Talk from the trade

研报英文原文证据摘录

Talk from the trade

IdeaM

Talk from the Trade: Luxury Brand Takeaways

We detail key takeaways by brand below; the commentary is organized alphabetically.

Comments across our checks were insightful, but we note our sample is not statistically

representative, and thus the feedback below should only be viewed as anecdotal.

Balenciaga (-) Balenciaga remains in transition. Experts broadly agreed that the brand is

still struggling to move on from the Demna era, with weaker desirability and sales ranging

from roughly flat to down DD% and noting the weakness is concentrated in RTW. Several

respondents questioned whether customers have fully embraced the new direction and

highlighted evidence of spending shifting towards Gucci, while another noted the

challenge of moving on from such a strong identity with Demna. More positively, one

expert argued that the business is gradually stabilising and could benefit from future

product launches under Pierpaolo Piccioli. Overall, momentum remains weak, although

there are tentative signs that the rate of deterioration may be moderating versus prior

quarters.

Bottega Veneta (=/+) Feedback suggests Bottega Veneta remains a healthy brand,

although momentum has cooled from the highs achieved under Matthieu Blazy. Experts

generally agreed that classic leather goods continue to perform well and that the brand's

positioning as a high-quality leather house remains intact. One expert described growth in

the low-single digits, while another cited high-single-digit to near-double-digit growth and

improving desirability, crediting Louise Trotter's ready-to-wear as executing "quiet luxury

really well". However, several noted that newer collections have yet to generate the same

level of excitement as under the previous creative direction.