Luxury Demand, Governance, Retail Formats and Climate-Exposed Merchandising

Luxury demand remains modest and polarized, with U.S. luxury card spending down 6% year over year in September 2026. LVMH and Kering updates will test regional demand and category allocation, while their strengthened model charter adds labor-governance controls; Dior ownership and board changes, Sephora-Marks & Spencer shop-in-shops, Kujten’s U.S. rollout, and Gucci Beauty’s planned 2028 L’Oréal relaunch provide additional governance, format, and licensing signals whose economics remain unproven.