Strong: Growthin both sales & profits
PRADA S.P.A. (HKG: 1913)
Milan-headquartered Prada S.p.A. Board of Directors, on April 30, reviewed and approved the consolidated revenue performance for the first quarter ended March 31, 2026.
The luxury fashion segment delivered a weak start to Q1 2026, with four out of six major companies reporting declining sales amid currency pressures and softer regional demand.
Prada and Moncler emerged as the strongest performers with continued growth across key markets.
The broader sector, however, continued to face pressure from geopolitical uncertainty and uneven consumer spending trends.
Net revenues of €1,428 ($1,657) million was up 14 per cent y-o-y, and 3 per cent on organic basis (excluding Versace and foreign exchange impact). In this, retail sales of €1,245 ($1,445) million were up 10 per cent and 1 per cent (organic basis), driven by full price. Retail sales in Asia-Pacific and the Americas grew 5 per cent and 22 per cent, respectively, while Europe dropped with insignificant margin.
Brand Prada delivered Q1, 2026, in line with Q4, 2025, extending the trend of steady, progressive improvement in full price sales; while, brand Miu Miu remained on a positive growth trajectory at 2 per cent despite adverse impact from the Middle East conflict.
The Prada Group owns some of the world’s most prestigious luxury brands, Prada, Miu Miu, Church’s, Car Shoe, the historic Pasticceria Marchesi and Luna Rossa, and designs, manufactures and distributes ready-to-wear collections, leather goods and footwear in more than 70 countries through a network of 843 stores (as of December 31, 2025) as well as e-commerce channels, selected e-tailers, and department stores around the world. The Group owns 25 factories and has 17,901 employees.
MONCLER S.P.A. (BIT: MONC)
The second ‘strong’ performer in the list, Milan-based Moncler group’s consolidated revenues reached €880.6 ($1,022) million, registering an increase of 12 per cent at constant exchange rates and 6 per cent at current exchange rates, compared with €829.0 ($962) million in the first quarter of 2025.
Brandwise, Moncler’s revenue amounted to €766.5 ($889.45) million, up 12 per cent at constant rates and 6 per cent at current exchange rates, compared with €721.8 ($837.58) million in Q1, 2025; and, Stone Island revenues reached €114.1 ($132.40) million, an increase of 11 per cent at constant rates and 6 per cent at current exchange rates, compared with €107.3 ($124.51) million in the first three months of 2025.
Operating in all key international markets, the Moncler Group distributes its brands’ collections in more than 70 countries through directly-operated physical and digital stores, as well as selected multi-brand retailers, department stores and e-tailers.
SPECIAL MENTION: Both Canada Goose Holdings, Inc. (Canada) and Ralph Lauren (US) also delivered ‘strong’ results but for the fourth quarter and full year 2026 ended March 29, 2026, growing both in sales and profits. Since this report evaluates the first quarter performance only, both companies do not feature in this assessment.
Weak: No growth in sales & profits
LVMH MOËT HENNESSY LOUIS VUITTON SE (EPA: MC)
LVMH Moët Hennessy Louis Vuitton recorded revenue of €19.1 ($22.16) billion in the first quarter of 2026, down 6 per cent from €20.3 ($23.56) billion in the same quarter last year.
The Group operates six business groups: wines & spirits, fashion & leather (F&L) goods, perfumes & cosmetics, watches & jewellery, selective retailing, and other activities & eliminations. Out of these, the F&L business group was down by 2 per cent on an organic basis, impacted by the conflict in the Middle East.
The F&L goods division carries an impressive brand portfolio, including Louis Vuitton, Christian Dior, Celine, Loewe, Kenzo, Givenchy, Fendi, Emilio Pucci, Marc Jacobs, Berluti, Loro Piana, RIMOWA, Patou, Barton Perreira and Vuarnet.
KERING S.A. (EPA: KER)
Kering’s Q1, 2026 revenueamounted to €3,568 ($4,140) million, down 6 per cent as reported and stable on a comparable basis, compared with the same period last year. By channel, sales from the directly operated retail network, including e-commerce, declined by 2 per cent y-o-y, remaining uneven across regions and Houses (Group’s brands). Wholesale revenue was up 6 per cent on a comparable basis, notably with a continuing good momentum in eyewear.
Kering, a global, family-led luxury group, runs businesses across couture and ready-to-wear, leather goods, jewellery, eyewear and beauty, and is the owner of renowned brands: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, McQueen, Brioni, Boucheron, Pomellato, Dodo, Qeelin, Ginori 1735.
Despite a weak performance, sales in jewellery and eyewear increased 14 per cent and 3 per cent, respectively.
In the first quarter, the F&L goods’ revenue amounted to €2,852 ($3,309.46) million, down 9 per cent as reported and 3 per cent on a comparable basis y-o-y, reflecting further a sequential improvement.Sales from the directly operated retail network were down 4 per cent on a comparable basis. Wholesale revenue of the segment increased by 2 per cent of which Gucci recorded €1,347 ($1,563) million in the first quarter, a drop of 14 per cent on reported basis.
In 2025, Kering employed 44,000 people.
HERMÈS INTERNATIONAL (EPA: RMS)
Third French luxury Group among ‘weak’ performers, Hermès reported a consolidated revenue of €4.07 ($4.72) billion versus €4.13 billion in 2025, for Q1, 2026, reflecting a 1.4 per cent drop due to currency fluctuation that negatively impacted revenue by €290 ($336.52) million.
Revenues in Europe and the Americas increased from €857 million to €885 million and €695 million to €739 million, respectively, whereas, Asia-Pacific and Middle East registered a decline in revenues.
Among group’s business sectors, on constant exchange rates basis, leather goods and saddlery gained 9 per cent from the strong desirability of the collections and increased production capacity; the ready-to-wear and accessories sector delivered a stable (0.4 per cent) performance; while, the silk and textiles sector recorded a solid growth of 7.8 per cent, driven by continually renewed creativity across both the women’s and men’s collections.
During the reported quarter, Hermès International redeemed 31,487 shares for €60 million, excluding transactions completed within the framework of the liquidity contract.
SALVATORE FERRAGAMO S.P.A. (EXM: SFER)
The Board of Directors of Salvatore Ferragamo S.p.A., parent company of the Salvatore Ferragamo Group, examined the consolidated revenues as of March 31, 2026.
The Italian luxury group reported total revenues of €209 ($242.52) million, down 5.5 per cent at current exchange rates and 1.2 per cent at constant exchange rates versus Q1, 2025. Building on the growth trend established since third quarter of 2025, the DTC channel continued to deliver positive results at constant exchange rates, while the overall performance was impacted by lower volumes in the wholesale channel.
Headquartered in Florence, Salvatore Ferragamo is renowned for the creation, production and worldwide distribution of luxury collections of shoes, leather goods, apparel, silk products and other accessories for men and women, including also eyewear, watches and fragrances under license.
Fibre2Fashion News Desk (SB)
