Glamour Over Numbers: Paris Fashion Week 2026

The history of the Paris fashion show dates back to the early 20th century. At that time, Paul Poiret linked fashion with social events and hosted lavish balls where he presented his designs. Among the most famous was “The Thousand and Second Night” in 1911 (British Vogue, 27.09.2020). Christian Dior later played a central role; his 1947 “Corolle” collection is considered the launch of the “New Look” and brought Paris back to the center of the international fashion scene after World War II (British Vogue, 27.09.2020).

With the rise of “prêt-à-porter” in the 1960s, there was a growing desire for a common framework for presenting collections. In 1973, the Fédération Française de la Couture was founded, which is now known as the Fédération de la Haute Couture et de la Mode (FHCM, n.d.). The first official Paris Fashion Week followed in 1974 and was linked to the “Battle of Versailles,” in which five French designers faced off against five American designers (British Vogue, 27.09.2020).

Since then, Paris has become a permanent hub of the international fashion calendar. For the major luxury conglomerates, Paris Fashion Week has long been more than just a stage for new collections: it is a showcase for brands, creativity, and global presence.

According to an analysis by the private bank Edmond de Rothschild, the luxury goods industry posted revenue growth of 6 percent in the second quarter of 2026, exceeding the previously expected 3.5 percent. The jewelry sector performed particularly well (FuW, 24.08.2026). Margins also developed better than expected.

Consumer spending in the U.S. and China is considered a key driver of growth. While demand in the U.S. remains closely tied to stock market performance, the negative impact of weakening demand from the Far East has reportedly eased recently (FuW, 24.08.2026).

However, the recovery is not proceeding at the same pace across all categories. While jewelry is currently among the stronger sectors, leather goods and fashion are growing more slowly. These categories are particularly relevant for LVMH, Kering, and Hermès (FuW, 24.08.2026).

At LVMH, the first signs of stabilization emerged in the summer of 2026. New Louis Vuitton flagship stores in Beijing and Seoul, as well as Jonathan Anderson’s first collection for Christian Dior, drew additional attention to both brands (LVMH, 27.08.2026). The group’s business also performed better in the second quarter than it had at the start of the year. Reported revenue fell from 39.8 to 38.6 billion euros in the first half of the year due to currency effects. On an organic basis, that is, adjusted for currency effects, revenue rose by 2 percent. In the second quarter, organic growth increased to 3 percent (LVMH, 27.07.2026).

Profitability also remained robust. The operating margin stood at 22,5 percent, while consolidated net income remained virtually stable at 5.7 billion euros (FashionNetwork, 27.07.2026). The Group’s broad portfolio, spanning numerous brands and business segments, enables it to partially offset weaker performance in individual categories.

At Kering, the restructuring has been taking shape since CEO Luca de Meo took office in September 2025. In the first half of 2026, the group reduced the number of its stores by 84 while simultaneously moving forward with the sale of its beauty division to L'Oréal. As a result, net debt fell from 8.0 to 3.3 billion euros (Reuters, 28.07.2026).

Operating figures also improved. In the second quarter, revenue rose to 3.65 billion euros. On a reported basis, this represented 1 percent growth; on a currency-adjusted basis, 2 percent. This marked the first time in three years that Kering recorded comparable revenue growth. At the same time, the operating margin improved to 12.8 percent (Reuters, 06.28.2026; WWD, 07.28.2026).

This progress was also reflected on the stock market. Kering’s stock rose 16.9 percent on July 28, marking its strongest single-day gain in nearly 24 years (Reuters, 29.07.2026). This trend shows that, for Kering, the focus is currently less on the strength of its current business and more on the consequences of the restructuring it has initiated. The group is attempting to improve its balance sheet, reduce costs, and stabilize the operational performance of its brands once again.

At Hermès, a clear discrepancy emerged in the summer of 2026 between the company’s operating performance and the market’s reaction. As reported by Retail Insight Network, revenue in the first half of the year rose by 6,1 percent on a currency-adjusted basis to 8.16 billion euros. The operating margin stood at 41,0 percent, remaining at a level that is exceptionally high for the industry (Retail Insight Network, 30.07.2026).

Despite these solid financial results, the stock experienced its weakest trading day in more than 15 years. It fell 11 percent, while market capitalization dropped by 19.7 billion euros (Reuters, 29.07.2026). The focus was on expectations regarding the company’s future performance. CEO Axel Dumas spoke of a stabilization in demand in China, but also noted that a fundamental recovery in this key market has yet to materialize (Reuters, 29.07.2026). As a result, Hermès finds itself in a different position than LVMH and Kering. While LVMH’s focus is on stabilizing its business and Kering’s on the progress of its restructuring, Hermès’ valuation depends more on how long it can sustain its high growth and profitability.

The three groups are thus entering the next phase of the luxury market under different conditions. LVMH can rely on the breadth of its brand portfolio and its continued profitability. Kering is attempting to lay the groundwork for new growth through a far-reaching restructuring. Hermès, in turn, is benefiting from strong demand and high margins but faces the challenge of meeting the market’s high expectations. Paris Fashion Week thus not only highlights which brands are in the spotlight; it also reveals how differently the major luxury conglomerates are competing for the same clientele and for investors’ favor.