European Luxury and Sporting Goods Weekly Timely & Priceless

Research evidence excerpt

European Luxury and Sporting Goods Weekly Timely & Priceless

J P M O R G A N Europe Equity Research

22 May 2026

European Luxury and Sporting

Goods Weekly

Timely & Priceless

The European Luxury Goods sector was +1% this week, in line with the MSCI European Luxury & Sporting Goods

ACEurope Index (+1%). Interestingly, the sector did not perform differently from the Chiara Battistini

broader markets, despite ongoing luxury conferences hosted by some of our (39-02) 8895-2700

competitors, likely suggesting that the investors’ appetite for the sector might still be chiara.x.battistini@jpmorgan.com

limited at this juncture, while messages from companies would not suggest major J.P.(AsiaMorganPacific)SecuritiesLimited plc/ J.P. Morgan Securities

inflections of trends either way. The main highlight of the week was Richemont’s

Wendy Liu

(‘flat’ this week, -1% as we write) results this morning, which came in very solid with (44-20) 3493-9733

a 2% beat on Q4 sales and a 4% beat on H2 EBIT (excluding the one-off items). The wendy.liu@jpmorgan.com

beat was broad-based with all segments outperforming our expectations, with in J.P. Morgan Securities plc

particular, Jewellery Maisons accelerating sequentially despite the Middle East Apurva Vishwaraj

disruption, led by solid performance across all maisons and in both jewellery and apurva.vishwaraj@jpmchase.com

watches. Positively, and in line with what we have seen so far this reporting season, J.P. Morgan Securities plc

Americas was one of the key drivers of outperformance as consumers continue to Victoria Saden

show high levels of confidence (continuing in Q2 according to our Chase data, see our (44-20) 3493-0435

victoria.saden@jpmorgan.com

latest update to mid-May published this morning here), and Asia-pac is showing some J.P.