LVMH loses top European market position as shares fall 37% in 2024
LVMH lost its position as the most valuable listed company in France and Europe’s top 10 on Tuesday as its stock fell 2.76%, closing at €406.45 per share. The decline capped a 37% drop since the start of 2024 and a 55% plunge from its peak in late April 2023, when the company’s market capitalization exceeded €452 billion and its share price hit €902.
The French luxury conglomerate, once Europe’s most valuable listed firm, now has a market value of €201.032 billion, slipping behind L’Oréal, which closed at €381.20 per share with a market capitalization of €203.046 billion. L’Oréal now holds the top spot on the CAC 40, France’s blue-chip index, while LVMH exits the European top 10, trailing semiconductor giants ASML and Arm Holdings, software firm SAP, and pharmaceutical companies Roche, Novartis, and AstraZeneca .
Analysts attribute the downturn to weakening demand for luxury goods in China, a key market for LVMH, compounded by the impact of the Middle East conflict on consumer spending. The stock’s decline mirrors its drop during the 2008 financial crisis, with shares returning to pandemic-era levels .
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