French group Hermes overtook LVMH as the world’s most valuable luxury company on Tuesday after shares in the Louis Vuitton maker tumbled following weaker-than-expected quarterly sales.
The market capitalisation of Hermes reached 248.6 billion euros ($280.5 billion) at the close of trading in Paris, topping LVMH’s 244.4 billion euros.
LVMH shares sank 7.8 percent a day after the group owned by Europe’s wealthiest man, Bernard Arnault, reported a two percent drop in first quarter sales to 20.3 billion euros.
The producer of Louis Vuitton bags and Dom Perignon champagne reported a slight decline in US sales, where it generates a quarter of its revenue.
Source: Channels TV
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