Noelle Goris

This week I was honored to receive the Woman Of The Year award at the World Retail Congress, sponsored by Altrua. The criteria, in Lucy Harris’s words, was to identify female leaders with remarkability, a global footprint and brands that were modern and relevant – all done through a meritocratic search. For me, this award stands as an ode to female entrepreneurship in its entirety and I’m humbled to be the recipient this year.   I started Unilever Prestige as a start-up within Unilever 11 years ago and I was convinced that I wanted to do things differently. I always believed that there was an opportunity to create a business unit that puts the authenticity of the brands at the center of the business model and is “future fit”. Our business model celebrates founders, people and culture. We believe in being a force for good for society and the planet and we invest in vocational training and education for experts and consumers in the Beauty and Wellbeing industry.   More than 80% of Unilever Prestige employees are women, and I’m so encouraged that we have great female representation at founder and CEO level, as well as in key functions across the business that have been perceived as traditionally male including finance, R&D and supply chain.   I’ve always been a supporter of women, and my role as chairwoman of the CEW UK allows me to do this at scale for the entire UK beauty industry. If we want to create gender parity on a bigger scale we need to support, mentor and promote each other and the great work that women do. It’s why awards like this one are so important.   If I had to give advice to women starting out on their journey, I would actually take the words that some of our brand founders shared about my leadership of the Unilever Prestige business: ⚡ Do not be afraid to stand out, and have courage to break the norm if you believe it will lead to something greater ⚡ Be comfortable with being uncomfortable – it’s only through bold moves and choices that the magic will happen ⚡ Have conviction and do not take no for an answer if what you are standing for matters ⚡ Radiate and share your knowledge, experience and advice with others   Truly grateful for this award and I remain committed to driving change for the next generation of all leaders.   #womeninbusiness #femaleleaders #beauty #retail #winninginbusiness #genderequality #womensupportingwomen  

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Nature's beauty is irreplaceable, with its vibrant colors, soothing sounds, and incredible diversity. However, the impact of climate change on our natural ecosystem necessitates the collective responsibility of protecting and preserving nature's biodiversity L’Oréal Groupe has started to play its part. Through the L’Oréal Fund for Nature Regeneration initiative, €50 million will support innovative projects that help restore damaged ecosystems such as forests, mangroves, marine areas, and degraded lands. The end goal? To restore 1 million hectares of ecosystems by 2030. What do you think we should start to do on a personal level to preserve biodiversity? #CreateTheBeautyThatMovesTheWorld

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BABOR BEAUTY GROUP reduces carbon emissions by 47% "Reducing our carbon emissions is the core objective of our sustainability strategy," says BABOR BEAUTY GROUP Co-CEO Horst Robertz. By 2025, the German family-owned company wants to effectively reduce its emissions by 50% compared to the baseline from the 2019 balance sheet. To achieve this goal, the sustainability team first compiled the carbon footprint (according to GHG Scope 1 - 3) and identified emission drivers. The company has been measuring these in a multi-award-winning, dashboard since 2020. In 2024, the company reached a major milestone: "We are currently at a 47% reduction. The fact that we have achieved this is a fantastic effort by the entire team," says Horst Robertz. "But we have to be honest: given the current state of technology, we cannot yet prevent all emissions." To compensate for these unavoidable emissions, the BABOR BEAUTY GROUP has looked intensively at alternatives and decided to work with the German AgriTech company Klim. The young company from Berlin pursues a vision for regenerative agriculture that binds carbon in soils and, at the same time, improves soil health and biodiversity. Klim Co-founder and CEO Dr. Robert Gerlach: "We are delighted to be working with the BABOR BEAUTY GROUP. Right from the start, we realized that their connection to nature and commitment to sustainable and responsible business was a perfect fit for us. The BABOR BEAUTY GROUP shows a remarkable commitment to regenerative agriculture, which is key to improving soil health, sequestering carbon, and increasing biodiversity in fields." Within the collaboration with Klim the BABOR BEAUTY GROUP now supports an area of healthy soil covering more than 5,000 soccer fields, which builds up humus and binds carbon in the long term. #BABORBEAUTYGROUP #sustainability

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Start With Stuller ☕️: The hottest trend in the industry is breathing fresh life into fashion. Check it out in this season's Stuller Trend Report!

