The issue for Royal Mail was privatisation.

For nearly half a millennia it was a public service. It was hamstrung by putting requirements on it which weren't necessary for competitors, and when, unsurprisingly, it struggled to compete it was sold off. It's since continued to struggle. It's shares still trade below the "low" price they were issued at.

Now, just like with Hermes, they're trying to rebrand and distance themselves away from the name.

500 years of history almost gone through short termism and mismanagement.