Luxury playbook #2Q26

研报英文原文证据摘录

Luxury playbook #2Q26

Guide to 2Q26 reporting season

2Q26 earnings season will start on Wednesday 15th of July with

Richemont reporting their 1Q27 (March YE) sales results, running all the

way through to the 3rd of September with Zegna reporting its 1H result.

Below we show the calendar of 2Q26 reporting.

Exhibit 1: Reporting season for luxury goods companies will start mid-July

Reporting dates for luxury goods companies

Company Event Date

Richemont 1Q 27 Sales 15-Jul

Burberry plc 1Q 27 Sales 17-Jul

Swatch 1H 26 results Mid July (TBC)

Moncler 1H 26 results 22-Jul

Zegna 2Q 26 Sales 23-Jul

LVMH 1H 26 results 27-Jul

Kering 1H 26 results 28-Jul

Hermes 1H 26 results 29-Jul

Brunello Cucinelli 1H 26 results 30-Jul

Prada 1H 26 results 30-Jul

Salvatore Ferragamo 1H 26 results 3-Aug

Pandora 1H26 results 13-Aug

Zegna 1H 26 results 3-Sep

Source: Company websites

BofA GLOBAL RESEARCH

We model +5% cFX revenue growth in 2Q26 for luxury

Luxury sector revenue growth accelerated c.70bps in 1Q26 from 4Q25, to just slightly

below +4% growth. In 2Q26 luxury revenue growth continues to improve, with an

acceleration in demand mostly visible in markets backed by strong wealth creation,

mainly being the US and Korea (see our report Stealth wealth). However, in our view the

sector needs improved trends in China to make a more sustainable recovery towards

historical levels (ie +9%) possible, for which visibility remains low. Therefore, we

continue to believe that the trend of improvement will be progressive. We model a 1ppt

acceleration in 2Q26 for the sector to +5% growth. The key question for reporting

season will be related to 2H26 and 2027 growth acceleration modelled by consensus and

if there will be enough confidence in estimates such that EPS downgrades stop. Firstly,