0823 GMT - The luxury sector will likely have taken a step down in the third quarter compared with a better second quarter, with slower trends for most regions and nationalities, analysts at JPMorgan write in a note. This context should bring even greater polarization of performance between brands, they say. The analysts expect another strong quarter for jewelry and high-end ready-to-wear, favoring companies like Richemont, Brunello Cucinelli and Ermenegildo Zegna, JPMorgan says. Meanwhile, another step down in the luxury backdrop will likely translate into further pressure on already fragile trends in soft luxury items like bags, apparel and shoes, with no leather goods brand strong enough to remain immune, the analysts say.
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