Hermes overtakes LVMH as world’s most valuable luxury company after lackluster sales

Tuesday LVMH gave its title as the most valuable luxury company in the world, as its market capitalization fell below the enemy’s Hermes.

Market capitalization LvmhIt is famous for Louis Vuitton’s brands, Dom Perignon, Tiffany & Co. and Tag Heuer, less than half of the mid-midnight at midnight than 248.1 billion euros.

LVMH CEO BERNARD ARNAULT participates in Viva Technology Show to Parc Des Exp Resissitions Porte de Versailles on May 23 in Paris. (Chesnot / Getty Images / Getty Images)

In the current caps of their market, Hermes became the most valuable luxury company in the world. It is known for Birkin bags and other luxurious products such as clothes, scarves, shoes, jewelry and belts.

Hermes’ location in Paris. (Benjamin Girette / Bloomberg Via Getty Images / Getty Images)

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The change in positions between the two luxury giants took place after LMVH, the income data for the first trimester of the year has released income. In the first quarter, he generated 20.3 billion euros in the first quarter, which in the year marking 3% organic decrease.

The results that did not satisfy the expectations of analysts, a drop prompted into the LVMH shares.

In his financial release on Tuesday, LVMH said that her fashion and leather goods have seen a 5% annual income, hit 10.1 billion euros in the first quarter. Its wines and spirits reported a 9% decline in revenues, and clocks and jewelry were mainly remained unchanged and two other parts, perfumes and cosmetics. Optional retail – Both had 1% organic drop in the first quarter of 2024.

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“Europe has once again reached a constant consolidation and currency basis,” the IAEA said in a statement. “The United States has seen a small decline, despite the good performance of fashion and leather goods and jewelry. Japan went down to the first quarter of 2024.

A Tiffany & Co. Store New York City. Tiffany belongs to LVMH. (Bing Guan / BLOOMBERG / GETTY Images)

The luxurious giant said that “stays vigilant both at the beginning of the year” under the “failure” Geopolitical and economic environmentA number

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