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LVMH handed over the title on Tuesday as the world’s most valuable luxury company.
Known for brands such as Louis Vuitton, Dom Perignon, Givenchy, Tiffany & Company and Tag Heuer, LVMH’s market capitalization was around 244.1 billion euros mid-Tuesday, lower than Hermes and its market capitalization.
LVMH CEO Bernard Arnault will be taking part in the Viva Technology Show held at Parc Des Expositions Porte de Versailles in Paris on May 23, 2024. (Chesnot/Getty Images/Getty Images)
By current market capitalization, Hermes has become the most valuable luxury company in the world. He is known for his Birkin handbags and other luxurious items such as clothing, scarves, shoes, jewelry, and belts.
Hermes location in Paris. (Benjamin Gillett / Bloomberg via Getty Images / Getty Images)
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The positional change between the two gorgeous giants comes after LMVH released first quarter revenue data on Monday. The company generated 20.3 billion euros in total revenue in the first quarter, showing an organic decline of 3% year-on-year.
The failure to meet analyst expectations prompted a decline in LVMH stock.
In a financial release on Tuesday, LVMH said its fashion and leather products segment reached 10.1 billion euros in the first quarter, seeing a 5% organic decline in revenues compared to the previous year. Its wine and spirit were 1.3 billion euros, a 9% decline in revenue, but the clocks and gems remained largely unchanged. The other two segments (perfumes and cosmetics, selective retail) experienced an organic decline of 1% since the first quarter of 2024.
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“Europe has once again achieved growth on a certain consolidated scope and currency basis,” LVMH said in a press release. “Despite the performance of fashion and leather goods, watches and gems, the US has declined slightly. Japan has declined in relation to the first quarter of 2024, driven by strong growth in domestic China’s consumer spending.
Tiffany & Company Store in New York City. Tiffany is owned by LVMH. (Bing Guan/Bloomberg/Getty Images)
The gorgeous giant said it was both “both vigilant and self-confidence at the beginning of the year” in a “suspended” geopolitical and economic environment.
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