US Marketing; ‘What‘s the Feedback?‘

研报英文原文证据摘录

US Marketing; ‘What‘s the Feedback?‘

Idea

June 28, 2026 10:29 PM GMT

Morgan Stanley & Co. International plc+MBrands | Europe Edouard Aubin

Equity Analyst

US Marketing; "What's the Edouard.Aubin@morganstanley.comGrace Smalley, CFA +44 20 7425-3160

Grace.Smalley@morganstanley.com +44 20 7425-9629

Feedback?" Natasha Bonnet

Natasha.Bonnet@morganstanley.com +44 20 7677-5723

Cedric Norest

Research Associate

Cedric.Norest@morganstanley.com +44 20 7425-1462

Key Takeaways

Brands

We hosted >20 investor meetings in NYC last week, split LOs (40%) and HFs Europe

(60%) Industry View In-Line

Most discussed stocks: LVMH, CFR, RMS, RACE, KER, ITX, ADS

Most discussed topics: Wealth effect, China, Brand Heat & Chanel, Middle East,

World Cup

We hosted investor meetings in NYC last week, discussing European Consumer

Discretionary stocks across luxury, sporting goods, general retail and eyewear.

Overall we found NY-based investors certainly interested in discussing the Luxury

Goods sector (as evidenced by the fact that we met investors for almost an entire

week). One of the arguments often mentioned during our meetings was the

willingness to potentially deploy new money to non tech sectors (as portfolios have

become increasingly concentrated), and particularly sectors benefiting from the

wealth effect generated by tech. Related to that, positive developments mentioned

by investors included booming luxury demand in Korea (where there is the most

clear cut correlation between AI-induced wealth and spending on personal luxury

goods), the fact that the Luxury sector should be an important beneficiary of Middle

East reopening/international travel re-accelerating, improving FX developments, as

well as the fact that sales expectations for the industry bellwether LVMH (for 2Q26