全球奢侈品：2026年第一季度中西方社交媒体角力——行业处于变动中

Global Luxury Goods: Chinese and Western Social Media Boxing We dive into luxury brands' 1Q26 relative performance on social media platforms relevant to Luca Solca+41 582 723 126luca.solca@bernsteinsg.com Both Chinese and Western social media trackers point to a broadly similar range of‘hot’ brands this quarter.Ralph Lauren (not covered), Zegna, and Chanel (private) leadbrand momentum in China, while Zegna, Chanel, and Ferragamo lead brand momentumin the West. Ralph Lauren’s strong run in China continues - it takes the top spot in China;momentum persists in the West, albeit at a lower altitude. Ferragamo sees sustained social Maria Meita+44 20 7170 0540maria.meita@bernsteinsg.com Eric Chen, CFA+852 2123 2628eric.chen@bernsteinsg.com Yi-Peng Khoo, CFA+44 20 7676 6822yi-peng.khoo@bernsteinsg.comSpecialist Sales Zegna continues to enjoy sustained momentum across both regions.The brandmoves up +4 positions to 2ndplace in China, and up +1 position to take 1st spot in the West.The brand’s social media strategy - led by global brand ambassadors Mads Mikkelsen (whoalso fronts Zegna's campaign for the six fragrance collection launched in March this year)and William Chan - is clearly working. Zegna continues to enjoy growth across almost all key Alix Turner+44 20 7762 4044alix.turner@bernsteinsg.com Chanel and Matthieu Blazy have delivered brand re-ignition.Chanel moves up +5positions in China (to 3rdplace) and +11 positions in the West (to 2nd place). The initialbuzz around Matthieu Blazy’s SS26 debut has continued to gather steam through to 1Q26,boosted by Chanel’s FW26 runway show and the arrival of the SS26 merchandise in stores(see Global Luxury Goods: The Handbag Price & Mix Barometer - Chanel's readacross to Other brand turnaround stories seem to paint a more mixed picture.Dior’s revival haslargely been a Western (and more specifically, Instagram-driven) phenomenon. Relativesocial media momentum for Dior in China remains middling, at best. Burberry’s relativebrand momentum has started to slow in both regions. Nevertheless, it continues to enjoyabove-average brand momentum in China. Gucci, on the other hand, sits at the bottom of Vuitton.This marks the first quarter where Miu Miu fails to break into the top-10 in eitherour Chinese or Western social media trackers. Momentum around Louis Vuitton has alsoslowed as 4Q25/1Q26’s ‘Monogram Anniversary’ fails to match the buzz generated around BERNSTEIN TICKER TABLE INVESTMENT IMPLICATIONS The trajectory of a recovery in global luxury demand remains uncertain. We will find two sources of volatility at play: a) underlyingdemand gyrations, as consumers navigate a fragile macro-economic environment and a tenser and tenser geopolitical In this context of heightened uncertainty, we would take a more defensive posture with a core exposure to plainvanilla: 1) We would prefer high-quality names “at fair value”...Richemontis our top preference due to strong jewellery momentum andleadership, withBrunello Cucinellialso favored for their quality and potential mean reversion. 2) ...as well as the self-help stories with more promising trajectories.LVMHsits between high quality and self-help. Lingeringconcerns around the W&S turnaround and the Arnault family’s ‘Darwinian’ succession process are counter-balanced by Dior’srevival, cost efficiencies, and Louis Vuitton’s strength; Turnaround atBurberryis well on track. One-year anniversary of theBurberry Forward strategy has paid off, in the form of improved brand momentum and stronger full-price sell-through. With asolid foundation in place, the next leg of turnaround will see focus shifting to driving store productivity, by capitalizing on the management suggest that Ferragamo is moving in the right direction, as a team of “old hands” are tackling key issues around Previously in the series:Global Luxury Goods: Chinese and Western Social Media Boxing Ring 3Q25 - Luxury consumers search for the next trend;Global Luxury Goods: 2Q25 West Social Media Boxing Ring - Quiet Luxury still leads as fashion searches forthe next trend ;Global Luxury Goods: 2Q25 China Social Media Boxing Ring - Quiet luxury stays popular, with Ralph Lauren atthe top; Global Luxury Goods: 1Q25 West Social Media Boxing Ring — Miu Miu reigns supreme, LV and BV outperforms Diorand Gucci; Global Luxury Goods: 1Q25 China Social Media Boxing Ring - Miu Miu & Ralph Lauren remain hot; LV & Dior stable;Cartier weakens ,Global Luxury Goods: 4Q24 West Social Media Boxing Ring — Miu Miu remains strong, Burberry and Moncleraccelerate, Global Luxury Goods: 3Q24 China Social Media Boxing Ring - Miu Miu, Versace and Ralph Lauren maintain theirhot streak, Global Luxury Goods: 3Q24 West Social Media Boxing Ring — Ralph Lauren leads the momentum rankings, andBurberry is resurgent, Global Luxury Goods: 2Q24 West Social Media Boxing Ring – LVMH improving in soft luxury, but jewelrybrands weaker, Global Luxury Goods: 2Q24 China Social Media Boxing Ring - Versace, Miu