Luxury goods (AO) | Kepler Cheuvreux luxury brand heat barometer - Q2 update

Research evidence excerpt

Luxury goods (AO) | Kepler Cheuvreux luxury brand heat barometer - Q2 update

Connecting the dots

Release date: 05 June 2026

Charles-Louis Scotti

Head of Luxury Goods

+33 1 70 98 85 16

Luxury goods cscotti@keplercheuvreux.com

Europe

Kepler Cheuvreux luxury brand heat barometer - Q2 update

Key points:

We have updated our proprietary monthly Luxury Brand Heat Barometer, ranking 31 soft luxury brands relative to each other.

Creative renewals are fuelling comebacks at some of the industry mega-brands including particularly Chanel, Gucci and Dior.

Top improvers YTD: Gucci (+12 spots since December 2025), Dior (+11 spots), Burberry (+6 spots) and Brioni (+5 spots)

Top losers YTD: Zegna (-11 spots since December 2025), Hermès (-6 spots ), Loewe (-6 spots) and Miu Miu (-3 spots).

Creative renewal fuels comebacks at luxury mega-brands (Chanel, Gucci, Dior)

We have updated our proprietary Luxury Brand Heat Barometer. This indicator is designed to help investors assess brand

momentum and identify which names are gaining or losing traction. Below are the brands showing the greatest improvement:

– Chanel is staging an impressive comeback, largely driven by the enthusiasm surrounding Matthieu Blazy’s new collections

("Blazymania"). Product innovation, combined with a recalibrated pricing architecture, particularly in handbags, is already

fuelling renewed excitement around the brand. Chanel tops our ranking in May, marking a remarkable improvement from its

19th position in March 2024.

– Gucci is also making a strong comeback and enters the top 10 of our ranking for the first time since the launch of our Luxury

Brand Heat Barometer in January 2023. The brand ranks 9th in May, a significant improvement from 21st place at the end of

last year.