Overview

• HSBC raised LVMH and Kering to buy, forecasting a modest second‑half sales pickup (about 2.9% on average) and a return to profitable growth in 2026, while calling 2025 roughly flattish for the sector.
• LVMH rose up to 4% and Kering 4.6% in Paris, and a Goldman Sachs luxury basket gained 2.4% yet remains more than 20% below its February peak.
• HSBC downgraded Hermès to hold, saying it does not expect sales growth to accelerate in the remainder of the year despite viewing the house as a stronger business.
• Barclays’ fieldwork in Hong Kong, Beijing and Shanghai found continued softness in China, projecting the ‘Chinese cohort’ down around 10% in 2025 and Q3 still negative near 5%, with wide brand polarization.
• Louis Vuitton showed relative momentum with a major retail project and a cosmetics launch, Gucci was described as very weak in China, and analysts highlighted the Middle East and select Southeast Asian markets as growing offsets.