ALT Table titled “YoY growth in US card spend, by quarter” comparing year-over-year US card spending for four luxury brands from Q4 2025 to Q3 2026, with last twelve months (Oct to Sep) totals and October month-to-date pace. Louis Vuitton: -2.5%, -4.9%, -4.2%, -5.9%, LTM -4.2%, Oct pace +6%. Gucci: +2.9%, -2.2%, +11.8%, -2.0%, LTM +2.8%, Oct pace -10%. Hermès: -4.1%, +6.4%, +8.1%, +21.9%, LTM +7.5%, Oct pace +32%. Chanel: -12.4%, +9.3%, +38.8%, +16.8%, LTM +11.1%, Oct pace +18%. Footnote: October pace is Oct 1 to 18 scaled to a full month against Oct 2025, a rough estimate ignoring weekday mix. Hermès and Chanel are growing fastest while LVMH’s Louis Vuitton declines and Kering’s Gucci slows. Intern Pierre luxury stock analysis using alternative data on LVMH, Kering, Hermès and Chanel.

ALT Photo of a printed Etihad Airways letter handed to a passenger at Abu Dhabi airport, lying on a marble counter. The date, flight number and passenger name are blacked out. The letter apologizes for not being able to offer the cabin originally booked, saying that “due to high demand” there are not enough seats for all guests. It states the passenger has been rebooked on the same flight in Economy and is entitled to a 75% refund of the downgraded sector. It refers the passenger to Etihad’s rules and notices page for compensation rights and complaint resolution, and to Etihad’s Global Contact Centres for assistance. It is signed “Kind regards, Airport Duty Supervisor, Abu Dhabi, Etihad Airways.” The letter confirms an involuntary downgrade from a paid business class ticket to economy caused by overbooking.

ALT Louis Vuitton menswear ski and winter collection on display inside an LV boutique. A white mannequin wears oversized white Louis Vuitton ski goggles with a smoked black lens printed with the LV Monogram, over a white embossed Monogram head covering. The outfit layers a fuzzy red, grey and black brushed mohair plaid zip-up jacket with a cream shearling lining patterned with tonal Monogram flowers, over a cream knit sweater featuring a black intarsia beast motif with an LV logo and a brown ribbon accent, and black trousers. In the background: a beige Monogram Keepall duffel bag and a second pair of LV goggles on a lit shelf, a black Monogram puffer jacket, a blue knit, and a black hoodie with a brown LV logo. Pale wood walls, oak floors, track lighting, and a fitting room with a blue armchair. Luxury fashion retail, LVMH, après-ski style.