The Loss Leader · Business Model
The Birkin Was Never the Product. The Scarves You Bought to Earn It Were.
Hermès made €15.2 billion in 2024 at a 40.5% operating margin — and its most famous product, the Birkin, is something you can't just buy. A U.S. antitrust suit now argues the 'waitlist' is a tying scheme: spend on scarves and jewelry first, then maybe get the bag.
8 min