Luxury: Update: Key Themes & Questions for Management

Research evidence excerpt

Luxury: Update: Key Themes & Questions for Management

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May 18, 2026 12:14 PM GMT

Morgan Stanley & Co. International plc+MLuxury | Europe Edouard Aubin

Equity Analyst

Update: Key Themes & Edouard.Aubin@morganstanley.comGrace Smalley, CFA +44 20 7425-3160

Grace.Smalley@morganstanley.com +44 20 7425-9629

Questions for Management Natasha Bonnet

Natasha.Bonnet@morganstanley.com +44 20 7677-5723

Ahead of our annual Morgan Stanley Luxury Conference in Paris Cedric Norest

next week, we publish our conference preview, including key ResearchCedric.Norest@morganstanley.comAssociate +44 20 7425-1462

themes and a comprehensive list of questions for all attending Sarah Simon

companies. EquitySarah.Simon@morganstanley.comAnalyst +44 20 7425-6064

Tilly Eno

Following an underwhelming Q1 reporting season (LVMH F&LG -2% OSG, Hermes Equity Analyst

+5.6% CER, Gucci -8%), we detail some of the key themes and focus areas we expect Tilly.Eno@morganstanley.com +44 20 7677-3662

to feature in discussions at our Luxury Conference. Morgan Stanley & Co. LLC

Dara Mohsenian, CFA

Key Conference Themes: Equity Analyst

Dara.Mohsenian@morganstanley.com +1 212 761-6575

#1 – Post-pandemic luxury boom fatigue? The luxury industry enjoyed a post-

Morgan Stanley Asia Limited+

pandemic recovery boom, when pandemic-era savings and fiscal stimulus (in the US) Hildy Ling

fuelled a wave of new recruits to luxury brands, driving sales to new heights (with Equity Analyst

Hildy.Ling@morganstanley.com +852 2239-7834

the top brands up >+80% between 2019 and 2025). Over the past 1-2 years, more

affordable brands, such as Polene, Toteme and Coach, have been performing very Morgan Stanley & Co. LLC

Katy Delahunt

well, especially in leather goods, offering solid quality at lower price points. Research Associate