Hermès ⚠️ With reservations

Luxury through material and craft, not logos. Manufacturing mostly in France across 50+ workshops. Family control despite public listing. A vertical model where artisans remain central, even as the financial machine runs at full throttle.

Hermes, founded in 1837 by Thierry Hermes as a Parisian saddler, became the flagship of French luxury. Six generations of the same family. The trajectory is well known: from saddles to bags, bags to silk scarves, scarves to everything else. The Kelly, the Birkin, the carres - each product became a cultural totem.

But let us be honest: Hermes in 2024 is no longer an artisanal house in the romantic sense. It is a CAC 40 listed group valued at over 200 billion euros. The family holds about 66% of shares and maintains control - they resisted LVMH hostile takeover attempt between 2010 and 2014, which commands respect. But publicly traded means market pressure, mandatory growth, serial store openings.

What saves Hermes is the manufacturing. Over 50 workshops in France, thousands of internally trained artisans. A Kelly bag is one craftsperson, just one, assembling it from start to finish. Leathers are hand-selected, stitching is done by hand, production time is measured in hours. All of this is real. Silk production in Lyon too.

The reservation comes from status. When you are publicly traded with artificial waiting lists and a calculated scarcity strategy, you are playing a game that goes beyond craft. Prices have exploded in recent years. The product remains remarkable, the machine surrounding it is that of a global luxury group. It is both at once, and that needs to be said clearly.