Some foresee further growth, driven by globalization, significant clan/family financial stakes, share buybacks, and ample margin operations. Significant diversification also plays a crucial role. Others view Asia as a risk, primarily due to weak consumer capabilities— the democratization of premium brands, which are the largest components of conglomerates, has yielded significant profits but they are more unstable under tougher macroeconomic conditions.

In the analysis below, we focused on several major entities in the luxury goods industry—with exposure to various industry branches such as alcohol, clothing, footwear, accessories, jewelry, sports cars, and others.

Among them, you will find:

• Hermes

• LVMH

• Kering

• Moncler

• Ferrari