Yesterday evening, Q1 sales showed a near-2% beat thanks to stronger-than-expected organic growth (+1% vs. CSSe at -1%), driven by robust 6% growth in Asia-Pacific. In a very fluid macro environment, management witnessed no material inflection point in the first weeks of April and is not planning f
After a poor 2024 vintage, we expect a gradual recovery during 2025, which will nevertheless remain a soft year as we anticipate an average sales increase of just 4% for our luxury groups sample (+3% excluding Hermès). Q1 is set to be challenging with a 1% average sales decline (-2% excluding Hermès
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