Hermès vs Kering

Hermès Growth Continues Despite Luxury Slowdown

French luxury goods group Hermès reported a 5.5% organic revenue increase in the first nine months of 2026, reaching €12.26 billion. Despite a challenging economic and geopolitical environment, third-quarter sales rose 5.5% on a reported basis to €4.096 billion. Leather goods, up 10.2% organically to €5.673 billion, remained the primary growth driver, supported by strong demand in the Americas (up 13.1%) and Japan (up 10.5%). Greater China sales were stable but faced difficult conditions, while the Middle East saw a 4.3% organic decline. Hermès continues to expand production in France with new workshops, and CEO Axel Dumas reaffirmed the company's long-term growth strategy. Full-year results will be published on February 12, 2027.

• Hermès reported nine-month 2026 revenue of €12.26 billion, up 5.5% organically.
• Third-quarter revenue reached €4.096 billion, a 5.5% reported increase.
• Leather goods sales rose 10.2% organically to €5.673 billion in nine months.

Inditex expands US presence, overtakes Hermès in market value

Spanish fashion giant Inditex, parent of Zara, Bershka, and Massimo Dutti, is aggressively expanding in the US market. CEO Oscar Garcia Maceiras stated that the US is a key growth market due to its population and importance. The company plans new stores in Denver, Phoenix, and Pittsburgh, and will introduce Massimo Dutti and Bershka to New York following a Miami launch. Inditex employs a selective growth strategy, testing demand via online orders before opening physical stores, targeting 20 projects in the US by end of 2027. The company has also surpassed Hermès in market value, reaching around €170 billion, as consumers trade down from luxury brands to more affordable options. Inditex is also competing with Shein through its Lefties brand, benefiting from the EU's removal of the customs duty exemption for non-EU parcels.

• Inditex plans to open new stores in Denver, Phoenix, and Pittsburgh, and introduce Massimo Dutti and Bershka to New York.
• Inditex's market value reached €170 billion, surpassing Hermès.
• Hermès shares fell 34% and LVMH shares fell 37% in the current year.

Study: Why German Brands Aren't Seen as Luxury

Strategy consultancy Sasserath Now published a study examining why German brands are not commonly associated with luxury. The article notes that while “Made in Germany” evokes quality and engineering, it rarely evokes luxury — with French houses like Louis Vuitton, Chanel and Hermès more readily identified as luxury brands. Sasserath Now identifies underlying reasons and argues that German brands already satisfy several prerequisites that could help strengthen a luxury image, but still face perception gaps. The piece was published by HORIZONT and written by Svenja Fennel on August 22, 2026.

• Strategy consultancy Sasserath Now conducted a study on why German brands are not perceived as luxury.
• The article states that 'Made in Germany' is associated with quality and engineering but not typically with luxury.
• French fashion houses such as Louis Vuitton, Chanel and Hermès are cited as commonly perceived luxury brands.

Kering and LVMH Tighten Model Protection Rules

French luxury groups Kering and LVMH have updated their joint industry charter to strengthen protections for models. The revised charter, effective from Paris Fashion Week 2027, raises the minimum age for models portraying adults to 18, with Kering having already implemented this in 2019 and LVMH increasing from 16. It introduces a zero-tolerance policy against harassment, abuse, and discrimination, with special focus on gender-based and sexual violence. Other measures include mandatory training, stricter monitoring of castings and productions, specific safeguards for nude or semi-nude shoots (explicit consent, separate spaces, and presence of additional staff), anonymous reporting mechanisms, and unannounced workplace audits. The charter retains commitments to diversity and non-discriminatory casting. The companies aim to establish these standards across the fashion industry, emphasizing shared responsibility among brands, agencies, and production teams.

• Kering and LVMH updated their joint charter to protect models, effective from Paris Fashion Week 2027.
• The minimum age for models portraying adults is raised to 18 for both groups.
• A zero-tolerance policy against harassment, abuse, and discrimination is introduced.

Anta Sports completes Puma stake acquisition, becomes largest shareholder

Chinese sportswear giant Anta Sports has finalized the acquisition of a 29.06% stake in Puma from Groupe Artémis for approximately €1.5 billion (nearly $1.7 billion). This makes Anta the largest shareholder in Puma. Anta will seek representation on Puma's supervisory board but has no plans for a full takeover. The deal, first announced in January, comes as Puma undergoes a turnaround with recent leadership changes and layoffs. Anta's chairman expressed confidence in Puma's management and strategic transformation, aiming to support its growth while respecting its independence.

• Anta Sports completed acquisition of 29.06% stake in Puma from Groupe Artémis for ~€1.5 billion (~$1.7 billion).
• Anta becomes largest shareholder in Puma.
• Anta will seek representation on Puma's supervisory board; no takeover offer planned.

Kering Accademia per le Eccellenze launches its first academic year

Kering Accademia per le Eccellenze launches its first academic year. Published on 09/30/2026.