Scott Galloway

Waiting lists currently sit at two years.

Jesus, that's amazing.

81%, they manage scarcity almost as well as any brand in the world.

The key in luxury is scarcity.

And I'll come back to that, but I think it's a key point in managing your own brand.

And it was 81% of 2024 Ferrari sales went to existing owners.

That's right.

They do the same thing with Birkin.

I bought someone in my life a Birkin bag and they asked me if I wanted to get on the list for another bag.

And I thought, well, okay, if I need to be on a list, I want on the list.

48% to buyers already own multiple Ferraris.

Wow.

So half of the people who buy Ferraris already own more than one.

The new younger buyer is largely recycling with a closed loop.

So in some, it does look like actually they're getting younger.

But your broader question is, what do you do when you're kind of have nothing but experience in a certain industry and you're looking to make a pivot?

What I would suggest is ask yourself, why are you making the pivot?

And is there a way to make the pivot internally?

What do I mean by that?

You might think I'm sick of sales and I want to be more marketing or I want to be managing people.