2020年经济学人 熊彼特专栏--LVMH对决爱马仕(2)（在线收听）

Plenty of companies, particularly those with family histories, resist the lure 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 rebuked as a corporate 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 coveted Hermes is testament to its good management. But the general rule in the past decade has been that multibrand conglomerates like LVMH, Richemont (home of Cartier and Montblanc) or Kering (Gucci and Saint Laurent) hold an edge over single-brand outfits like Burberry, Prada or Hermes. The cost of building new e-commerce capabilities can be spread more widely; size gives a bargaining advantage with landlords. Creators are lured to the biggest names in a virtuous 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。