The stolid approach has paid off in the pandemic. Sales will probably drop this year because of store and factory closures in the spring. But Hermes looks in better shape than its competitors, says Luca Solca of Bernstein, a broker. It is less relian...
Hermes might have struggled to compete head-on. So instead and this is the wise partit played to its strengths. While rivals flocked to the fashionable, ostentatious and cutting-edge, it erred on the side of discretion, timelessness and tradition. It...
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 independentand how it can pay o...
Business 商业版块 Schumpeter 熊彼特专栏 The one that got away 逃脱的品牌 Hermes seemed destined to become part of LVMHs luxury empire. Not so fast 爱马仕似乎注定要成为酩悦轩尼诗-路易威登集团奢侈帝国的一部分。...
South Africas economy was 16.4% smaller in the second quarter compared with the first, the worst contraction since the 1990s. Infections from COVID-19 have slowed, allowing the government to lift some restrictions, such as on sales of alcohol. But a...
His nom de guerre, Duch, meant the schoolboy who stood up when his master asked him to. He may have hated the prison work, but he faithfully repeated the slogans. Our party makes absolutely no mistakes. Angkar knows who is good and who is bad. They d...
Buildings and communities can be built in such a way that fires sweep through themor better still, around themleaving them more-or-less intact. 建筑和社区建可以以这样一种方式建在，即火灾会席卷，或者更好的是，将它们包...
The world this week 本周国际要闻 Business 经济 A sell-off in tech stocks led to the worst trading period for the Nasdaq since mid-March, at the start of the COVID-19 crisis. Over a few days the share prices of Amazon, Alphabet, Facebook and M...
Flood mitigation is essential. Yet though Japan and South Korea have few climate-change deniers, the sense that warming is a problem generated elsewhere has persisted for too long, says Ohbayashi Mika of the Renewable Energy Institute in Tokyo. That...
California burns every year. But amid a record-breaking heatwave, 2020 is the fieriest year yet. 加利福尼亚每年都在燃烧。但在一场破纪录的热浪中，2020年是迄今为止最火热的一年。 As The Economist went to press, more...
He kept his usual neat record of what was done to resisters. About 20 whippings with fine rattan. 20-30 whippings with electrical wire. Stuffing with water. He claimed later that he had hated running the prison. He had tried to get sent to the Indust...
On September 8th Kim Jong Un, the Norths dictator, assembled his top brass to review the damage a week earlier from the second of the typhoons, Maysak, which destroyed 2,000 homes and washed away 60km of roads and 57 bridges. As the meeting took plac...
During the pandemic, CMES such as Germany have generally had a more coherent strategy for containing the spread of the virus. 在疫情期间，CMES，如德国，通常有一套更协调一致的策略来遏制病毒的传播。 Lockdowns may not se...
Asia 亚洲板块 Banyan 榕树专栏 The new weather gods 新的气象神 Floods and storms force Japan and South Korea to think harder about climate change 洪水和风暴肆虐，日本和韩国被迫更加认真地思考气候变化问题 Senso-j...
Political economy is a discipline in which rigorous empirical testing is difficult. 政治经济学是一门难以进行严格实证检验的学科。 Scholars are rarely presented with the kind of naturally occurring experiments which crop up in oth...
