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Do Luxury Stocks’ Record Valuations Reflect Reality?

AIPBCBCODJDAXF7JNSFLHPI2KU Do Luxury Stocks’ Record Valuations Reflect Reality?

It isn’t just luxury products that are looking expensive these days.

A share in Hermès International will now cost you €2,000 ($2,200) — enough to buy one of the brand’s signature anchor-chain bracelets and a hand-stitched wallet with change to spare.

The company — which debuted on the Paris Bourse in 1993 at around €6 per share (in francs) — saw its market capitalisation overtake Nike this January to become the world’s…

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