The US is proving an unlikely bright spot for luxury at a time when China’s recovery is uneven and Europe is squeezed by cautious spending. In the latest round of earnings, nearly every major luxury group has flagged the US as a growth engine, despite the headwinds of rising tariffs and higher prices.

The US gained strength in Q3 compared to last quarter. Performance in the US at LVMH was stronger than expected in Q3, up 3% compared to the same period in 2024. North America was the standout at Kering too, with sales up 3% and strong performance across all brands, an improvement on last quarter when sales were down 10%. Hermès’s growth in the Americas remained strong, as with last quarter (up 12.3% in Q2 and 14.1% in Q3). At Ferragamo , Q3 sales were up 15.6% in North America, dr

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