Luxury Sector K-Shaped Recovery with US Strength, China Weakness

Luxury market showing K-shaped recovery: aspirational buyers shrinking, top clients resilient. US demand accelerating, China still soft. Creative changes at Dior and Gucci driving momentum. Hermès remains defensive. Ferragamo Q2 growth (4.6% constant currency, margin improvement, North America +13%) adds positive data point for luxury brand health. Macro context for brand strategy and allocation decisions.