本文选自《经济学人》9月12日刊文章。爱马仕在奢侈品牌中具有绝对的统治地位，它成立于法国，至今有180多年的历史，靠做马具起家，纯手工制做，且每件马具上都会刻上工匠的名字，每件作品都赌上了工匠的毕生精湛技艺和声誉，正是这种至精至美、低调高贵的手工艺工匠精神让爱马仕成为奢侈品牌中的王者。因为它不可撼动的高贵，很多人对它垂涎不已。LVMH的老板贝尔纳·阿尔诺，靠着资本运作，带着LVMH在奢侈品界纵横捭阖、大杀四方，将迪奥、纪梵希等众多奢侈品牌收入囊中，被称为奢侈品界的拿破仑、“穿着开司米衫的狼”。他对爱马仕垂涎已久，通过各种金融手段，一度差点吃下爱马仕，但爱马仕家族成员选择一致对外，牺牲个人利益来维护家族企业，才最终避免了被阿尔诺收购，但爱马仕如果想一直屹立不倒，需要适应这个瞬息万变的新时代。时代变迁，资本倒逼老牌奢侈品去适应现代商业规则和市场，资本又通过商业化手段让市场为品牌背后的精神层面买单。我们购买奢侈品，背后有对高品质、工匠精神、时尚、艺术的追求，也有对地位、品味的向往，但归根结底，我们是为奢侈品所带来的优越感买单。通过这篇文章，你可以了解爱马仕与LVMH的生死之战、爱马仕传承至今的工匠精神、以及爱马仕能在今天瞬息万变的时代中屹立不倒的深层次原因。
选文精讲
How Hermès got away from LVMH—and thrivedThe family behind the luxury brand has succeeded by sticking to what it does best: timeless elegance这个奢侈品牌背后的家族通过坚持其最擅长的东西——永恒的优雅，取得了成功The first step was to keep the wolf at bay. Though listed since 1993, most of Hermès’s shares belonged to 60 or so descendants, split into various branches. Hermès threw up all manner of defences. Mr Arnault was publicly rebuked as a corporate raider (less polite language was used). Lawyers attacked the underhand way in which his stake was built through complex financial products that skirted disclosure rules (LVMH was later fined €8m by the markets regulator). Ultimately, Hermès family members eager to remain in charge created a structure which pooled just over 50% of shares, committing themselves to owning their stakes come what may until 2031. By 2017 Mr Arnault had given up.
- keep sb at bay: 牵制某人，使不靠近；此外该短语该有“让某人陷入困境”的意思
第一步是把狼挡在门外。虽然爱马仕从1993年就上市了，但它的大部分股份在大约60位左右的家族后代手中，把这些股份划分成了不同的分支。爱马仕筑起了各种防御手段，阿尔诺先生被公开指责为“企业洗劫者”(这里使用了不太礼貌的语言)。律师们抨击他通过秘密的途径，用复杂的金融产品方式积攒他手中的股份，并且绕过信息披露规则(LVMH后来被市场监管机构罚款800万欧元)。最终，渴望能继续掌权的爱马仕家族成员创建了一个机制，该机制汇集了略高于50%的股份，并承诺到2031年都不得出售自己的这些股份。到2017年，阿尔诺已经放弃了（对爱马仕的收购）。The second step is to use independence wisely. That Mr Arnault coveted Hermès is testament to its good management. But the general rule in the past decade has been that multibrand conglomerates like LVMH, Richemont (home of Cartier and Montblanc) or Kering (Gucci and Saint Laurent) hold an edge over single-brand outfits like Burberry, Prada or Hermès. The cost of building new e-commerce capabilities can be spread more widely; size gives a bargaining advantage with landlords. Creators are lured to the biggest names in a virtuous loop of desirability.
- a testament to sth: 对某事的证明
- hold/have an edge over sb: 比某人有优势
第二步是明智地使用独立性。阿尔诺垂涎爱马仕，证明了爱马仕的良好管理。但过去10年的基本规律是，像LVMH、历峰集团(旗下拥有卡地亚和万宝龙)或开云集团(拥有古驰和圣罗兰)这样的多品牌企业集团，相对于巴宝莉、普拉达或爱马仕等单一品牌企业，更具优势。建立新的电子商务能力的成本可以被更广泛地分摊，店面规模在与房东讨价还价时也具有优势。在吸引性的良性循环中，创作设计师也会被那些大名鼎鼎的品牌所吸引。Hermès 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. And whereas a Dior dress will last one season, an Hermès product is for life. As creative directors shuffle from one brand to the next, at Hermès the same designer has overseen menswear since 1988.
- play to one's strengths: 发挥长处、利用优势
- err on the side of: 过分表现、宁可
爱马仕可能很难正面竞争。相反，它发挥了自己的优势——这是明智的。当竞争对手纷纷涌向时尚、张扬和前卫的品牌时，它却强调谨慎、永恒和传统。如今最热门的柏金包和凯莉包通常售价在1万美元以上，是该公司几十年来销售产品的更新版本。它可以做一些奇思妙想、引人注目的事情:它的网站目前展示了一个功能正常的陶瓷滑板，售价为3350欧元。迪奥的裙子可以穿一季，而爱马仕的产品则可以穿一辈子。创意总监从一个品牌换到另一个品牌，但爱马仕的男装设计师自1988年以来一直是同一位设计师。
