Hermès Shines in a Scruffy Luxury Market

Hermès’s discipline in good times might make it more resilient in downturns. Photo: Edward Berthelot/Getty ImagesHermès is a brand that shows its real mettle in a downturn. The secret to its steady growth might be the restraint it shows in good times.  The French handbag maker’s shares gained 33% in 2023, making it the luxury sector’s best-performing stock. Parisian rival LVMH Moët Hennessy Louis Vuitton , which owns Christian Dior and is also considered one of the safest bets in luxury, rose 8%. But across ...