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Christian Blancard is an old hand when it comes to the world of European luxury.

I'm just writing a book called The Hundred Words of Luxury.

I am a member of several board and advisory boards

concerning the luxury business in general.

He joined the French luxury house Hermes in the early 90s

and spent 15 years there in charge of the company's international development.

Over the years, he's seen the industry transform.

The world of luxury has changed completely, so it became huge, it was small.

When I joined, all the families were there, only families.

And now, today, no family anymore, except some very few families.

Hermes, which remains in family hands, is an increasingly rare exception in an industry that

has come to be dominated by a handful of luxury conglomerates. LVMH, the largest of them all,

now houses 75 different brands,

from Louis Vuitton to Dior and Hennessy. The consolidation of the European luxury industry

...