Pricing Power

“If you’ve got the power to raise prices without losing business to a competitor, you’ve got a very good business” W. Buffett

[Pricing Power @pricingpow]

11/ So €52m/store is misleading. The more accurate picture is:
– €35–45m/store
– €5.1k avg ticket in boutiques
– 20–30 sales/day per store
– 1–4m global clients
vs 58m millionaires & 700k new millionaires/year.

Scarcity + demographics = Hermès’ growth model.

[Pricing Power @pricingpow]

1/ 1/
Hermès “€52m per store” stat gets quoted a lot. But is it realistic? Let’s break it down 👇

[Fiscal.ai @fiscal_ai]

This is an insane stat.

On average, Hermès generates ~€52 million ($62M USD) in annual sales per store.

That's more than Target!

$RMS

[Pricing Power @pricingpow]

9/ Compare that to wealth:
– ~58m global millionaires today
– ~0.7m new millionaires each year

That’s equal to 20–70% of Hermès’ global client base every year. Over just a few years, cumulative new wealth more than replenishes the entire pool.

[Pricing Power @pricingpow]

13/
Conclusion:
Labeling funds “activist” or “quiet compounder” misses the point.

WindAcre can behave like either — depending on what the capital structure, governance framework, and exit dynamics allow.

In both cases, they played to win.

[Pricing Power @pricingpow]

1/
How can the same fund be labeled both a “corporate raider” and a thoughtful long-term steward?

The answer lies in two contrasting case studies from WindAcre Partnership:
• Nielsen (2022) — confrontational
• Sabesp (2017–18) — constructive

Thread:

[Pricing Power @pricingpow]

12/
One shows WindAcre as a technical capital allocator.

The other as a strategic risk-taker with edge in control dynamics.

Together, they reveal a more complete truth:
WindAcre is not passive — it’s adaptive.