Quality-first, Business-perspective, Long-term, Urbem (HK) Limited

Urbem Capital

Lifetime collector of the world's great businesses.

Quality-first, Business-perspective, Long-term

Hermes: An Increasingly APAC-Driven Story

Quick Picks that Are Hopeful of Keeping Delighting Chinese Consumers

Quality-first, Business-perspective Strategy

Urbem (HK) Limited

Equity Bottom-Up

<ul>
<li>Since our December 2020 Insight, Hermès has returned about 62% in euros against roughly 111% for the MSCI ACWI gross index, despite tripling its profit.</li>
<li>It led the index at every year-end through 2025; a 57.5× starting multiple, Asia's stall and luxury's pricing fatigue erased that lead within 2026.</li>
<li>For long-term luxury investors: own the top of the customer pyramid, separate price from volume, benchmark against the index, and demand an explicit expected return.</li>
</ul>


Since our December 2020 Insight, Hermès has returned about 62% in euros against roughly 111% for the MSCI ACWI gross index, despite tripling its profit.
It led the index at every year-end through 2025; a 57.5× starting multiple, Asia's stall and luxury's pricing fatigue erased that lead within 2026.
For long-term luxury investors: own the top of the customer pyramid, separate price from volume, benchmark against the index, and demand an explicit expected return.


Hermès Revisited: Profits Tripled, Yet the World Index Won

Hermes International

Hermès Revisited: Profits Tripled, Yet the World Index Won