Hermès Is Down 40%. The Business Isn't.
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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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