Luxury Goods: In conclusion

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Luxury Goods: In conclusion

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Luxury Goods

In conclusion

Industry Overview

1Q26 revenues +3.9% cFX, +70bps improvement QoQ 26 May 2026

All the listed luxury companies in our coverage have now reported 1Q26 results. On a Equity

weighted average basis, luxury sector revenues were +3.9% at constant currency, which Europe

was a 70bps improvement from 4Q25, see Exhibit 1. Looking at it a different way, the Luxury Goods

sector generated an additional €2.2bn of revenues (at cFX), of which >90% can be Ashley Wallace >>

attributed to Richemont alone (Exhibit 2). Excluding Richemont, sector revenues were Research Analyst

~1% cFX. Despite 2.5 years of limited sector revenue growth, the industry 7yr revenue Merrill+61 2 9226Lynch5070(Australia)

CAGR is still at 9.4% (1Q19-1Q26), which is broadly in line with industry growth pre- ashley.d.wallace@bofa.com

COVID. Daria Nasledysheva >>

Research Analyst

MLI (UK)

+44 20 7996 1087Jewellery shines. Soft luxury polarisation remains wide

daria.nasledysheva@bofa.com

From a product perspective, jewellery was the standout category during 1Q26. Strength

Ioanna Ziarti >>

was seen at Richemont (Jewellery Maisons +16% cFX), LVMH (Watch & Jewellery +7%) Research Analyst

and Kering (Jewellery +c.20%). Soft luxury revenues grew 1% in 1Q26, in line with 4Q25. MLI (UK)

+44 20 7996 8116

There was a 29% spread between the strongest growing brand (Brunello Cucinelli +20% ioanna.ziarti@bofa.com

for retail) and the weakest (Gucci -9% retail). Thierry Cota >>

Geographic performance BofASE (France)

Joffrey Bellicha Meller >>

Americas: clearly stands out as the primary engine of sector growth in 1Q26, +13% at Research Analyst

cFX and the strongest sequential acceleration QoQ (+5ppt), see Exhibit 8. This reflects a MLI (UK)