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

19 June 2026

European Luxury and Sporting

Goods Weekly

Timely & Priceless

The European Luxury Goods sector was +2% this week, slightly underperforming European Luxury & Sporting Goods

ACthe MSCI Europe Index (+3%). The interim Iran-U.S. deal provided a strong boost to Chiara Battistini

investor sentiment, which led to a sector-wide rally early this week. However, the (39-02) 8895-2700

strong momentum waned slightly through the rest of the week as investors’ appetite chiara.x.battistini@jpmorgan.com

for luxury, and consumer discretionary more broadly, seems to remain subdued based J.P.(AsiaMorganPacific)SecuritiesLimited plc/ J.P. Morgan Securities

on our recent conversations. The outperforming players this week included Hermes

Wendy Liu

(+7%), Kering (+7%), Richemont (+6%) and Swatch (+5%); while Moncler (-4%) (44-20) 3493-9733

underperformed on more cautious previews for Q2 highlighting sustained tourist wendy.liu@jpmorgan.com

spend pressure still impacting Europe. Zegna shares (-6%) lagged the most across J.P. Morgan Securities plc

peers this week following a broker downgrade. A number of industry data prints came Apurva Vishwaraj

out this week, showing showed mixed trends across regions and categories: 1) Swiss apurva.vishwaraj@jpmchase.com

watch exports improved slightly, mostly on easier comps in the US, while China J.P. Morgan Securities plc

remained volatile, down more than 20% in May; 2) China retail sales inflected Victoria Saden

negative to -0.6%, its first drop since Dec-22, missing expectations. Gold & Jewellery (44-20) 3493-0435

victoria.saden@jpmorgan.com

improved sequentially month over month, although still down on tough comps; 3) In J.P.