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French company Hermes surpassed LVMH as the most valuable luxury brand in the world on Tuesday after LVMH’s shares fell following disappointing quarterly sales results.
At the end of trading in Paris, Hermes’s market capitalisation was 248.6 billion euros ($280.5 billion), exceeding LVMH’s 244.4 billion euros.
LVMH’s stock dropped by 7.8 per cent a day after the luxury goods conglomerate, controlled by Europe’s richest individual, Bernard Arnault, announced a 2 per cent decline in first-quarter sales to 20.3 billion euros.
The manufacturer of Louis Vuitton handbags and Dom Perignon champagne reported a minor drop in sales in the U.S., which accounts for a quarter of its total revenue.
This unsatisfactory performance surfaced ahead of President Donald Trump’s April 2 “Liberation Day,” which included the implementation of 10 per cent tariffs on global imports.
