Three Q3 earnings reports this week, three different answers to the same question:
Hermes posted its slowest quarterly growth in six years, up 4.3% at constant exchange rates.
Adidas set a record with Q3 revenue of 7.25B euros and operating profit up 37%.
Moncler held flat in Q3 despite opening a landmark New York flagship earlier this year.
1. Hermes Q3 2026: Slowest Growth in Six Years, Below Consensus
Hermes reported third-quarter 2026 revenue on October 22. Sales rose 4.3% at constant exchange rates, below analyst consensus of 5.2% and the slowest quarterly growth in six years. Leather goods remained strong. Watches fell 6%. Management noted a softening in August and early September. Shares declined after the release.
Takeaway: Hermes has been the one luxury house most insulated from the sector’s downturn. When its growth rate hits a six-year low, the conversation about luxury demand is no longer limited to Gucci or Louis Vuitton. The exception has joined the trend.
2. Adidas Q3 2026: Record Revenue, Record Operating Profit, Guidance Raised
Adidas released preliminary Q3 2026 results on October 21. Revenue reached a record 7.25B euros, up 9%. Operating profit rose 37% to 1.01B euros, also a record. Gross margin expanded to 54.3%, with approximately 200 million euros attributable to a US tariff refund. Full-year operating profit guidance was raised to approximately 2.5B euros. Growth was led by football, running, and training. Full results are due October 29.
Takeaway: Adidas has now strung together consecutive record quarters while its primary rival restructures. Strip out the tariff refund and the underlying momentum still holds. This is not a one-quarter story.
3. Moncler Q3 2026: Brand Revenue Down 1%, DTC Down 2%, Stone Island the Standout
Moncler reported third-quarter results on October 21. The Moncler brand fell 1% in Q3, with direct-to-consumer down 2%. Stone Island grew 8% over nine months. Group revenue for the nine months reached 1.895B euros, up 6% at constant exchange rates. Q3 group revenue of 605.5M euros came in slightly above the 600M euro estimate. Asia was the strongest Q3 region at 5% growth.
Takeaway: Moncler opened its largest New York flagship this year. The DTC channel still declined in Q3. Retail investment and retail performance are not the same thing. Expanding square footage is not the same as growing demand.
Adidas built on sport just had its best quarter in history.
Hermes built on heritage just hit a six-year low.
Moncler built on the space between them is standing still.
The market is actively sorting this out.
If you had to report to each Board on the next pivot, what would you say? 👇
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