ASML Holding N.V.

Taiwan Semiconductor Manufacturing Company Limited

LVMH Moet Hennessy - Louis Vuitton, Societe Europeenne

Kering SA

Bank of America Corporation

Morgan Stanley

Donald Trump reiterated the imminent end of the war with Iran, claiming Tehran will suspend its nuclear program. Volatility amid the Middle East conflict helped Wall Street banks earn record trading profits, while sales of luxury brands remain under pressure. TSMC and ASML raised forecasts amid robust demand for AI chips. The main events of April 13-17 are in our review.

Highlights of the week: US-Iran pact, chipmakers raised forecasts, luxury sagged

Hermes International Societe en commandite par actions

Burberry Group plc

The big three luxury companies - LVMH, Hermès and Kering - released their first quarter reports this week, showing a decline in revenue due to the war in the Middle East

"It could all come back in 24 hours": what does the luxury sector expect after the $176 billion collapse?

Shares of luxury companies fell sharply in early trading on Wednesday, April 15, after Hermès, and the day before - the owner of Gucci, <a href="https://oninvest.com/article/prodazi-gucci-upali-na-8-na-fone-vojny-eto-vtoroj-signal-trevogi-dla-sektora-luksa">Kering</a>, reported for the first quarter worse than investors' expectations. Sales of luxury goods are under pressure from the conflict in the Middle East, <a href="https://www.cnbc.com/2026/04/15/kering-stock-q1-earnings-gucci-sales-iran-war-middle-east-luxury.html">writes</a> CNBC. Analysts warn that the recovery of the sector may take longer and be weaker than market expectations.

Luxury stocks fell after weak Hermès reporting amid war in the Middle East

A day earlier, market leader LVMH reported a stronger-than-analysts-expected drop in sales

Gucci sales fell 8% on the back of the war. This is the second alarm signal for the luxury sector

Sales of European luxury brands in Dubai and Abu Dhabi shopping centers fell significantly last month amid the conflict with Iran, which has hit one of the fastest-growing regional markets in the global luxury industry, totaling about $400 billion, Reuters <a href="https://www.reuters.com/world/middle-east/luxury-brands-face-profits-squeeze-iran-conflict-shrinks-dubai-mall-sales-2026-04-13/">reported,</a> citing industry sources.

Sales of luxury brands in Dubai malls fell 50% in first month of war - Reuters

Compagnie Financiere Richemont SA

Deutsche Bank has allowed a rapid recovery of the European luxury sector in the event of an easing of the conflict in the Middle East, <a href="https://www.cnbc.com/2026/04/02/luxury-stocks-lvmh-kering-gucci-middle-east-iran-conflict.html">writes</a> CNBC. The bank is confident that the current drawdown is temporary and reflects external shocks rather than the fundamental deterioration of companies' business.

Lux companies face 'sharp reversal' in case of de-escalation in Iran - Deutsche Bank

Prada S.p.A.

The US-Israeli war with Iran has created a crisis for luxury brands in Dubai, according to analysts at Bernstein Research. According to their forecast, sales of luxury goods in the Middle East in March may halve due to a sharp drop in the number of foreign tourists, The New York Times <a href="http://www.nytimes.com/2026/03/19/business/dubai-luxury-shopping-iran-war.html">reports</a>.

Dubai crisis: how the war in the Middle East will affect luxury sales

The Middle East is not the largest but an important market for the industry

Luxury stocks have fallen in price due to the U.S.-Iran war. Hermes at a two-year low

French luxury group Kering, which owns brands such as Gucci, Yves Saint Laurent, Bottega Veneta and Balenciaga, again reported a decline in sales last quarter. At the same time, it was less deep than analysts expected. At year-end, the company is also down 10%, but it expects a return to growth in 2026. The market took these results and forecasts positively: Kering shares rose sharply.

'This is not the year we wanted': Gucci owner reports sales slump, but shares soar

PUMA SE

Puma shares jumped nearly 23% in Frankfurt on the news, but have since corrected and at the time of publication are trading in the plus side by just over 5% relative to the previous close

Puma has had a change of major shareholder. The owner of Gucci sold his stake at a 60% premium

Brunello Cucinelli S.p.A.

The imposition of new U.S. duties over Greenland could reduce eurozone GDP by about 0.1%, Goldman Sachs has calculated

LVMH and Kering shares fall due to Trump's duties. A quarter of the brands' sales depend on the US

A sharp rise in Richemont quotations at the opening of trading in Zurich was quickly followed by a fall