L'Oreal Surpasses LVMH as France's Most Valuable Company

L'Oreal became the most valuable listed company in France on September 15, 2026, ending the long-standing dominance of LVMH on the Paris bourse. L'Oreal reached a market capitalization of approximately €203 billion, while LVMH fell to €201 billion.

This shift marks the first time since 2017 that a non-luxury company has held the top position at the end of a trading day. The transition follows a significant downturn in the global luxury sector, triggered by economic instability in China and conflict in the Middle East. These factors led an estimated 60 million consumers to stop purchasing luxury goods.

Financial performance diverged sharply over the year, with L'Oreal shares rising 5% while LVMH shares suffered a 35% year-to-date loss. As a result, LVMH dropped out of the top 10 largest European companies by market capitalization. The decline also impacted individual wealth rankings, as LVMH CEO Bernard Arnault lost his title as Europe's wealthiest person to Zara founder Amancio Ortega.