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Luxury stocks spike on proposed U.S.-Iran peace deal; LVMH up almost 5%

CNBC Friday 12 June 2026, 08:37 UTC 1 min read
Key Points

Luxury stocks saw a sharp uptick after a proposed Iran-U.S. deal outlined a reopening of the Strait of Hormuz and lifting of U.S. oil sanctions, according to Iran state media. Shares of LVMH, Gucci-owner Kering, Hermes were up about 5%. Swiss group Richemont rose about 3.4% while the pan-European Stoxx 600 index rose 1.8%.

Luxury stocks saw a sharp uptick after a proposed Iran-U.S. deal outlined a reopening of the Strait of Hormuz and lifting of U.S. oil sanctions, according to Iran state media. Shares of LVMH, Gucci-owner Kering, Hermes were up about 5%. Swiss group Richemont rose about 3.4% while the pan-European Stoxx 600 index rose 1.8%. Luxury stocks across the board have been hard hit by the Iran war, as the Middle East had been a fast-growing market for the otherwise largely muted sector. LVMH flagged a 1% negative impact from the Iran war in the previous quarter. This is breaking news. Please refresh for updates.
LVMH (ORG) Iran (LOCATION) U.S. (LOCATION) the Strait of Hormuz (LOCATION) Gucci (PERSON) Kering (LOCATION) Hermes (ORG) Swiss (ORG) Richemont (ORG) pan-European Stoxx (ORG) the Iran war (EVENT) the Middle East (LOCATION)
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