dailynewsnblog
PARIS – For this first time in nearly a decade, LVMH Moët Hennessy Louis Vuitton has ceded its top spot on the CAC 40 stock market index, with L’Oréal becoming France’s most valuable company.
This marks the only occurrence since 2017 that a non-luxury company has taken the first position on the Paris bourse at the end of a day of trading. In 2017, LVMH reached the number-one spot after nudging aside Total Energies.
Dior bag
Courtesy of Dior
On Tuesday, L’Oréal’s market capitalization reached approximately 203 billion euros and LVMH’s, 201 billion euros.
LVMH and other luxury players have been buffeted by headwinds including the conflict in Iran, structural changes in China and pricing, causing the sector’s recovery to be uneven. Year to date, L’Oréal stock is trading up 3.5 percent, while LVMH’s is down 37.2 percent.
