Paris. Number 24, rue du Faubourg Saint-Honoré. Hermès keeps forty-one cents of operating profit from every euro it sells, yet its stock is down nearly 40% from its high. Two stories, one house.

In the first episode of Luxury, Long, we open the file: the house's history, the numbers, the market's verdict, and the case against it.

0:00 Cold open

0:44 The story

1:54 The Shelf: is the demand real?

2:40 The Sheet: is the business strong?

3:35 The Chart: what is the market doing?

4:25 The Case Against

5:36 Close

Tickers in this episode (TradingView charts, affiliate links):

RMS, Hermès on Euronext Paris: https://www.tradingview.com/symbols/EURONEXT-RMS/?aff_id=1172856

HESAY, Hermès in the US (over the counter): https://www.tradingview.com/symbols/OTC-HESAY/?aff_id=1172856

These are affiliate links: new TradingView users who sign up through them get a discount on their first paid plan, and I may earn a commission at no extra cost to you.

Figures: Hermès 2025 full-year and H1 2026 results; share price as of October 2026.

Luxury, Long is research and education, not financial advice. The host holds no position in Hermès.

Watch the video: https://www.youtube.com/watch?v=1L_45Pcvr8s

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