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05 Sep 2019
Tug-of-war between fundamentals and trade tensions
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Tug-of-war between fundamentals and trade tensions
Salvatore Ferragamo S.p.A. (SFER:WBO), 0 | TOD'S S.p.A. (TOB:FRA), 0 | LVMH Moet Hennessy Louis Vuitton SE (MC:WBO), 0 | Swatch Group Ltd. Bearer (UHR:SWX), 0
- Published:
05 Sep 2019 -
Author:
Cedric Rossi -
Pages:
25
• It has been a reassuring reporting season for the luxury industry, as highlighted by the average 6% FX-n growth achieved by our luxury sample in H1. More importantly, it confirmed the strong outperformance of the best-performing groups such as LVMH, Kering, Moncler and Hermès, which continue to gain market share, partly thanks to margin gains that are reinvested into marketing, digital and customer experience initiatives. Tod’s Group and Swatch Group were the worst performers.