Our FSW Markets All Luxury Index was up almost 25 percent in mid-February. Currently, it is down around 2 percent. As of intraday today, most of the index’s constituents are down on the year with a few exceptions: Hermès (4.0%), EssilorLuxottica (2.6%), and Moncler (0.82%).
In the past week, we have downgraded our luxury industry growth forecasts by around 6 percentage points from the February forecast to -2.5 percent year-over-year. Of course, this point forecast is based on anyone’s best guess on the macroeconomic environment that will take root for the remainder of the year, and the interval forecast would be quite wide.