European Beauty and Spirits: LVMH Q226 read-across - Cautious read on Beauty and Positive on Spirits though flagging tougher H2

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European Beauty and Spirits: LVMH Q226 read-across - Cautious read on Beauty and Positive on Spirits though flagging tougher H2

J P M O R G A N Europe Equity Research

27 July 2026

European Beauty and Spirits

LVMH Q226 read-across - Cautious read on Beauty and

Positive on Spirits though flagging tougher H2

LVMH (covered by C Battistini) reported a Q2 overall beat on the top line, with European Food Producers,

Group LFL growth of +3% (JPMe +2%). Within the divisions, Perfumes & Household & Personal Care

Cosmetics delivered LFL -1% (JPMe +0%) and Selective Retailing +6% LFL Products, Beverages & Tobacco

(JPMe +3%), with a cautious read-across for L’Oréal and Puig given the perfume Celine Pannuti, CFA AC

& cosmetics miss to expectations, yet continued strong selective retailing with (44-20) 7134-7123

Sephora (driven by make-up, hair care). It also seems that China's domestic celine.pannuti@jpmorgan.com

spending decelerated in Q2 vs Q1, which could be a disappointing read for Beauty Edward G Hockin

MLC momentum. Wine & Spirits saw organic sales +5% LFL (JPMe -4%), led by (44-20) 7742-6937

edward.hockin@jpmorgan.com

champagne and wines, whilst within cognac and spirits the company has seen

Samuel Lewis

improving demand trends in China VSOP offsetting a still soft demand in the US.

(44-20) 3493-6729

Yet the company flags a more moderate LFL expectation for H2 in the division, samuel.lewis@jpmorgan.com

providing a mixed read across for Remy Cointreau and Pernod Ricard. The Mafalda Gaspar

company sees sell-in and sell-out of China Cognac as broadly aligned, with stocks (44-20) 7134-4642

healthier. Overall, management highlighted: 1) Perfumes & Cosmetics has been mafalda.gaspar@jpmorgan.com

selective on distribution to not sacrifice LT brand equity, and is still impacted by J.P.