Hermès

Because like Tammy said, the quality of craftsmanship and the leather has gone down.

And the reason for that is that even though luxury brands want to make you think that they're exclusive, with the exception of maybe Hermes, and some of the like houses that fewer people have heard of um they are producing more and more bags so with mass production you're going to get someone or a brand that's first of all not using as many of the craftsman techniques of hand sewing and things that cost more money um and that take a lot longer and they're also using leathers that are not of the same quality as they might have used before because with mass production things need to be made in bulk and at a higher rate and cheaper and especially because We're looking at a product that's made from the hide of an animal.

You have to think about, in order to produce more hides, those animals are potentially not being treated as well.

They're not eating as high quality of food.

So,

yeah.

Have you seen those videos of those people who have like whole rooms of like Hermes handbags and like all these colors? Yeah.

yeah

We go to Perry, they be going out bad.

Walk out of Hermes with a bang.

Cardi at me cause you know I'm a cringe.

If it came to it, he give me his last.

There's a brand that I love that I don't own, but I love it.

It's Hermes.

And they, in Hermes, they have these stitchers that like in Paris, that's all they do for their whole careers.

They're like expertly trained on one thing on how to do this specialized stitch.

And they're like, they are literally like hired forever.

Is it because, why? Why do you love that? The craft in it, like they're working hard, the effort's there.

So like when you, it's actually ingrained into the product.

So like when you're buying Hermes, you know, like, like maybe five stitchers

No, that was not the same guy.

Oh, that wasn't? I thought that was Hermes.

No, no, no, no, no.

Different guy.

This is where high prices reinforce to people that either this good or this service is desirable and has a signal to high status.

right so when you see or hear people discussing Hermes bags that cost tens of thousands in some cases hundreds of thousands that's not just a bag that cost hundreds of thousands or tens of thousands of pounds full dollars or euros or yen or naira or cds wherever you live it's a signal to high status Hermes and Chanel are reference for their leather bags Rolex, Audemars Piguet, Patek Philippe, Vacheron Constantine are signals when it comes to watches.

Rolls Royce, Ferrari, Lamborghini, Range Rover.

These are signals when it comes to automobiles.

And he bought loads of different designer bags and he spoke on the quality of their leather.

And with some brands, he was like, oh, this leather ain't really hitting.

But some brands like Louis Vuitton, not Louis Vuitton, I'm sorry, Hermes and Bottega, he spoke of the quality of the leather.

And the craftsmanship of the, especially Hermes, he's talking about how good the craftsmanship of the Hermes bags are.

My hesitation with that, is that I think the debt crisis in Europe gets worse, and it's hard for me to see equities really perform well.

But you are seeing some names, like looking at French luxury, for example, like the multiple on your Hermes or LEMH, I mean, just halved.

And they're still pretty good business, fundamentally.

You know, high margins, good quality balance sheet, blah, blah, blah.

So you know about scarves.

So if you walk down the street and you see someone in Hermes.

Oh, yeah.

I don't have that.

And that this product has now... generated nearly half a million pounds of revenue in our first day which is like life changing figure for an independent founder brand and I was like I'm really proud of this and you guys are shitting all over me and everyone was like Isabel whatever you do don't post that and I had a wine with Lorna we were in late coma and she was like Isabel you keep looking at it just post it and I just went ding and immediately when I could see the positive comments coming and I felt like I'd said my piece and that's the only time I ever spoke about it the

narrative for me really flipped like watching it in real time to see you know and also it's a relative thing and it's kind of one of those things if you if I can't this happens across the board right Primark make bags and so do Hermes and we're going to get a bag wherever we want to get a bag right and I think there's kind of a place for everything and there's a place for everything to exist but it was just shocking to me that it become such debate but then what was very interesting is I could instantly see the kind of The support.

Yeah.

That was like, hang on a minute.

Yes.

Because it's driving it up.

If Hermes brought out a gender line next week, I'd be buzzing.

Mm.