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@coty: another top line beat, mostly driven by Prestige/ Fine Fragances (but not only - cf details below) Under new CEO (appointed in September 2020), @Sue Nabi, Coty stock price multiplied by 3 (although from an all-time low & being still half of what it was post the P&G acquisition) Coty Q1 CY24 results summary (Q3 FY 2024) • NR: $ 1,385.6m • OSG: +10% • Gross Margin: 64.8%; +190 bps vs Q1 CY 23 • Adj. Operating Income%: 10.4%; +88.5 bps vs Q1 CY 23 Results by Division: • Prestige: $ 867.2m NR; OSG: +13%; Adj. Operating Income%: +17% (-600bps vs Q1 CY 2023) • Consumer Beauty: $ 518.4m NR; OSG: +6%; Adj. Operating Income%: -0.7% (+300bps vs Q1 CY 2023) Results by Regions: • Americas: $ 543.8m NR; OSG: +11% • Europe: $ 587.6m NR; OSG: +9% • Asia Pacific: $ 157.5m NR; OSG: +11% Analyst Consensus: Missed EPS and Beats Revenue for CL Q1 2024 (Q3 FY 2024) FY24 guidance: Raised • LFL revenue growth: high end of its prior guidance range of +9-11% • Adj. EBITDA %: upper of end of its previous guidance range of 10 to 30 basis points • Adjusted EPS: high end of the prior guidance range, implying strong growth at the upper end of the +16-25% guidance range 𝗧𝗼 𝗴𝗲𝘁 𝗮𝗹𝗹 𝗼𝘂𝗿 𝗶𝗻𝘀𝗶𝗴𝗵𝘁𝘀, 𝗳𝗼𝗹𝗹𝗼𝘄 𝘂𝘀/ 𝘀𝘂𝗯𝘀𝗰𝗿𝗶𝗯𝗲 𝘁𝗼 𝗼𝘂𝗿 𝗙𝗠𝗖𝗚 𝗖𝗘𝗢𝘀 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀 𝗻𝗲𝘄𝘀𝗹𝗲𝘁𝘁𝗲𝗿: https://lnkd.in/ea4gy65y #cpg #fmcg Coty L'Oréal The Estée Lauder Companies Inc. Beiersdorf Shiseido Interparfums Sue Nabi Laurent Serge Mercier Unilever Procter & Gamble Henkel https://lnkd.in/eCKRUrtH

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A heartfelt thank you to Inside Retail US and Nicole Kirichanskaya for their feature on Vicken Arslanian, the strategic architect behind Europerfumes. Europerfumes stands as one of the largest fragrance distributors in the US, housing subdivisions such as Twisted Lily and Commodity Fragrances. For an in-depth look at his visionary leadership, please subscribe to Inside Retail to read the full interview. Find the key highlights below and access the full article for more detailed insights. "The “lipstick effect” refers to the increased demand for affordable luxuries during difficult economic times. One recent example of this can be seen in the fragrance category, which has benefited from the lipstick effect and the rise of fragrance-focused content on social media. In a sense, Arslanian’s story is of a family business becoming a fragrance empire, in a very roundabout way. While he grew up around the family business and learned some of the ins and outs of luxury fragrance sales, Arslanian didn’t intend to go into the fragrance industry in his younger years. Initially, Europerfumes focused on smaller businesses such as specialty fragrance boutiques and hotel shops; however, as the niche fragrance category has grown, Europerfumes has also started selling to department stores and larger retail outlets. Just before the pandemic, the owner of Twisted Lily, one of Europerfumes’ clients at the time, decided to retire, and Arslanian took the reins of the business in March 2020. Due to extenuating circumstances, Arslanian decided to close Twisted Lily’s brick-and-mortar location in Brooklyn, New York, and prioritize the brand’s online presence through curated fragrance sampling offerings, partnerships with fragrance influencers, and specialized fragrance-matching services. 'Following the closure of the Atlantic Avenue location due to the pandemic, Twisted Lily fully transitioned to e-commerce, curating a portfolio of over one thousand products and integrating advanced AI discovery tools,' Olya Bar, Twisted Lily’s head of digital strategy and communications, told Inside Retail. 'This shift led to a consistent average annual growth of 17 percent since the acquisition, with a tenfold increase in monthly traffic. In 2023, a digital-first strategy in enhancing the online fragrance discovery experience resulted in a robust base of returning customers, accounting for 60 percent of Twisted Lily’s revenue and doubling the industry average conversion rates.' He is confident that niche fragrances aren’t just a passing fad. 'In our journey and the fragrance world’s journey, it’s a shift and is here to stay and will keep evolving. It will not go back to the stereotypes that America is a floral [scent] country, the Middle East is an oud [scent] country, and Europe is a fresh [scent] country. It’s never going to go back to that; those stereotypes have been broken,' Arslanian concluded." https://rb.gy/06ulsu #insideretail #fragranceindustry #fragrance

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Luxury pricing strategy is a critical aspect of successful luxury brands. The best luxury brands never discount their products. 

