L’Oréal overtakes LVMH as Paris’ largest listed company
📌 At the September 15 close, L’Oréal’s market capitalization reached about €203 billion, slightly above LVMH at around €201 billion. It is the first time since 2017 that a non-luxury company has held the top spot in Paris.
🔎 The shift is driven more by LVMH’s decline than by a sudden surge in L’Oréal. LVMH is down roughly 35–37% year-to-date amid weaker luxury demand, particularly in China, while L’Oréal has gained only around 4–5%.
💡 L’Oréal is benefiting from a more diversified product mix spanning mass-market cosmetics, prestige beauty and dermatological products. As consumers become more cautious, smaller indulgences such as lipstick, mascara and skincare can remain more resilient than high-end bags and fashion.
📊 The market-cap gap is only around €1–2 billion, so the ranking could change quickly. Still, the move highlights a widening divergence between beauty and luxury businesses with heavier exposure to China’s consumer cycle.
#MarketInsights $BERA
📌 At the September 15 close, L’Oréal’s market capitalization reached about €203 billion, slightly above LVMH at around €201 billion. It is the first time since 2017 that a non-luxury company has held the top spot in Paris.
🔎 The shift is driven more by LVMH’s decline than by a sudden surge in L’Oréal. LVMH is down roughly 35–37% year-to-date amid weaker luxury demand, particularly in China, while L’Oréal has gained only around 4–5%.
💡 L’Oréal is benefiting from a more diversified product mix spanning mass-market cosmetics, prestige beauty and dermatological products. As consumers become more cautious, smaller indulgences such as lipstick, mascara and skincare can remain more resilient than high-end bags and fashion.
📊 The market-cap gap is only around €1–2 billion, so the ranking could change quickly. Still, the move highlights a widening divergence between beauty and luxury businesses with heavier exposure to China’s consumer cycle.
#MarketInsights $BERA
