L’Oréal Overtakes LVMH as France’s Most Valuable Stock

L'Oréal overtook LVMH in market capitalization at the close of trading on the Paris Bourse on Sept. 15, becoming France's most valuable listed company with about $234 billion against LVMH's about $232 billion. LVMH shares fell more than 2% in the session and are down roughly 35% year-to-date, while L'Oréal shares are up about 5%. Sources link the luxury slide to weak Chinese demand, Middle East-related disruptions, and repeated price increases. L'Oréal's e-commerce grew in double digits, nearly twice the wider market pace, and made up more than 30% of group sales. Nick Anderson, analyst at Berenberg, said: "When people can't afford expensive luxury goods, they enjoy buying small items such as lipstick instead for a change." LVMH was pushed out of the top 10 European companies by market cap for the first time since 2017. European shares dipped as oil prices rose and bond yields climbed; Wickes Group gained 8.3% on third-quarter revenue that beat expectations, and Trustpilot shares fell 19%. L'Oréal, founded in 1909 by Eugène Schueller and public since 1963, has roughly $48 billion in annual turnover. What is contested: One source cites L'Oréal at 20 billion euros versus LVMH at 2010 billion euros; another reports about $234 billion versus $232 billion. The euro pair is flagged in the record as likely garbled.