It’s true that Exor is focusing on luxury also due to the fact that its president takes inspiration from Hermès. In the last note to stakeholders, John Elkann explained the growth directives of its company, which has interests in the automotive and energy segments. Yet, the company has been focusing more and more on the high-end segment in the last few years. Leveraging a luxury brand with incredible value, Ferrari, by participating in Zegna’s IPO, buying 24% of Louboutin, (allegedly) courting Armani and buying a share in Shang Xia, Exor is following on Hermès’ footsteps.
Exor focusing on luxury
As reported by La Stampa, Elkann assured stakeholders that Exor, which has grown 31% in the last year, wants to make great things with the companies it owns and those that it will acquire. Focus is on 3 main aspects: luxury, health, and technology. All while using an approach that may sound repetitive: moving forward to current times while retracing the footsteps of traditions (and know-how). The president has said to find inspiration from Hermès’ story.
“Thierry Hermès’ (the founder) two nephews couldn’t agree on what the future held for the family brand, which used to be the leader in luxury saddlery and accessories for carriages and horses – reads the note sent to stakeholders -. Emile-Maurice has returned from America, where he had seen the growth of the automotive segment, which was revolutionizing their market. So, he told his brother Adolphe, that Hermès needed to renew itself and change. But Adolphe decided to sell his shares to his brother. Emile-Maurice thus began to manufacture luggage for automobiles and, in 1922, launched a collection od handbags, after his wife had complained she couldn’t find the right one. From then, Hermès grew year after year, always in the hands of the founding family members”.