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

31 July 2026

European Luxury and Sporting

Goods Weekly

Timely & Priceless

The European Luxury Goods sector was up +5% in this very busy reporting week, European Luxury & Sporting Goods

ACoutperforming the MSCI Europe Index (+2%), and reversing the weak performance Chiara Battistini

from last week (-6%). The reporting from this week confirmed the better sector (39-02) 8895-2700

backdrop already signalled by Richemont and Zegna in the last couple of weeks, with chiara.x.battistini@jpmorgan.com

generally better deliveries and growth improving sequentially at most names. This J.P.(AsiaMorganPacific)SecuritiesLimited plc/ J.P. Morgan Securities

was echoed by Brunello Cucinelli (+6% and +3% today as we write) yesterday AC Wendy Liu

evening, noting: “after this busy week of half-year results presentations...we have the (44-20) 3493-9733

feeling...that overall, we're moving towards a positive phase; one that lifts our spirits wendy.liu@jpmorgan.com

and gives us fresh momentum”. Importantly, this week we saw the leather goods J.P. Morgan Securities plc

players also returning to growth in Q2, following several quarters of muted/negative Apurva Vishwaraj

growth, albeit with various degrees of performance depending on the specific brand apurva.vishwaraj@jpmchase.com

strength. In particular, LVMH (+(+4%) and Kering (the strongest performer, up 21% J.P. Morgan Securities plc

this week) showed their Fashion & Leather Goods divisions swinging back to +1% Victoria Saden

in Q2, both improving sequentially by 300bps Q2 on Q1. Both companies also (44-20) 3493-0435

victoria.saden@jpmorgan.com

delivered better margins, both helped by lower forex headwinds on margins and very J.P.