HSBC Downgrades LVMH to Hold as H2 2026 Outlook Looks Tougher
HSBC cut LVMH to Hold from Buy in Paris, saying H2 2026 is unlikely to improve and could be harder to navigate. Analysts cited softer mainland China sentiment, including social media backlash tied to an intellectual property dispute involving a Chinese tea brand. Fashion and Leather drove 72% of LVMH group EBIT in 2025, with Louis Vuitton sales growth harder to achieve.