The Gordon Company

Interesting Read

Congratulations

A great deal will be said by analysts about these results. Here’s my take: 1-It’s clear that when LVMH sneezes everyone else (except for Hermes, Ferrari and a few pure breed luxury cohorts that you can count on one hand) catches the flu. So, expect more bad news from the industry. 2-LVMH’s diversification is a plus, but it can also be a minus across categories and brands. It acts more like an ETF now than simply a luxury stock. That tends to “normalize” down the Group results. 3-Business is like a poker game according to the science: half luck (uncontrollable factors)/half skill (controllable factors). In these results you see the skill of LVMH to overcome the global luxury slowdown. That’s commendable. Few others have the resources and savvy to execute the Skill of Luxury and the Luxury of Skill. 4-LVMH says it will not launch aspirational products to gain growth. That’s powerful. But when you own certain brands, such as Sephora, you already sell brands/products that are not pure breed luxury. 5-I admire and respect LVMH. My recommendation, with love, is to meticulously transform to a portfolio of pure breed luxury brands across all categories. If they do this surgically LVMH Financials and Market Cap will proportionately match, or exceed, Hermes. Imagine stacking up a portfolio of all Hermes-like brands across categories. Buy or Build. 5-Unlike many analysts, I don’t think China will recover in 2025 as things stand now. The only way we will see solid China numbers in 2025 is if the government takes the kind of decisive consumer stimulus action the US did to mitigate the Covid impact. That was a two-trillion-dollar injection into consumer wallets. I doubt that. 6-If you are a luxury brand, you cannot count on the good luck of previous years. You need to rapidly untangle luck from skill and stop being delusional. You need to master the fundamentals of luxury: Design and deliver Extraordinary Customer Experiences that build High performance/High Trust SuperClient Relationships that last a lifetime. Consistently. Without that Mastery of Relationships with HNW and UHNW SuperClients, a brand is just another luxury pretender. The numbers always tell the story. Reach out. We only do Luxury.

The end of an era in retail

A good read on trends

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