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FYI Here's what I mean by the Quality Brand Mittelstand: http://www.privateinvestmentbrief.com/blog/the-quality-brand-mittelstand/ …
When you give a gift you care about two things: 1. Its quality 2. Its price Long running brands ensure both #1 and that the recipient will know how much you spent because they recognize the brand (#2). I think this is a better way to explain See's than through it's heritage.
I'd also say this: Consider Graff Diamonds and Van Cleef & Arpels, each of which has a boutique on the Place Vendome in Paris. They are near-equals in quality and price and equally recognized as such today by the women who tend to receive them as gifts. But if you had to bet...
...on which brand will maintain its position in the next 50 years, wouldn't you instinctively bet on Van Cleef & Arpels because it's been around longer?
Enjoyed reading your article btw. Trying to build a mittelstand company myself. Any good books on the phenomenon you recommend?
Thanks. The best-known books on the classic Mittelstand phenomenon (i.e. companies with huge market shares in niche industries) are "Hidden Champions" and its sequel "Hidden Champions of the 21st Century" by Hermann Simon:https://www.amazon.com/Hidden-Champions-Lessons-Worlds-Companies/dp/0875846521/ref=sr_1_2?ie=UTF8&qid=1517740713&sr=8-2&keywords=hidden+champions …
I'll say this too: A long-lived expensive brand has an advantage not just b/c that longevity has afforded it more time to become recognized. It's also b/c the brand's longevity indicates that it has passed the demanding "test" of having justified its expensiveness over time.
How would you define "heritage"? Because if pressed to give a formal definition myself, I hope I'd come up with something close to your own #1 and #2 formulation.
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