The Intrinsic Value Podcast发布 2026-10-11
《Hermès and LVMH Stock: Time to Buy Luxury?》
$BRUN中性
由于规模较小、门店仍在持续扩张，且缺乏亚洲业务布局，BRUN 并非 MS 的完美可比对象。
我记得你提到过一家叫 Brunello Cuchinelli 的公司。上次我们讨论的是 Hermes。那它们表现如何？
I believe you mentioned a company called Brunello Cuchinelli. Last time we discussed Hermes. So how are they fairing?
是的，那就是我说“如果你愿意，可以花1000美元买一件T恤”时提到的那种品牌。在那个价位，你肯定已经把所有这些有向往的买家都排除在外了，说实话，你只剩下大概最顶尖的0.1%。但也许这也正是为什么 Gujunali 没有受到近期奢侈品市场困境的影响，而是一直在稳步增长。
Yeah, that's the sort of brand that I mentioned when I said you can spend $1,000 on a t-shirt if you feel like it. And at that price, you have certainly priced out all the aspirational buyers and you only left with the probably top.1% to be honest.
But perhaps that's also why Gujunali was unfaced by the recent struggles in the luxury market and just kept growing nicely.