Luxury Share Prices.

Closing prices of the three Paris-listed luxury groups — LVMH, Kering, Hermès — from August 2024 to 12 August 2026, all indexed to 100 at the 31 December 2024 close.

Two years in which the sector split apart. In late January to mid-February 2025 LVMH and Hermès hit their window highs together — +18.8% and +22.3% above the 2024 close — a shared sector rebound. Then the paths diverge. Kering closes 2025 up +26.3% — the only gain of the three — and stays positive across the whole window, +15.0%. Hermès, the sector's premium stock through the prior half-decade, loses 30.7%; LVMH loses 26.8%. By August 2026 both trade closer to their 52-week low than their high. The inversion is the story: the group taken apart all through 2024 as a problem asset is the only one that gained; the group held up as the benchmark of resilience fell hardest.

• An index, not a price. Hermès trades near €1,600 against Kering's €273, but that gap is stock-split history, not a difference in results — comparing nominal levels is meaningless.
• “Window peak” is not an all-time high. The export begins 14 August 2024; anything earlier is outside it — LVMH's all-time high, in July 2023, is not on this chart.
• A share price is not operating results. Kering's 2025 rise coincided with a change of management, not a revenue turnaround, and reading it as a business recovery is premature.
• Three stocks, not more: LVMH, Kering and Hermès are the three largest personal-luxury groups listed on Euronext Paris, so they share a currency, a trading session and a disclosure regime — a clean like-for-like. Richemont (SIX Zurich) and the US-listed houses sit in other markets and are left off to keep the comparison exact.
• Not dividend-adjusted means the series tracks price only. A holder's total return would be modestly higher than shown; dividends are excluded so the index stays comparable across three different payout policies rather than rewarding the highest payer.

• The index (base 31 Dec 2024 = 100) and the window and year-on-year changes are derived by us from the closing prices, not reported figures.