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Luxury Skincare Meets Immunology through the Innovations of VERDILAB Switzerland - E.661 What if cutting-edge science could redefine your skincare regimen? Join us in an exclusive conversation with Victoria Neymann, MD, the brilliant CEO and founder of VERDILAB Switzerland, as we unpack her remarkable journey from a family steeped in medical and scientific expertise, particularly in immunology. Dr. Neymann takes us through her transition from conventional beauty products to creating VERDILAB—a brand that emphasizes clean beauty and skin health through the lens of immunology. Discover the pivotal role of the inflammasome in skin aging and conditions, and how VERDILAB utilizes natural ingredients to formulate effective skincare solutions. Ever wondered about the synergy between immune activation and skincare? This episode sheds light on VERDILAB’s revolutionary ImmunatuRNA® technology, which is inspired by over five decades of research by Dr. Neymann's father. Learn how this technology incorporates natural RNA molecules from yeast, boosting protein synthesis, mitochondrial enzymes, and immune responses at a cellular level. We also explore the intricate blend of marine exopolysaccharides, isotonic seawater, and hyaluronic acid, all delivered through a sophisticated liposomal capsule system that enhances skin health and immunity. Luxury and science— According to Dr. Neymann, VERDILAB is where these two worlds perfectly converge. Special attention is given to their standout product, the Natural Moisturizer Probiotic Cream, celebrated for its moisture-locking and antioxidant properties. Listen to how VERDILAB’s innovative use of organic algae serum and allergen-free fragrances contribute to a luxurious yet scientifically advanced skincare experience. Don't miss this enlightening episode that bridges groundbreaking science with high-end beauty. 🎙: https://lnkd.in/eTx37wJT

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The #Consumption MINUTE 🛒 𝟭 𝗺𝗶𝗻𝘂𝘁𝗲 to scan evolutions & trends in consumer behavior in Europe. 🟡 With our Economist, Flavien Neuvy. 🟢 While households' purchasing power is a key issue, let’s focus on a market safe from the crisis: small appliances! 𝗦𝗲𝗲 𝘄𝗵𝗶𝗰𝗵 𝗽𝗿𝗼𝗱𝘂𝗰𝘁𝘀 𝗮𝗿𝗲 𝘁𝗵𝗲 𝗺𝗼𝘀𝘁 𝗽𝗼𝗽𝘂𝗹𝗮𝗿 𝗮𝗻𝗱 𝘄𝗵𝘆. #ConsumerTrends #EuropeanConsumers #SmallAppliances

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Is it time for Burberry to consider new management? Having just reported dismal FY24 results and remained vague about the FY25 LFL outlook, it must be time to consider a new management and creative team. Shareholders must be losing patience with Burberry, which has underperformed the luxury sector for almost 10 years.  Christopher Bailey was a brilliant creative director but did not have the right skills as CEO. Since then, first the Italian CEO/creative duo of Marco Gobbetti/Riccardo Tisci; and currently Jonathan Akeroyd/Daniel Lee have fared little better. But why? The luxury market is weaker than expected in 2024, but this alone is insufficient to explain the company’s current underperformance. Burberry’s strategy to elevate the brand; and shift towards leather goods has never made sense to me. This is a crowded, hyper-competitive space already and more importantly, it is not where Burberry’s DNA lies. Burberry’s DNA is about protecting people from the elements The brand has always been about protecting people from the elements. But in its eagerness to become a more exclusive leather goods brand, Burberry has let Moncler run away with the luxury outerwear space. Considering the interest in climate change, it seems like such a relevant category. Burberry’s positioning should be about accessible luxury No brand can take its pricing upwards easily, especially not in the current environment. It will be difficult for Burberry to move into higher-priced exclusive luxury, with the number of outlets Burberry has. It is no surprise that none of the successful luxury brands that operate in this higher-priced space – including Chanel, Dior, Hermes and Vuitton – have outlets. Being fashion-forward when quiet luxury in vogue is problematic Offering too high a fashion component at a time when quiet luxury is in vogue is also a difficult strategy. In my mind, Burberry should be a modern classic but not high-fashion. Burberry doesn’t feel like Burberry any more If you walk into the Bond Street Burberry store today, the white box feels anonymous; this store could arguably belong to a whole host of premium brands. I also think it’s a pity that successive management teams have been allowed to tamper with the typeface/font. The new font is not even consistently applied across the world. (For example, the Vienna flagship still uses the old one). As for heavy use of the colour blue, I associate Burberry with tan, black and dark red of the check. I’d love to know what you think. #luxury #management #turnaround Smith Square Partners https://lnkd.in/ebH9PX3W

