LVMH Moet Hennessy Louis Vuitton SA: China controversy adds complexity ahead of Q2

研报英文原文证据摘录

LVMH Moet Hennessy Louis Vuitton SA: China controversy adds complexity ahead of Q2

Global Research

24 July 2026ab

LVMH Moet Hennessy Louis Vuitton SA Equities

FranceChina controversy adds complexity ahead of Q2

Clothing & Fabrics

12-month rating Buy

What has happened?

Louis Vuitton (~25% of group sales and ~60% of EBIT) appears to have come under 12m price target €650.00

pressure in China after its trademark win against Molly Tea, a local tea chain whose four-

petal flower logo was ruled to infringe LV’s monogram-related trademarks, reportedly

Price (23 Jul 2026) €453.55

resulting in RMB10.3m of damages. However, now the case has moved beyond IP

protection, with Chinese media and social media users framing the motif as resembling RIC: LVMH.PA BBG: MC FP

traditional Chinese patterns and therefore raising questions around cultural ownership

Trading data and key metrics

and foreign luxury brand behaviour. A further dispute involving a small business owner

52-wk range €652.10-444.95

has kept the issue in the spotlight, generating c.220k online posts in early July. While too

recent to affect Q2 results, we note that the backlash is an unhelpful backdrop as Market cap. €226b/US$257b

investors look for stronger China momentum in H2, though similar past controversies Shares o/s 498m (ORD)

suggest limited lasting impact. Reiterate Buy. Free float 53%

Avg. daily volume ('000) 561

What's the impact? Avg. daily value (m) €269.9

The potential impact on group sales is difficult to quantify and can vary by case; Common s/h equity (12/26E) €71.1b

however, there is no doubt that the Chinese consumer remains an important driver of P/BV (12/26E) 3.2x

LVMH's revenue (UBSe ~30% of sales) and sensitive to such issues. China-related Net debt to EBITDA (12/26E) 0.8x