction in which distribution or purchase is not authorized.
The information is exclusively intended for, and directed at eligible counterparties or professional clients as defined under the German Securities Trading Act. For more information, consult your legal adviser.
Nothing on this website constitutes investment, legal, business, tax or any other type of advice. The information on this website does not take into account the particular financial and investment objectives, circumstances and needs of any person. Information on the website is not intended for investors in any jurisdiction in which distribution or purchase is not authorized.
Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value fluctuate so your investment, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. Investors should be aware of the increased risks associated with investments in foreign/emerging markets securities, high yield securities and smaller companies.
You are solely responsible for evaluating the risks and merits regarding the use of the website and any services provided within. Nothing contained in that website constitutes a solicitation, recommendation, endorsement or offer to buy or sell any securities or other financial instruments.
Important Legal Information: By clicking "I agree," the user agrees that I have read the terms detailed below and confirm that I am an "Institutional Investor" and that I wish to proceed.
Information contained in the Institutional section of this website is not intended for institutional investors in any jurisdiction in which distribution or purchase is not authorized.
The information is exclusively intended for, and directed at institutional investors, accredited investors and expert investors as defined under the Securities and Futures Act (Singapore) (“SFA”) For more information, refer to the SFA or consult your legal adviser.
Nothing on this website constitutes investment, legal, business, tax or any other type of advice. The information on this website does not take into account the particular financial and investment objectives, circumstances and needs of any person. Information on the website is not intended for investors in any jurisdiction in which distribution or purchase is not authorized.
Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value fluctuate so your investment, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. Investors should be aware of the increased risks associated with investments in foreign/emerging markets securities, high yield securities and smaller companies.
You are solely responsible for evaluating the risks and merits regarding the use of the website and any services provided within. Nothing contained in that website constitutes a solicitation, recommendation, endorsement or offer to buy or sell any securities or other financial instruments.
Thank you for your interest. We are committed to expanding our institutional website to meet the needs of our global investor base. We do not, however, have content approved for your location at this time. For additional information please emailinstitutional@magellanfinancialgroup.com.
Important Information
This document does not constitute an offer of units in a Magellan Fund in any jurisdiction other than Australia or New Zealand (or in jurisdictions where it is lawful to make such an offer). Applications for units in a Magellan Fund from residents outside of Australia and New Zealand may not be accepted.
By clicking on the "I Confirm" button below you are confirming that you are a resident of Australia or New Zealand (or that you are acting on behalf of a person who is a resident in one of those jurisdictions).