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The brand houses of VF, PVH, Deckers, Pentland, Kontoor, Amer, Wolverine and Boardriders featured in these insights own, or manage, a who’s who of global fashion and sports brands. Several weeks back I posted about the major sports brands and how their most popular sources of talent are each other (see link in comments). The brand houses are quite different: they barely recruit from each other. They do recruit from the major sports brands: Nike, adidas and lululemon are predictably the most popular. Despite the challenging trading conditions all these businesses have increased their total number of employees over the last year except for Boardriders (-3%) and Wolverine who were pretty close to flat. The rate of attrition varies from Kontoor at just 8% (great in any market conditions) to 17% for PVH. With the number of lay-off activities over the last year it’s not possible to draw any conclusions from this statistic about the impact of culture and leadership on employee retention. There is one notable absence from this list - Authentic Brands. After looking at the data for AB we concluded that recent acquisitions skewed the available data. Linkedin currently only makes it possible to link some of AB’s brands to the parent company and misses others that should be included for any insights on them to be meaningful. The data used for this analysis does not include part time employees but does full time store level employees. These will impact the data differently depending on the different proportions of direct operated retail (VF and PVH have much larger retail estates than Boardriders for example). See the bottom of the post for some key points on how this data was put together. Total Employee Trend FY23: 📶 VF +3%  📶 PVH +2% 📶 Deckers +15%  📶 Kontoor +5%  📶 Pentland Brands +1%  📶 Amer Sports +10% 📶 Boardriders -3% 📶 Wolverine +0.4% Attrition insights FY23: 🏃🏻‍♂️‍➡️ VF 13%  🏃🏻‍♂️‍➡️ PVH 17% 🏃🏻‍♂️‍➡️Deckers 9% 🏃🏻‍♂️‍➡️Kontoor 8% 🏃🏻‍♂️‍➡️Pentland Brands 13%  🏃🏻‍♂️‍➡️Amer Sports 10.5% 🏃🏻‍♂️‍➡️Boardriders 14% 🏃🏻‍♂️‍➡️Wolverine 14.5% (proportion of employees who left in last 12 months) Head to Head insights 🥊 PVH v Abercrombie +10 (for every one employee goes from PVH to Abercrombie, 19 go from Abercrombie to PVH)  🥊 PVH v Hunkemöller + 8  🥊 Deckers v Nike +14 🥊 Kontoor v Hanes Brands +6 * Source: Linkedin Talent Insights Note: this only tracks movements recorded on Linkedin, and only people who use the correct company for the role (sometimes folk add employer ‘entities’ that don't exist or aren't associated) Note: this is Global data Note: we only included full-time employees so it was not skewed by part-time retail employees Note: Where there were related businesses we included them i.e PVH and Calvin Klein / Tommy Hilfiger 

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This article summarizes very well the business trend that has been shaping the #beautyindustry since few years and that is continuing and expanding among all key stakeholders. "When it comes to beauty, a majority of luxury brands still work with an external partner or parent company. Armani, Valentino and Prada have signed with L’Oréal; Tom Ford and Balmain operate under Estée Lauder; Paco Rabanne and Dries Van Noten are run by Puig; and Gucci, Burberry and Marc Jacobs are licensed to Coty. But a growing number of companies, including Chanel, Hermès, Dolce & Gabbana and LVMH-owned Louis Vuitton, Dior and Celine, handle their own beauty product development and manufacturing. Luxury groups Richemont and Kering also recently launched new beauty divisions with the aim of scaling fragrance among other products." There are still quite few brands that we will see transition from third party licensees to in-house as their license agreement expires. And, with this we might also witness a consolidation across the small beauty players that lose scale in the process. https://lnkd.in/eBXx6McW

