Luxury Demand and Channel Performance Remain Uneven

Ferragamo's nine-month revenue was flat at constant exchange rates, with DTC up 4% and wholesale down 13.4%; North America grew while Asia Pacific and China stayed weak. LVMH's nine-month organic growth of 2% masks a 5% Q3 decline in Fashion and Leather Goods, underscoring divergent category and regional performance rather than a broad recovery.