2020年经济学人 熊彼特专栏--LVMH对决爱马仕(3)

（单词翻译）

Hermes might have struggled to compete head-on. So instead— and this is the wise part—it played to its strengths. While rivals flocked to the fashionable, ostentatious and cutting-edge, it erred¹ on the side of discretion², timelessness and tradition. Its biggest hits today, the Birkin and Kelly handbags that often sell for $10,000 or more, are refreshed versions of what it has sold for decades. It can do whimsy³ and eye-catching: its website currently features a functioning porcelain⁴ skateboard, a snip⁵ at 3,350 euros. And whereas a Dior dress will last one season, an Hermes product is for life. As creative directors shuffle⁶ from one brand to the next, at Hermes the same designer has overseen⁷ menswear since 1988.

爱马仕可能很难正面对抗LVMH。因此，爱马仕没有选择正面竞争，而是明智地发挥自己的优势。在竞争对手们对时尚、耀眼和前沿的产品趋之若鹜时，爱马仕却在力求谨慎、永恒和传统。如今，爱马仕最受欢迎的产品是铂金手袋和凯利手袋，售价通常在1万美元或以上，尽管手袋版本不断更新，数十年来却一直畅销。它还可以进行奇思妙想的设计来吸引眼球：它的网站上目前发布了瓷器滑板专题，售价3350欧元。迪奥的连衣裙只能穿一季，而爱马仕的产品却能终身使用。创意总监们会从一个品牌跳到另一个品牌，而从1988年开始，爱马仕就一直任用同一位设计师监督男装设计。

Understatement works as a strategy only because Hermes enjoys an aura of exclusivity. This gives it pricing power to sell knickknacks for over ten times what they cost to make. Waiting lists for Birkins stretch for years. Because much of what it sells carries through the seasons, Hermes does not need discounts to get it off the shelves. That preserves both margins⁸ and the brand, a luxury group’s most valuable asset. The firm claims not to have a marketing⁹ department. It is the kind of claim a clever marketing department might dream up, but Hermes does spend only around 5% of revenues on advertising¹⁰ and promotions¹¹, half the share of rivals.

低调是爱马仕运行的策略，因为它享有一种排他性的光环。这使它拥有定价权，可以以超过制造成本10倍的价格出售小玩意。排队购买铂金包的顾客要等上数年。爱马仕销售的大部分商品都不会过季，因此它无需打折就能售空商品。这样既保留了利润，也保住了品牌价值，这也是奢侈品集团最宝贵的资产。爱马仕声称没有市场营销部门。这可能是明智的营销部门梦寐以求的说法，但爱马仕确实仅将收入的5％用于广告和促销，是竞争对手的一半。