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The Luxury Rebound Gets a Reality Check

A set of underwhelming first-quarter revenues from French luxury groups LVMH, Kering and Hermès is challenging hopes for a sector recovery this year.
Hermes kelly
Hermès delivered first-quarter growth, but at a slower pace than expected. (Shutterstock)
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After more than two years of malaise, luxury entered 2026 almost buoyant, with new designers in place, China inching forward and a rebound seemingly in the offing. Three key financial reports later, along with the sudden outbreak of war in the Middle East, that narrative looks considerably more fragile.

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About the authors
Eric Sylvers
Eric Sylvers

Eric Sylvers is Milan Correspondent at The Business of Fashion. He is based in Milan and leads BoF’s coverage of all things Italian.

Cathaleen Chen
Cathaleen Chen

Cathaleen Chen is Retail Editor at The Business of Fashion. She is based in New York and drives BoF’s coverage of the retail and direct-to-consumer sectors.

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