L'Oréal Overtakes LVMH as France's Most Valuable Listed Company

Price ActionIndustry
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Summary · why it matters

In the ranking of French listed companies by market capitalisation, cosmetics giant L'Oréal overtook luxury brand giant Moët Hennessy Louis Vuitton, or LVMH, on the 15th to take the top spot. It is the first time since 2017 that a non-luxury company has held the top market capitalisation spot on the Paris market at the close of trading. According to LSEG data, L'Oréal's market capitalisation stood at about 203 billion euros, or 234 billion dollars, late on the 15th, while LVMH's was 201 billion euros. Nick Anderson, an analyst at London research firm Berenberg, pointed to the so-called lipstick effect as the backdrop: when the economic mood sours, relatively affordable luxury goods sell more easily than expensive bags, shoes and dresses. The luxury goods industry has been shrinking over the past three years amid China's prolonged economic slump and the worsening situation in the Middle East, and an analysis by consulting firm Bain found that repeated price increases drove about 60 million consumers away from the luxury market. L'Oréal shares have risen about 5 percent so far this year, while LVMH shares have fallen about 35 percent.

Impact on stocks 2

Consumer Discretionary▼ · 1 stocks
LVMH Moët Hennessy - Louis Vuitton
MC
▼ NegativeDemandrelevance

LVMH lost the top market-cap spot as the luxury industry shrinks amid China's slump and repeated price hikes drove ~60 million consumers away.

Consumer Staples▲ · 1 stocks
LOréal S.A.
OR
▲ PositiveDemandrelevance

L'Oréal overtook LVMH as France's most valuable listed company, benefiting from the lipstick effect as consumers trade down to affordable cosmetics.

Off-coverage companies 2

Bain & CompanyPrivate± Mixed
relevance

JOH Berenberg, Gossler & Co KGPrivate± Mixed
relevance

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