European Luxury: What is US investor sentiment on luxury now?

We have just returned from a trip to the US where we met investors across the East and West coast to discuss the latest thoughts on the luxury goods sector following our Q3 previews and early look at 2027. Three years into the luxury slowdown, long-term structural concerns remain, but investors appear somewhat more hopeful than during our previous trip. In particular, the visible success of Chanel (private), especially in the US, supports the view that with the right actions brands can return to growth even in leather goods. Another emerging debate was the strength of the men's market and how best to play it, with investors seeing continued AI-related wealth creation as supportive for watches, cars and menswear, alongside jewellery. We also saw a divergence in positioning: momentum investors remain cautious but mindful of a typical year-end rally and some re-rating, while for the first time in years we encountered meaningful interest from value investors attracted by lower multiples an