奢侈品手袋价格与组合晴雨表：2026年第二季度同店销售的价格与产品变动分化

Global Luxury Goods: The Handbag Price & Mix Barometer -Diverging LFL price and product changes in 2Q26 We highlight product mix and price changes (including selective price cuts at Gucci)implemented over 2Q26. Luca Solca+41 582 723 126luca.solca@bernsteinsg.com Our rebased 2Q26 tracker sees Chanel leading in terms of ‘newness’.67% of theSKUs on Chanel’s French brand.com are likely new compared to the portfolio at the startof the quarter. Prada follows with 52% ‘newness’, largely concentrated at the bottom-halfof its portfolio’s price range, with Gucci close behind at 51%. The rate of ‘newness’ at Diorand Burberry seems to have slowed vs. 1Q26, with 39% and 37% of their current portfoliointroduced over the course of 2Q26. Maria Meita+44 20 7170 0540maria.meita@bernsteinsg.com Yi-Peng Khoo, CFA+44 20 7676 6822yi-peng.khoo@bernsteinsg.com Brands continue to diverge in approach when introducing newness.The bulk ofChanel’s portfolio changes occurred across mid-May and early-June following the launch ofthe ‘Métiers d'Art’ collection, shown in Dec’25, building on 1Q26’s momentum. Dior seemsto have taken a more gradual approach: new handbag lines such as the “Milly-La-Forêt”augment updates to existing lines. For example, Dior seems to have taken a page out ofLouis Vuitton’s ‘value for money’ playbook by introducing a reversible Dior Toujours. Eric Chen, CFA+852 2123 2628eric.chen@bernsteinsg.com Specialist Sales Alix Turner+44 20 7762 4044alix.turner@bernsteinsg.com Gucci continues to take a more ‘experimental’ approach under Francesca Bellettiniand Demna.The brand seems to be applying an initial “drop” strategy for its collections,ahead of a regular launch in-store. For example, “Gucci Primavera” debuted with a ‘seenow, buy now’ opportunity in end-Feb’26 (see Kering: Gucci Primavera 'see now, buy now'),ahead of the full collection arriving in Jul’26. This seems to emulate Moncler’s “Genius”strategy, to some extent, and is likely intended to drive much-needed in-store traffic andretail productivity. This adds another layer to how pricing, product and merchandisingstrategies have diverged (see Global Luxury Goods: Pricing Divergence). Gucci continues to adjust its product portfolio; it is not above price cuts.We hadpreviously highlighted how “Generation Gucci” marked a slight downshift in the brand’sproduct architecture (see Global Luxury Goods: The Handbag Price & Mix Barometer -'Generation Gucci' and a more accessible pricing architecture). Interestingly, we also notethat Gucci is not above selective price cuts. Global prices for SS26’s Mercato Tote Bag werereduced by -20% to -25% (from €2.6k to €1.95k for the small version, in leather, in France)in early-May. This drives a -1% to -2% decline in our calculated LFL pricing, on a simple-average basis, contributing to a likely MSD to HSD sequential decline in the simple-averageprice of Gucci’s overall handbag portfolio in 2Q26. We believe Gucci faces a relative price/mix headwind, net of price elasticity effects,in 2Q26.Almost all other brands have implemented LSD price increases in 2Q26 andenjoyed positive overall price/mix (Dior being the only other outlier with unchanged LFLprices and negative implied mix) - a key factor to account for when analyzing upcoming2Q26E and 3Q26E organic growth rates. We caution that our calculations only coverhandbags, include some data gaps and will differ from actual, volume-weighted reportedrates. Net of price elasticity effects from Gucci’s readjusted pricing architecture andimproving brand accessibility, however, we believe the relative comparison still holds. BERNSTEIN TICKER TABLE INVESTMENT IMPLICATIONS Kering’s Gucci turnaround remains a ‘work in progress’.Our data indicates that Gucci continues to work on increasingbrand accessibility. Yet, recent selective price adjustments for newly launched product lines (SS26’s Mercato tote bag) alsosuggest that Demna and the Gucci team have yet to truly re-ignite brand desirability (see Kering: In search of meaning). Thishas contributed to lackluster brand momentum (see Global Luxury Goods: Chinese & Western Social Media Boxing Ring 2Q26 -Mixed signals), leaving Gucci fully exposed to painful - but likely necessary - price/mix headwinds. We believe Dior remains a step ahead of Gucci in its own turnaround.Our data points to a less severe price-mixadjustment at Dior. Granted, Jonathan Anderson’s reinvigoration of Dior has yet to match Matthieu Blazy’s performance atChanel, but creative merchandising and consistent communication across multiple cultural fronts (from the ‘Devil Wears Prada2’ to Taylor Swift’s wedding) can only help shrink the gap. Company commentary points to a gradual recovery; we would expectDior to return to positive growth (see LVMH: Highlights from the 1Q26 conference call). DETAILS The arrival of “Generation Gucci” has helped shift Gucci’s product architecture downwards... EXHIBIT 3:… across all regions, we now see Gucci largely straddling the prici