BUZZ-JPM prefers jewellery over soft luxury amid China challenges

Reuters12-02

BUZZ-JPM prefers jewellery over soft luxury amid China challenges

** J.P.Morgan warns of another bumpy year for luxury, citing slow Chinese spending, and says it expects jewellery makers to perform better than fashion brands in 2025

** The broker forecasts around 2% growth for the sector overall and cuts its 2025 EBIT estimates by 6% on average

** It upgrades Pandora PNDORA.CO to "overweight" from "neutral" and remains "overweight" on Richemont CFR.S, citing their jewellery exposure and strong momentum

** It also keeps "overweight" on Prada 1913.HK and EssilorLuxottica ESLX.PA

** Outside of jewellery, it cuts Kering PRTP.PA and Swatch UHR.S to "underweight" from "neutral", expecting the unstable environment to put pressure on their already slower momentum

** JPM sees strong growth and margins for sportswear names in 2025, boosted by consumer spending and price adjustment potential

** It remains "overweight" on Adidas ADSGn.DE and On ONON.N, as it expects Adidas to post strong 2025 gross margin and EBIT while On should benefit from Nike's weakness

RATING CHANGES:

COMPANY	RATING	OLD RATING	PT	OLD PT
Kering	Underweight	Neutral	EUR 195	EUR 220
Pandora	Overweight	Neutral	DKK 1,300	DKK 1,106
Swatch	Underweight	Neutral	CHF 135	CHF 180

(Reporting by Vera Dvorakova)

((vera.dvorakova@thomsonreuters.com))

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sportswear names in 2025, boosted by consumer spending and price adjustment potential** It remains \"overweight\" on Adidas ADSGn.DE and On ONON.N, as it expects Adidas to post strong 2025 gross margin and EBIT while On should benefit from Nike's weaknessRATING CHANGES:COMPANYRATINGOLD RATINGPTOLD PTKeringUnderweightNeutralEUR 195EUR 220PandoraOverweightNeutralDKK 1,300DKK 1,106SwatchUnderweightNeutralCHF 135CHF 180 (Reporting by Vera Dvorakova) ((vera.dvorakova@thomsonreuters.com))","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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