When a Street Stops Getting More Expensive, Watch Who Buys It
Via Montenapoleone stopped getting more expensive. It also became the most contested piece of ground in the industry. Only the second one matters.
At Chanel, Even the Numbers Are Rationed
Chanel reports its results once a year, in May. In August, the market learned its first half anyway.
The Industry That Sells the Antidote to Itself
The houses crossing the cycle best protected the conditions that produce desire: scarcity, distance, interval. The divergence is philosophical before it is financial.
Hermès H1 2026: The House Paid for 2030, and the Bill Was 40 Basis Points
Hermès gave back 40 basis points of margin this half. It did not lose them. It spent them.
Chanel and Charvet: The Address Was the Asset
The most valuable thing Chanel acquired is not a shirtmaker. It is an address on Place Vendôme.