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𝗧𝗵𝗲𝗿𝗲 𝗶𝘀 𝗴𝗼𝗹𝗱 𝗶𝗻 𝗮𝗳𝗳𝗼𝗿𝗱𝗮𝗯𝗹𝗲 𝗱𝗲𝗿𝗺𝗼-𝗰𝗼𝘀𝗺𝗲𝘁𝗶𝗰𝘀/ 𝘀𝗰𝗶𝗲𝗻𝗰𝗲-𝗹𝗲𝗱 𝘀𝗸𝗶𝗻-𝗰𝗮𝗿𝗲 The Estée Lauder Companies Inc. completes the acquisition of DECIEM | THE ABNORMAL BEAUTY COMPANY DECIEM | THE ABNORMAL BEAUTY COMPANY was created in 2013 & revolutionized skincare through providing DTC (then omnichannel) affordable science-led products with 'no marketing BS'. Its products (especially its serum) gained rapidly cult following Estée Lauder first invested in DECIEM in 2017, increased its stake to become majority owner in 2021, and recently exercised its option to purchase the remaining interests after a three-year period on May 31, 2024 using cash on hand for an estimated 860 million dollars. The total investment approximated 1.7 billion dollars over the three tranches EL reported that Deciem generates between $0.5-1bn sales p.a. Deciem is one of the few successful acquisition The Estée Lauder Companies Inc. completed over the last decade although it is fair to recognize that it was not always easy & happy (cf. the removal of the founder & its subsequent suicide) As a comparison, CeraVe (another science-led affordable skincare brand with a dermo-cosmetic growth model) was acquired by L'Oreal in 2017 for $1.3bn. CeraVe recorded close to $5bn retail sales (Euromonitor) in 2022... Those two transactions are part of the top 10 top ROI M&A transactions in the FMCG industry over the last decade... To read our last M&A publication: FMCG CEOs: M&A Q1 2024 In Review - A New Bottom & Four Reinforcing Trends 𝗟𝗶𝗻𝗸 𝘁𝗼 𝘁𝗵𝗲 𝗳𝘂𝗹𝗹 𝗽𝘂𝗯𝗹𝗶𝗰𝗮𝘁𝗶𝗼𝗻: https://lnkd.in/efD5RNWX 𝗧𝗼 𝗴𝗲𝘁 𝗮𝗹𝗹 𝗼𝘂𝗿 𝗶𝗻𝘀𝗶𝗴𝗵𝘁𝘀, 𝗳𝗼𝗹𝗹𝗼𝘄 𝘂𝘀 & 𝘀𝘂𝗯𝘀𝗰𝗿𝗶𝗯𝗲 𝘁𝗼 𝗼𝘂𝗿 𝗙𝗠𝗖𝗚 𝗖𝗘𝗢 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀 𝗻𝗲𝘄𝘀𝗹𝗲𝘁𝘁𝗲𝗿: https://lnkd.in/ea4gy65y #fmcg #cpg L'Oréal Coty Beiersdorf Kenvue Bayer Sanofi Procter & Gamble Shiseido Nestlé Galderma Unilever https://lnkd.in/exzN3DgT

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“𝐖𝐡𝐚𝐭 𝐰𝐞 𝐚𝐫𝐞 𝐠𝐨𝐢𝐧𝐠 𝐭𝐨 𝐝𝐨 𝐚𝐭 𝐊𝐞𝐫𝐢𝐧𝐠 … 𝐢𝐬 𝐭𝐨 𝐛𝐞𝐜𝐨𝐦𝐞 𝐦𝐨𝐫𝐞 𝐟𝐨𝐜𝐮𝐬𝐞𝐝 — 𝐞𝐯𝐞𝐧 𝐰𝐡𝐢𝐥𝐞 𝐠𝐫𝐨𝐰𝐢𝐧𝐠 — 𝐨𝐧 𝐭𝐡𝐞 𝐟𝐨𝐮𝐧𝐝𝐚𝐭𝐢𝐨𝐧….” - 𝐅𝐫𝐚𝐧𝐜𝐞𝐬𝐜𝐚 𝐁𝐞𝐥𝐥𝐞𝐭𝐢𝐧𝐢 Focusing on operational infrastructure and strategy are key to long-term brand growth and success. ❗️Content strategy is a core—but often missing—part of a luxury brand’s operations foundation. This is the subject of our recent Fashion Strategy Weekly two-part series, “Creating Content Strategy at Scale for Luxury.” The first piece explores the practical “why” of applied luxury content strategy. The second piece examines the “how” of applied luxury content strategy. Links to our FSW articles in comments. https://on.ft.com/3K9Ijuw #luxury #strategy #fashion #contentstrategy #contentops #operations #contentoperations #strategy

