Luxury Goods
Luxury is one of the few industries that gets more desirable as prices rise. The companies that own iconic brands — from Louis Vuitton to Ferrari — generate extraordinary margins, loyal customers, and pricing power that no recession has ever permanently broken. As Asian wealth grows and the global middle class expands, demand for aspirational goods has never been structurally stronger.
The world's largest luxury company — owns Louis Vuitton, Dior, Hennessy, Moët, Tiffany, Bulgari, and 75 more brands. Its scale gives it unmatched distribution and negotiating power. Bernault Arnault built the blueprint for luxury conglomerate management.
Makes the most coveted handbag in the world — the Birkin. Has waiting lists measured in years, not months. Hermès controls every step of production, keeps supply intentionally scarce, and has never discounted. The purest expression of luxury pricing power.
Swiss luxury group owning Cartier, Van Cleef & Arpels, IWC, and Piaget. Dominates the jewellery and watches segment — categories where brand heritage matters more than fashion cycles. Also owns the Net-a-Porter luxury e-commerce platform.
Sells fewer than 15,000 cars per year — by design. Its operating margins exceed 25%, matching software companies. Every new Ferrari model has a multi-year waiting list. Expanding into limited-edition merchandise and experiences to extend the brand beyond cars.
Scores 9/10 for Luxury Fashion.
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