Hermès, Kering (Gucci's parent company) announced their earnings today, and unsurprisingly, they reported a major blowout, with double-digit declines (the largest drop since Hermès went public). A couple of days ago, LVMH's earnings were also quite weak, with leather goods business declining for seven consecutive quarters.

The business in China for these three brands is also quite sluggish.
But in recent years, the luxury industry hasn't been completely bleak,
1) There are always mythic sales stories defying the trend, with Miu Miu leading the way, and now Coach. It looks like Coach is about to surpass Kering in sales for two consecutive quarters. However, I still haven't figured out why Coach's performance is so good; it feels like very few people around me are buying it. I looked into some data but couldn't find enough convincing reasons. Miu Miu, on the other hand, is entirely different. A few years ago, you could clearly feel its dominance, an unbeatable force in the universe.
2) Jewelry business is far stronger than leather goods, with Bulgari, Cartier, Van Cleef & Arpels selling quite well, even old brands like Gold King making a comeback.