And now, a look at Hermès…

Of all the countless fashion show spaces that I’ve found myself in over the years, I’m not sure any has been chicer than the butter yellow pavilion built for Hermès womenswear designer Nadège Vanhee’s ready-to-wear show, which took place last Thursday on a hill high above Bel Air and was designed by Maybe Paris’s Charles Levai and Kevin Tekinel—with feedback from the designer herself, and built from scratch by architect Georgi Stanishev. The next day, someone asked me how much I thought it cost to create the structure. It had to be well into the seven figures. After all, Hermès spares no expense when it comes to client-facing events, where two-thirds of the family-controlled company’s communications spend is lavished. (The rest goes to traditional advertising, although Hermès famously doesn’t have an official marketing department.)

Most importantly, the production was incredibly tasteful, down to the gorgeous invitation rendered in an even lighter yellow with green lettering—more beautiful than any wedding invite I’ve ever received. The whole affair exemplified the singular essence of the Hermès brand, which could be seen as a decades-long exercise in restraint. The Dumas family, which has run the business for six generations, is better known for holding back than almost any other attribute. Not only has the family famously restricted the amount of product—waitlisted handbags, etcetera—but it has also managed collections, comms, celebrities, merch, trend-hopping, and so on with unprecedented discipline.

As Bernstein analyst Luca Solca recently noted, company executives believe that Hermès is protected from the crisis facing Big Luxury because it is not a fashion brand—yes, the company makes clothes, and beauty products, and everything else, but only in a decidedly Hermès-first manner. Indeed, the fashion discourse around what’s happening at Chanel, and how it’s affecting other brands, seems to be running in parallel to Hermès’s own narrative. It might sound highfalutin, but it’s largely true: There is Hermès, and then there is everyone else.

Still, staying above the fray has never been harder. While none of us were naive enough to think that everyone who buys Hermès is as tasteful as the Traina sisters, social media has inevitably punctured some of the mystery surrounding actual Hermès customers and the in-store experience by revealing unvarnished truths: While it can still be difficult to secure a rare bag, that’s not always the case. Combined with the proliferation of unfurnished bags on the secondhand market, the brand has at least marginally been brought back down to earth.

To quote a recent podcast appearance by Sporty & Rich founder (and Hermès collector) Emily Oberg, “Carrying a leather Birkin is like carrying a Coach bag. The only way to feel okay is to have an exotic.” Of course, she was joking—but only sort of. Hermès remains untouchable in many ways. But the company is also at an inflection point. There’s a desire to be in the mix that didn’t really exist before, evidenced by the rising cadence of these off-piste shows and the presence of celebrities from Julia Louis-Dreyfus (more expected) to Miley Cyrus (less so) and even Ina Garten (a great idea). Then, there’s everything on the near-horizon: the launch of Couture under Vanhee in January 2027, and the arrival of Grace Wales Bonner next year to lead menswear. The company’s beauty offerings are expanding as well, with skincare launching in 2028.

Hermès may not be a fashion brand, per se, but it sometimes acts like one. In that regard, Wales Bonner should prove valuable: She is something of a classicist, but she also understands how to create “It” items. Meanwhile, with Vanhee’s trendier offerings—such as the peak-pandemic clogs that I hired an online personal shopper to scout for me, or the cowboy boots—the company has exercised restraint, sometimes even too much. As Solca noted, there was not enough inventory of women’s novelty shoes in Q1 to make up for the slight retraction of the more traditional Middle Eastern customer.

Then there’s the matter of cost. For years, Hermès promised that their pricing structure was based on the cost of raw materials and other operational expenses, without a vig added for marketing. As it turns out, they were being honest: Despite steady, inflation-related price increases, their products are often less expensive than those from brands with perceived lower quality. Does that make their products a steal? Of course not, but it changes the narrative—and raises the question of how to communicate the perception of value.

One approach could be increasing the focus on certain customer profiles, like the fashion enthusiast. For instance (as I’ve mentioned before), Hermès could create store experiences where the ready-to-wear collections are more fully represented, especially after Wales Bonner joins. As a fan of the brand, I’d be more likely to shop collection pieces if there was some sort of retail experience where I could truly get a sense of the vision.

But in any case, the V.I.C.s, who are the most resilient customers, will remain the driver of Hermès’s business—not fashion lovers who buy one or two items a year. In a forthcoming episode of Fashion People, Solca wondered whether Hermès should create an even higher tier of product to remind the top customers of its specialness. Perhaps the company’s curiosity about getting into Couture reflects the same insight.

For Hermès C.E.O. Axel Dumas and his executives, the test over these next few years is going to be whether they can play more in these other areas, from fashion and celebrity to beauty, without losing the purity they have so doggedly protected. No company is flawless, but in the decade since that infamous takeover attempt by LVMH, Hermès has come close to it. Let’s see what the next decade brings.

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This column argues that the American middle class has not hollowed out; rather, everyone is getting richer. What the research doesn’t account for, however, is the ballooning cost of living. Everyone might be better off, but everything is also a lot more expensive. [N.Y. Times Opinion]

The new design director of Carven is Kai Nesselrath, who designed women’s ready-to-wear at Saint Laurent and worked under Karl Lagerfeld at Chanel. The ICCF Group–owned Carven isn’t a major fashion player, but the gig could still change his life if he does a good job. [Inbox]

I am obsessed with Flores, fashion designer Giovanna Flores’s sculptural notepads, created with her sister, Janelle. Jessica Iredale spotlights Giovanna’s celebrity dressing. [N.Y. Times]

Another Chloë closet purge, just for you! [Instagram]

Prada space suits! It’s too good. [Reuters]

G-III boss Morris Goldfarb discusses what he wants to do with Marc Jacobs. [WWD]

If you have time (I don’t), it’s worth sifting through Bonhams’ Diane Keaton collection, which includes fashion and letters. [Live Auctioneers]

Last week I was just asking a friend, “Whatever happened to Ryan McGinley?” And behold, here he is! [New York]

Until tomorrow,
Lauren

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