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(1). 1:The stolid approach has paid off in the pandemic.
2:Sales will probably drop this year because of store and factory closures in the spring.
3:But Hermes looks in better shape than its competitors, says Luca Solca of Bernstein, a broker.
4:It is less reliant than they are on Asian tourists shopping in Paris or New York.
5:It makes most of its wares itself, so does not need to bail out third-party suppliers.
6:Demand wobbles are less of a problem given those long waiting lists.
7:And if well-heeled consumers are to spend in a recession, they favour timeless brands.
2:Sales will probably drop this year because of store and factory closures in the spring.
3:But Hermes looks in better shape than its competitors, says Luca Solca of Bernstein, a broker.
4:It is less reliant than they are on Asian tourists shopping in Paris or New York.
5:It makes most of its wares itself, so does not need to bail out third-party suppliers.
6:Demand wobbles are less of a problem given those long waiting lists.
7:And if well-heeled consumers are to spend in a recession, they favour timeless brands.
1:这种固执的做派在疫情期间得到了回报。
2:由于春季商店和工厂的关闭，今年的销售额可能会下降。
3:但经纪公司伯恩斯坦的卢卡?索尔卡表示，爱马仕的状况看起来比竞争对手要好。
4:爱马仕对那些在巴黎或纽约购物的亚洲游客的依赖程度更低。
5:它的大部分商品都是自己生产的，因此不需要救济第三方供应商。
6:考虑到长长的等待购买名单，需求波动也不是什么问题了。
7:如果富裕的消费者们要在经济衰退中消费，他们往往青睐永恒的品牌。
2:由于春季商店和工厂的关闭，今年的销售额可能会下降。
3:但经纪公司伯恩斯坦的卢卡?索尔卡表示，爱马仕的状况看起来比竞争对手要好。
4:爱马仕对那些在巴黎或纽约购物的亚洲游客的依赖程度更低。
5:它的大部分商品都是自己生产的，因此不需要救济第三方供应商。
6:考虑到长长的等待购买名单，需求波动也不是什么问题了。
7:如果富裕的消费者们要在经济衰退中消费，他们往往青睐永恒的品牌。
(2). Mr Dumas is alive to this. Hermes has started to branch out into cosmetics, offering aspiring shoppers a cheaper entry point than Birkins (or skateboards). It has invested in a Chinese venture, Shang Xia, that may be useful if consumers in China—big buyers of luxury goods—start coveting local baubles instead of French ones.
杜马斯对此有所察觉。爱马仕已经开始进军化妆品领域，为有所渴求的消费者提供比铂金包（或陶瓷滑板）更便宜的入门产品。它投资了一家名为“上下”的中国企业，如果中国的奢侈品大买家开始垂涎本地小玩意而不是法国货，这笔投资可能会派上用场。
(3). 1:Such moves are not so different from Mr Arnault’s.
2:He might have executed the same savvy strategy at Hermes; LVMH executives still speak of the “brand that got away” with reverence.
3:But the Hermes clan can draw satisfaction from the fact that their investment in the family firm has yielded returns of over 400% since 2010— even juicier than if they had traded their stakes for LVMH shares.
2:He might have executed the same savvy strategy at Hermes; LVMH executives still speak of the “brand that got away” with reverence.
3:But the Hermes clan can draw satisfaction from the fact that their investment in the family firm has yielded returns of over 400% since 2010— even juicier than if they had traded their stakes for LVMH shares.
1:这样的举动与阿尔诺的做法没有太大差别。
2:他可能也会在爱马仕采取同样的精明策略；LVMH的高管们仍然心怀崇敬地谈论这个“逃脱的品牌”。
3:但是爱马仕家族还是心满意足，因为自2010年以来，他们对家族企业的投资回报率超过400%。这甚至比他们用所持股份换取LVMH股份的收益还要高。
2:他可能也会在爱马仕采取同样的精明策略；LVMH的高管们仍然心怀崇敬地谈论这个“逃脱的品牌”。
3:但是爱马仕家族还是心满意足，因为自2010年以来，他们对家族企业的投资回报率超过400%。这甚至比他们用所持股份换取LVMH股份的收益还要高。
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