European Luxury and Sporting Goods Weekly Timely & Priceless

研报英文原文证据摘录

European Luxury and Sporting Goods Weekly Timely & Priceless

J P M O R G A N Europe Equity Research

26 June 2026

European Luxury and Sporting

Goods Weekly

Timely & Priceless

The European Luxury Goods sector was -4% this week, underperforming the European Luxury & Sporting Goods

ACMSCI Europe Index (+1%). Most stocks were in negative territory, dragged by overall Chiara Battistini

muted previews still highlighting a volatile backdrop, notably in China, and leading (39-02) 8895-2700

to no material changes to estimates. Ironically, the sector newsflow out this week was chiara.x.battistini@jpmorgan.com

broadly positive with: 1) South Korea retail sales for May remaining solid J.P.(AsiaMorganPacific)SecuritiesLimited plc/ J.P. Morgan Securities

sequentially, including luxury goods retail sales at +37%, in line with April despite

Wendy Liu

much tougher comps; 2) our Chase Credit Card data for the first two weeks of June (44-20) 3493-9733

(until the 16th) pointing to sustained consumer spending, broadly in line with May and wendy.liu@jpmorgan.com

well above Q1 averages, led by discretionary categories and upper income J.P. Morgan Securities plc

consumers; and 3) USD stengthening against the euro, touching 1.135 yesterday. Apurva Vishwaraj

Hermès was the worst performer (-9%), as Q2 previews out this week (see ours here) apurva.vishwaraj@jpmchase.com

suggested a smaller improvement in Q2 than hoped for, still very soft trends in Greater J.P. Morgan Securities plc

China and ongoing volume declines in the categories outside of leather goods. Victoria Saden

Brunello Cucinelli (-8%) also underperformed, possibly also partly dragged by the (44-20) 3493-0435

victoria.saden@jpmorgan.com

de-rating of Hermes, and despite previews pointing to still superior growth J.P.