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#Featured Exciting news! 🎉 #SwissBeauty has been featured in an article by Beauty & The Best Magazine titled 'Swiss Beauty Expands Its Popular Lip Category By Introducing first-of-its-kind Dip Tint #LipOils'. The article highlights, "The brand's extended Lip Category reflects its commitment to staying at the forefront of #beautytrends and meeting the evolving needs of its diverse #customer base." Read the full article to discover more about this exciting feature and our #innovative lip oil! 💄

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🌟👗 Fashion Evolution: Insights from Industry Leaders! 👗🌟 Top executives from Inditex , JULES , and SMCP – Sandro, Maje, Claudie Pierlot, Fursac recently shared their unique perspectives on the evolving #fashion landscape. With a focus on #sustainability, #digital transformation, and changing consumer behaviors, these leaders are paving the way for the #future of fashion. 🛍️✨ Their insights highlight the importance of #innovation and #adaptability in an ever-changing market. 🌍 #FashionIndustry #Innovation #Sustainability #DigitalTransformation #ConsumerTrends 🔎 Discover more about their discussions 👇🏾

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US market expansion - The strategic concerns for beauty brands : Warehouse, Regulations, Taxes. As innovative beauty brands such as Typology and MIRROR WATER are planning a US expansion, what are the risks to manage for European brands ? 1 - Warehouse optimization and labour management : To reduce costs and delivery times, shipping products to customers from a US warehouse is the best strategy. First, location and capacity : The warehouse must be in a centralized location, depending on where the highest US demand will come from. Also, the right strategy could be to have the warehouse in a Foreign Trade Zone, as it will mainly be used for storage and inventory management. The warehouse must be safe and designed in an efficient manner (Grouping similar products, space utilization, clear labelling and indications in the aisles…).  Optimizing the warehouse processes has a direct consequence on the top and bottom lines. Productivity and customer satisfaction will increase due to reduced time-to-process and less overstock or stockouts. Maintaining inventory accuracy, optimizing space and making sure the orders are fulfilled on time can be hard priorities, especially for online businesses. Consequently, the warehouse must have the most up-to-date IoT, software, other digital systems and equipment. Labour management is also crucial and HR must define clear job expectations, responsibilities and train, provide feedback to the employees. More on regulations and taxes : https://lnkd.in/dhKKwKbQ

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Hermès soars and Kering stumbles in widening luxury divergence Quarterly sales at the two groups and market leader LVMH show the winning brands are those targeting the very wealthy “You are disappointed, you are frustrated, have no doubt that I am as well,” Kering’s billionaire chief executive François-Henri Pinault told shareholders at the group’s annual meeting on Thursday. Hermès, producer of the luxury Birkin bag, smashed analysts’ expectations with a 17 per cent revenue growth in the first quarter of 2024. The Financial Times have noted (see report below) Hermès shares are up 22 per cent so far this year, LVMH is up 9 per cent and Kering has fallen 9 per cent in the same period. At Hermès, the forward price-to-earnings ratio over the next year based on projected earnings is 51, according to data from Eikon. That compares with 24 times at LVMH, and 16 at Kering. As the differences in #Strategy continue to widen the gap, will Kering #leadership be able to turn the ship around and maintain a relevant #future in the industry? Strategic decisions involve focusing for the long term on the customer and market segments which best fit with both your positioning and the external opportunities which you believe unfold over time. What assumptions enabled Hermès to outperform other luxury groups so effectively and consistently? How well does your Strategy test future assumptions and ensure you are ready to outperform your peers for years and decades to come? Strategy is Mastery. https://on.ft.com/3UgYzhN

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