THE WHAT? L’Oréal has overtaken LVMH to become France’s most valuable listed company by market capitalisation, as cosmetics proves more resilient than the wider luxury goods sector.
THE DETAILS L’Oréal’s market capitalisation reached approximately €203 billion on September 15, compared with €201 billion for LVMH, marking the first time since 2017 that a non-luxury company has ended a trading day at the top of the French stock market. L’Oréal shares have gained around 5 percent during 2026, while LVMH has fallen approximately 35 percent. The shift comes as luxury groups contend with weaker demand, particularly in China, while L’Oréal benefits from a portfolio spanning mass, dermatological and prestige beauty, including licensed brands such as Armani and Yves Saint Laurent.
THE WHY? The change highlights the relative resilience of the global cosmetics market compared with high-end fashion and luxury goods, as consumers continue to spend on more accessible beauty products despite wider economic pressures.
Source: Reuters
