EQUITY: CONSUMER RELATED
China consumer
Global Markets Research
10 April 2026
Mixed sales signals from another luxury mall
Divergent sales performance across major luxury segments and brands
in March, based on channel checks with an Eastern China luxury mall
Softening momentum in March, based on a leading high-end mall in Jiangsu
We hosted a China domestic demand channel check call focused on the sales momentum
of major consumption segments on 9 April. During the call, we talked with an expert with
deep knowledge of China’s high-end consumption trend based on the expert’s
observations towards one leading luxury shopping mall, located in Nanjing of Jiangsu
Province.
Based on the expert’s comments, the shopping mall’s sales performance has softened in
March; total foot traffic to the specific mall declined by high-single-digit% (HSD%) y-y in
March, while the same-store sales (SSS) was also down by mid-single-digit% (MSD%) y-
y; in comparison, the very shopping mall has experienced positive y-y growth in both foot
traffic and SSS in 2M26, according to the expert. The expert believes that the mediocre
sales performance in March has been mainly driven by: 1) March was the off-season for
consumption after the Chinese Spring Festival; 2) the intensifying geopolitical disputes in
the Middle East has brought in more uncertainties, dampening consumers' – especially
the high net worth clients’ – willingness to consume.
On the positive side, the expert has seen some recovery in foot traffic to the specific
shopping mall since the beginning of April, thanks to warmer weather and new arrivals for
the Spring/Summer season by luxury brands.
Mixed performance by segments and brands
Based on the expert's observation, there was divergent performance across major
consumption segments across the shopping mall in March, although most of the
segments and brands we had discussion on were within the broader luxury and high-end
jewelry segments. We summarise the sales momentum of key segments/brands below.
Jewelry: the expert mentioned that the jewelry segment was still one growth spot in
March, although different brands have demonstrated diverging performance. Global
leading jewelry brands such as Van Cleef & Arpels (belong to CFR SW, Not rated)
enjoyed double-digit% y-y SSS growth in 1Q26, while other traditional global high
jewelry players were still struggling with mid- to high-teens% y-y decline in 1Q26. On
the other hand, domestic premium jewelry brand Laopu Gold (6181 HK, Buy) retained
its solid sales momentum in March in the specific mall, delivering >70% y-y SSS
growth in 1Q26. The expert viewed that Laopu’s price hike in the end of Feb 2026 did
not really impact consumers’ demand; it is key for Laopu to enhance its luxury brand
positioning (by strengthening its high-end service intensity and launching new SKUs).
•
Luxury brands: there was mixed performance among global luxury brands in 1Q26 at
the specific shopping mall; according to the expert, Hermès (RMS FP, Not rated) and
LV (MC FP, Not rated) have enjoyed stable sales growth momentum in 1Q26, and
Chanel (Unlisted) also recorded some sales recovery in 1Q26 with HSD% y-y growth.
However, other luxury brands were more or less in the downtrend in 1Q26 in the
specific shopping mall, according to the expert.
•
(continued on next page)
Research Analysts
China Consumer Related
Jizhou Dong, CFA - NIHK
@
+852 2252 1554
Summer Qian - NIHK
@
+852 2252 6220
See Appendix A-1 for analyst certification, important disclosures and the status of non-US analysts.
Production Complete: 2026-04-10 10:27 UTC
Sportswear: the expert expects the light-luxury sportswear segment be on the upward
trend, although there has been intensifying competition within the segment.
According to the expert, Arc'teryx (owned by Amer Sports, AS US, Buy) recorded
% y-y SSS growth in 1Q26 in the specific shopping mall, compared with % y-
y growth in 4Q25, recording a gradual easing in growth due to competition.
•
Other segments: the apparel segment’s sales sentiment remained weak in 1Q26 at
the specific shopping mall; there was some recovery in the sales momentum in the
cosmetic segment, especially for global cosmetic brands, according to the expert.
•
Nomura | China consumer 10 April 2026
2
8XvYlUyXvXqPpQtM7N9R8OtRrRsQqOiNmMmQeRnMoP7NqRoQvPmMqMNZnPmN
Appendix A-1
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See Disclaimers for Nomura Group entity details.
Analyst Certification
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subject securities or issuers referred to in this Research report, (2) no part of my compensation was, is or will be directly or indirectly related to
the specific recommendations or views expressed in this Research report and (3) no part of my compensation is tied to any specific investment
banking transactions performed by Nomura Securities International, Inc., Nomura International plc or any other Nomura Group company.
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