On Monday, LVMH released its first-half 2026 earnings, with numbers in line with expectations. The fashion and leather goods division, the group’s biggest and most profitable, grew 1 percent in the second quarter, missing some analyst projections but not so bad: After all, we already knew that Middle Eastern sales have been decimated by the war. The U.S., however, is performing, and Dior sales are “accelerating”—LVMH press release jargon for improving. (All regions were up in the first half of the year for Dior, according to LVMH C.F.O. Cécile Cabanis, and there was double-digit growth in the second quarter in both the Americas and Japan.) Louis Vuitton was up as well. And Celine and Fendi were positive, too.