Intelligence Briefs and commentary on LVMH, Kering, Hermès and other luxury groups and brands, open in full. Where desire is built or lost, from image to price. The financial results only prove it.
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What LVMH buys, and what it lets go
Article. CPP-Luxury, October 2026.
Chanel Is Doubling Down On China While Luxury Rivals Shut Their Stores
Quoted. Fibre2Fashion, September 2026, on Chanel's China strategy.
Why Jewellery Grew While Fashion Stalled
In the quarter to 30 June, one category grew at every group that reports it separately. It was not the category with the creative directors.
The Industry That Sells the Antidote to Itself
The houses crossing the cycle best protected the conditions that produce desire: scarcity, distance, interval. The divergence is philosophical before it is financial.
The C-Branded Era Passes Its First Test: Kering H1 2026
When the sector's most disciplined communicators start selling proximity, it is not a slip. It is a channel.
Hermès Pays For 2030 In Basis Points
The Hermès verdict is not in the margin line, it is in the cash. Working capital refused to build while the workshops multiplied.
Hermès H1 2026: The House Paid for 2030, and the Bill Was 40 Basis Points
Hermès gave back 40 basis points of margin this half. It did not lose them. It spent them.
Kering: After The Arithmetic, A Pulse At Gucci
A pulse, not a turn. Gucci narrowed through fewer doors, and the margin that met it was still built from cost.
LVMH: The Margin Held. Desire Did Not.
Discipline is a finite lever and LVMH spent it well this half. What it cannot do is buy back the desire that leather goods stopped selling.
LVMH H1 2026: The Margin Held, Desire Did Not
LVMH spent the first half proving it can defend a number. It did not prove it can still make people want.
Zegna Group: One Brand Carries the Group
Zegna grew its own stores by opening none of them. The read is where the growth concentrates, and what that leaves undecided.
Moncler Group: Funded, Not Yet Measured.
Moncler paid for its Olympic window inside the envelope, then attached a year-round claim that nothing published can score.