2020年经济学人 熊彼特专栏--LVMH对决爱马仕(2)

Plenty of companies, particularly those with family histories, resist the lure¹ of takeovers by bigger rivals. Often the decision is guided by pride rather than financial sense. Hermes provides a road map of how to stay independent—and how it can pay off.

许多公司，尤其是那些具有家族历史的公司，都在抵制着更大竞争对手的收购诱惑。通常情况下，这样的公司在决策上会受到品牌自豪感的引导，而不是注重经济意义。爱马仕向我们展示了它如何保持独立，并成功抵制并购的历程。

The first step was to keep the wolf at bay. Though listed since 1993, most of Hermes’s shares belonged to 60 or so descendants, split into various branches. Hermes threw up all manner of defences. Mr Arnault was publicly rebuked² as a corporate³ raider (less polite language was used). Lawyers attacked the underhand way in which his stake was built through complex financial products that skirted disclosure rules (LVMH was later fined 8m euros by the markets regulator). Ultimately, Hermes family members eager to remain in charge created a structure which pooled just over 50% of shares, committing themselves to owning their stakes come what may until 2031. By 2017 Mr Arnault had given up.

第一步就是把狼拒之门外。尽管爱马仕在1993年就上市了，但是集团的大部分股份划分成多份，分属于大约60位后代。爱马仕提出了各种各样的防御措施。阿尔诺先生被公开谴责为企业掠夺者（使用了不太礼貌的语言）。律师们抨击他使用了卑鄙的手段，利用复杂的金融产品避开披露规则以建立自己的股份（LVMH后来被市场监管机构罚款800万欧元）。最终，渴望继续掌权的爱马仕家族成员创造了一个结构并汇集了超过50%的股份，承诺不论2031年之前发生什么，他们都拥有这些股份。到了2017年，阿尔诺已经放弃了。

The second step is to use independence wisely. That Mr Arnault coveted⁴ Hermes is testament⁵ to its good management. But the general rule in the past decade has been that multibrand conglomerates⁶ like LVMH, Richemont (home of Cartier and Montblanc) or Kering (Gucci and Saint Laurent) hold an edge over single-brand outfits⁷ like Burberry, Prada or Hermes. The cost of building new e-commerce capabilities⁸ can be spread more widely; size gives a bargaining advantage with landlords. Creators are lured⁹ to the biggest names in a virtuous¹⁰ loop of desirability.

第二步是明智地使用独立性。阿尔诺对爱马仕的垂涎足以证明它的良好管理。但过去十年的普遍规律是，诸如LVMH、历峰集团（名下有卡地亚和万宝龙）或开云集团（名下有古驰和圣罗兰）等多品牌集团比巴宝莉、普拉达或爱马仕等单一品牌的公司更具优势。构建新型电子商务能力的成本可以更广泛地分摊给名下多个品牌；在就店铺规模与房东讨价还价的方面更具优势。创造者在吸引力的良性循环中被吸收到了大名鼎鼎的名牌。

1 lure   

n.吸引人的东西，诱惑物；vt.引诱，吸引

参考例句：

• Life in big cities is a lure for many country boys.大城市的生活吸引着许多乡下小伙子。
• He couldn't resist the lure of money.他不能抵制金钱的诱惑。

2 rebuked   

责难或指责( rebuke的过去式和过去分词 )

参考例句：

• The company was publicly rebuked for having neglected safety procedures. 公司因忽略了安全规程而受到公开批评。
• The teacher rebuked the boy for throwing paper on the floor. 老师指责这个男孩将纸丢在地板上。

3 corporate   

adj.共同的，全体的；公司的，企业的

参考例句：

• This is our corporate responsibility.这是我们共同的责任。
• His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。

4 coveted   

adj.令人垂涎的；垂涎的，梦寐以求的v.贪求，觊觎(covet的过去分词)；垂涎；贪图

参考例句：

• He had long coveted the chance to work with a famous musician. 他一直渴望有机会与著名音乐家一起工作。
• Ther other boys coveted his new bat. 其他的男孩都想得到他的新球棒。 来自《简明英汉词典》

5 testament   

n.遗嘱；证明

参考例句：

• This is his last will and testament.这是他的遗愿和遗嘱。
• It is a testament to the power of political mythology.这说明，编造政治神话可以产生多大的威力。

6 conglomerates   

n.（多种经营的）联合大企业( conglomerate的名词复数 )；砾岩；合成物；组合物

参考例句：

• At the surface, radioactivity of the conglomerates is locally as high as 30 X background. 在地表，砾岩的局部地段的放射性高达30倍本底值。 来自辞典例句
• The conglomerates failed to understand that books could not be sold like soap. 这些联合大企业不懂卖书不象卖肥皂那样。 来自辞典例句

7 outfits   

n.全套装备( outfit的名词复数 )；一套服装；集体；组织v.装备，配置设备，供给服装( outfit的第三人称单数 )

参考例句：

• He jobbed out the contract to a number of small outfits. 他把承包工程分包给许多小单位。 来自辞典例句
• Some cyclists carry repair outfits because they may have a puncture. 有些骑自行车的人带修理工具，因为他们车胎可能小孔。 来自辞典例句

8 capabilities   

n.能力( capability的名词复数 )；可能；容量；[复数]潜在能力

参考例句：

• He was somewhat pompous and had a high opinion of his own capabilities. 他有点自大，自视甚高。 来自辞典例句
• Some programmers use tabs to break complex product capabilities into smaller chunks. 一些程序员认为，标签可以将复杂的功能分为每个窗格一组简单的功能。 来自About Face 3交互设计精髓

9 lured   

吸引，引诱（lure的过去式与过去分词形式）

参考例句：

• The child was lured into a car but managed to escape. 那小孩被诱骗上了车，但又设法逃掉了。
• Lured by the lust of gold,the pioneers pushed onward. 开拓者在黄金的诱惑下，继续奋力向前。

10 virtuous   

adj.有品德的，善良的，贞洁的，有效力的

参考例句：

• She was such a virtuous woman that everybody respected her.她是个有道德的女性，人人都尊敬她。
• My uncle is always proud of having a virtuous wife.叔叔一直为娶到一位贤德的妻子而骄傲。