Luxury Goods: It‘s getting hot in here

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Luxury Goods: It‘s getting hot in here

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Luxury Goods

It’s getting hot in here

Industry Overview

Luxury back in fashion 16 July 2026

2Q26 digital momentum across 43 soft luxury brands has accelerated for the 5th Equity

consecutive quarter to +18% YoY, +11ppt from 1Q26 (Exhibit 5). This points to higher Europe

consumer engagement online overall in the sector. Improvement is particularly visible for Luxury Goods

brands with “creative newness” – and is led by Chanel, Dior, and Gucci, see Exhibit 15. Ashley Wallace >>

History shows that demand accelerates best when innovation cycle coincides with Research Analyst

improved demand backdrop. We wrote in our Luxury playbook #2Q26 report that we Merrill+61 2 9226Lynch5070(Australia)

expect 2Q26 revenues +5% cFX, +1ppt from 1Q, on sequentially better trends in US, ashley.d.wallace@bofa.com

Korea, Europe and Japan. We believe that relative brand heat will determine the Daria Nasledysheva >>

Research Analyst

sustainable improvement from here, potentially offsetting the comparison base. MLI (UK)

+44 20 7996 1087

Brand heat in 2Q26 is highest at…? daria.nasledysheva@bofa.com

Ioanna Ziarti >>

Our Brand Leading Indicator shows that Prada #2 & Alaia #3 are having the strongest Research Analyst

momentum YTD, maintaining their ranks from 1Q. Michael Kors was propelled to #1 by MLI (UK) ioanna.ziarti@bofa.com

Google trends peaking at 100 in Apr & May. Peak trends were also seen at Dior,

Thierry Cota >>

Vuitton, Gucci and Prada, which could be correlated to the ongoing US momentum. At Research Analyst

Chanel #4, Matthieu Blazy collection is driving the sequential improvement from #10 in BofASE (France)

Apr to #1 in June. Burberry #23 improved from #31 in 1Q, with June #14 benefitting Joffrey Bellicha Meller >>