1st Dibs, VPanteon/Getty, Tyler Le/BI
Despite a slowdown in luxury spending, Hermès' stock has grown 27% over the past year. And while other brands have leaned into social media marketing and celebrity partnerships, Hermès has not.
As Business Insider's Madeline Berg reports, Hermès' core products haven't changed much, it does not gift celebrities its handbags, and it does not have a TikTok. Experts say the key to its success is that it hasn't tried to meet the masses. Instead, it's embraced scarcity.
"The curse of retail is everyone chases more," Simeon Siegel, a senior retail analyst at BMO Capital Markets, told Berg about luxury brands. "At some point, that hurts the brand."