Intelligence Briefs and Reports read the corporate narrative of luxury: earnings, governance, succession and pricing, and how the market and the financial press receive them, with image and desire before the numbers.
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.
Hermès Pays For 2030 In Basis Points
The Hermès verdict is not in the margin line, it is in the cash. Working capital refused to build while the workshops multiplied.