In luxury, there’s Hermès… and there’s everyone else. Stewarded by one French family over six generations, Hermès sells the absolute pinnacle of the French luxury dream. Loyal clients will wait years simply for the opportunity to buy one of the company’s flagship Birkin or Kelly bags. Unlike every other luxury brand, Hermès:Doesn’t increase supply to meet demand (hence the waitlists)Doesn’t loudly brand their products (IYKYK)Doesn’t do celebrity endorsements (stars buy their bags just like everyone else)Doesn’t even have a marketing department! (they barely advertise at all)And yet everyone knows who they are and what they represent. But, despite all their iconoclasm, this is not a company that’s stood still for six generations. Unbeknownst to most, Hermès has completely reinvented itself at least three times in its 187-year history. Including most recently (and most dramatically) by the family’s current leaders, who responded to LVMH and Bernard Arnault’s 2010 takeover attempt by pursuing a radical strategy — scaling hand craftsmanship. And in the process they turned the company from a sleepy, ~$10B family enterprise into a $200B market cap European giant. Tune in for one incredible story!Sponsors:Many thanks to our fantastic Season 14 partners:J.P. Morgan PaymentsServiceNowVantaLinks:Visuals for: 00:23: Haut a Courroies, the “high-belted bag” to carry saddles and boots00:45: Chaine d'ancre, “Chain of anchors”00:49: Jeu des Omnibus et Dames blanches, “White ladies at play”00:53: Screen printing each color on a scarf individually00:57: The Hermès oranges01:06: Sac à Dépêches (today: the Kelly Bag)01:07: Grace Kelly photo in LIFE Magaine01:26: Steps to sew a saddle stitch01:48: The Birkin Bag03:17: Petit hThe saddle stitch (video)Inside the Saddlery at the FaubourgHermès 2022 Annual ReportAxel Dumas InterviewAll episode sourcesCarve Outs:Anker GaN Prime 100W chargerMatterPerplexityThe Score Takes Care of ItselfMore Acquired:Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Check out the latest swag in the ACQ Merch Store!‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

Last year Novo Nordisk, the Danish pharmaceutical company behind Ozempic and Wegovy, overtook LVMH to become Europe’s most valuable company. And the pull for Acquired to finally tackle healthcare (18% of US GDP!) became too strong for us to resist. While we didn’t know much about Novo Nordisk before diving in, our first thought was, “wow, seems like these new diabetes and obesity drugs mean serious trouble for big insulin companies.”And then… we realized that Novo Nordisk IS the big insulin company. And in a story befitting of Steve Jobs and Apple, they’d just disrupted themselves with the drug equivalent of an iPhone moment. Once we dug further, we quickly realized this company has it all: an incredible 100+ year history filled with Nobel Prizes, bitter personal rivalries, board room dramas, a generation-defining silicon valley innovation, lone voices persevering against all odds — and oh yeah, the world’s largest charitable foundation at its helm. Tune in for one incredible story!Sponsors:Many thanks to our fantastic Season 14 partners:J.P. Morgan PaymentsServiceNowVantaMore Acquired:Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Check out the latest swag in the ACQ Merch Store!Links:Chart: US Healthcare Spend by CategoryChart: US Distribution and Reimbursement System (for pharmaceutical drugs)Chart: Insulin Supply ChainYouTube Talk: What People Get Wrong about the Finances of the Drug IndustryAlex Telford: The pharma industry from Paul Janssen to today: why drugs got harder to develop and what we can do about itOut-of-Pocket Health: Obesity DrugsOut-of-Pocket Health: US Healthcare System ProblemsAll episode sourcesCarve Outs:Noxgear Tracer 2 running vestDrops of GodWool by Hugh HoweyMere Mortals at San Francisco BalletBlackberry‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.