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

24 July 2026

European Luxury and Sporting

Goods Weekly

Timely & Priceless

The European Luxury Goods sector was down -6% this week, significantly European Luxury & Sporting Goods

ACunderperforming the MSCI Europe Index (-1%), reversing the strong performance Chiara Battistini

last week (+4%). Q2/H1 reporting season continued, showing mixed trends across (39-02) 8895-2700

those that reported this week, Swatch (-18%), Moncler (-9%) and Zegna (-4%). The chiara.x.battistini@jpmorgan.com

deliveries this week further confirm our view that, while the luxury backdrop was J.P.(AsiaMorganPacific)SecuritiesLimited plc/ J.P. Morgan Securities

relatively OK in the quarter, performance remains highly polarised amidst macro AC Wendy Liu

volatility and with an increasingly discerning luxury consumer. The mixed deliveries (44-20) 3493-9733

from the reporters led to a large sector sell-off, with LVMH -10%, Kering -7%, wendy.liu@jpmorgan.com

Burberry -7% (mainly down on its own trading update last week) and Ferragamo - J.P. Morgan Securities plc

7%. Zooming in on the learnings from this week's reporting: Swatch reported a 2% Apurva Vishwaraj

beat on H1 sales, showing strong traction in the US and pockets of Asia, but still apurva.vishwaraj@jpmchase.com

challenging trends in China (a read to all players, in our view); Moncler delivered J.P. Morgan Securities plc

group sales in line with expectations and a beat on EBIT, but softness at Moncler brand Victoria Saden

in Q2 confirmed the brand's structural seasonality and still very mixed trends among (44-20) 3493-0435

victoria.saden@jpmorgan.com

tourists in Europe (we think performance of tourist spend will be one of the most J.P.