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

17 July 2026

European Luxury and Sporting

Goods Weekly

Timely & Priceless

The European Luxury Goods sector was up +4% this week, outperforming the European Luxury & Sporting Goods

ACMSCI Europe Index (flat). Q2/H1 reporting season kicked off, supporting the sector Chiara Battistini

outperformance vs the market. Richemont (+7%) opened the season with a bang, (39-02) 8895-2700

delivering a strong beat at group level with all regions and divisions in acceleration, chiara.x.battistini@jpmorgan.com

and notably Jewellery Maisons +24%. While Richemont JM has been outperforming J.P.(AsiaMorganPacific)SecuritiesLimited plc/ J.P. Morgan Securities

peers for several quarters now, the magnitude of the strength and the fact that all

Wendy Liu

divisions were better provided a positive read-across to the rest of the sector. Most (44-20) 3493-9733

luxury stocks were up, including Zegna (+6%), Ferragamo (+6%), Hermes (+5%), wendy.liu@jpmorgan.com

Moncler (+5%), Kering (+4%) and Brunello Cucinelli (+4%). However, Burberry J.P. Morgan Securities plc

(+4% this week but -5% as we write) reporting this morning, coming in line with Apurva Vishwaraj

expectations, is cooling some of these more positive views. Indeed, while this print apurva.vishwaraj@jpmchase.com

confirms the ongoing strength of the American consumer, the regional trends J.P. Morgan Securities plc

elsewhere are quite different, showing a small step down in Greater China, South Victoria Saden

Korea decelerating instead of sequentially improving and tourism in Europe (44-20) 3493-0435

victoria.saden@jpmorgan.com

remaining a drag (while Richemont saw tourist spend in Europe returning to growth). J.P. Morgan Securities plc