晨星：2025年第一季度全球奢侈品行业脉搏报告：一季度抛售后吸引力显现（英文版）

Luxury share valuations have had a rocky path over the past few years. In 2022-23, valuations fluctuated between attractive and overpriced as markets digested the inflation impact on demand, the length of lockdowns and pace of recovery in China, and the repeatability of strong postpandemic demand in the West. Most recently investor expectations about the sector centered on the revival or weakening of demand in the US (impacted by the stock market performance) and the pace and timing of improv