European Luxury Goods Q1 26 Takeaways: Testing Quality

Research evidence excerpt

European Luxury Goods Q1 26 Takeaways: Testing Quality

J P M O R G A N Europe Equity Research

15 May 2026

European Luxury Goods

Q1 26 Takeaways: Testing Quality

As we approach the end of the Q1 26 reporting season, we summarise the key European Luxury & Sporting Goods

AClearnings from this reporting and where these leave us as we move into H2. The Chiara Battistini

overall Q1 setup - including increasing geopolitical volatility, slowing tourist (39-02) 8895-2700

spending, polarised brand momentum, and category-specific excellence - stress- chiara.x.battistini@jpmorgan.com

tested quality across the sector: we think Brunello Cucinelli, Zegna, and Moncler J.P.(AsiaMorganPacific)SecuritiesLimited plc/ J.P. Morgan Securities

emerged as clear winners. All three posted strong retail performance, benefiting

Wendy Liu

from superior brand execution, solid growth across regions, a resilient high-end (44-20) 3493-9733

consumer, and robust demand for high-end RTW. We also saw continued strong wendy.liu@jpmorgan.com

momentum in the jewelry category, once again outperforming soft luxury, thanks J.P. Morgan Securities plc

to positive structural drivers we had explored in our note 18-karats of strength. In Apurva Vishwaraj

this context, we reiterate our PCW call on Richemont (-10% YTD, -2% since the apurva.vishwaraj@jpmchase.com

start of the conflict), reporting next week. Overall, we think the backdrop for luxury J.P. Morgan Securities plc

companies is not as unfavourable as recent share performances would suggest, Victoria Saden

with wealth creation remaining strong in the US and specific markets (e.g. Korea), (44-20) 3493-0435

victoria.saden@jpmorgan.com

albeit highly volatile and polarised, notably as we head into Q2 and Q3 highly J.P. Morgan Securities plc