Luxury & markets analysis without the PR gloss. On-the-ground channel checks from Monaco to Madison Ave. Coverage includes LVMH, Ferrari, RH, Hermès, Cucinelli

Monaco
Joined October 2023
This is 12 months of US card spend. LVMH’s flagship names are shrinking while Hermès and Chanel grow Louis Vuitton: -4.2% Tiffany: -5.5% Hermès: +7.5% Chanel: +11.1% Everyone thinks I have a personal thing with LVMH. The swipe data doesn’t lie 🧵 $MC.PA $LVMH
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So with Kering where it is today, am I buying, selling or sitting out? The full breakdown, including the brand-level card data, what I’m hearing from stores, and my position, is in today’s note. Read it here linked in the comments 👇
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Read the full note with credit card data here: internpierre.substack.com/p/…
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You know that Ferrari is having problems with the Luce when they have a Gen Z food influencer as a new pitchman $RACE
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Nice to know you can pay full price for a business class seat on @etihad, and when you show up at the airport they can simply “downgrade” you to economy because they sold more seats than they have (not sure how that's my problem). Done flying these guys.
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Not sure why the Louis Vuitton mannequin is looking at me like that $MC.PA $LVMH
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Kering’s Q3 is a tale of two companies Gucci -6%, hit by weak traffic in China and Japan. The rest held up: YSL, Bottega and Brioni grew, Jewelry +11% Group €3.35bn, -1%. Margin guide held
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Hermès reported Q3 this morning. After a month of “the Birkin is dead” headlines, leather goods came in +10.8% and accelerating, while LVMH Fashion & Leather Goods was -5%. The stock still dropped ~8%. Here’s what the mainstream coverage got wrong 🧵 $RMS.A
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Plus: The £7.5m Ferrari Daytona SP3 press car that one hand-picked buyer is about to flip for £6m+ Ferrari’s inflated “limited” production numbers What I’d change at Ferrari: the Luce, the F1 team and the CEO $RACE Full article in the link below 👇
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