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LVMH waived its title as the most luxury companies in the world on Tuesday, as the market value fell to less than the Hermes competitor.
The market value of LVMHIt is known as brands like Louis Vuitton, Dom Perignon, Givenchy and Tiffany & Co. Tage Heuer is around 244.1 billion euros in the middle of Tuesday morning, less than Hermes and its market roof of 248.1 billion euros.
Bernard Arnault, CEO of LVMH, attends VIVA Technology at Parc Des Expositions Porte de Versailles on May 23, 2024 in Paris. (Chesnot / Getty Images / Getty Images)
In the current market hats, Hermes has become the most luxurious company in the world. It is known about handbags and other luxury goods such as clothes, scarves, shoes, jewelry and belts.
Hermes site in Paris. (Benjamin Girette / Bloomberg via Getty Images / Getty Images)
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The change in the positions between the luxury giants came after LMVH on Monday released revenue data for the first quarter of the year. The company has achieved 20.3 billion euros of total revenue in the first quarter, which represents an organic decrease of 3 % on an annual basis.
The results, which did not fulfill analysts’ expectations, pushed a decrease in LVMH shares.
In its financial issuance on Tuesday, LVMH said that the fashion and leather commodities sector witnessed a decrease in organic revenues on an annual basis, reaching 10.1 billion euros in the first quarter. The wine and lives, which amounted to 1.3 billion euros, mentioned a 9 % decrease in revenue, while the hours and jewelry remained largely unchanged, two sections – perfumes, cosmetics and cosmetics Selective Both witnessed an organic decrease by 1 % of the first quarter of 2024.
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“Europe has once again achieved growth on the scale of constant unification and currency currencies,” LVMH said in its press statement. “The United States has witnessed a slight decrease, despite the good performance of fashion, leather commodities, watches and jewelry. Japan had decreased in relation to the first quarter of 2024, which was strengthened by strong growth in Chinese consumer spending in the country. The rest of Asia witnessed comparable trends with 2024.”
Tiffany and Co. Store in New York City. Tiffany is owned by LVMH. (Bing Guan / Bloomberg / Getty Images)
The luxury giant said that “he is still awake and confident at the beginning of the year” in the “disruption” The geopolitical and economic environment.
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