Shares of LVMH plunged 7.8% on Tuesday, losing its position as the world’s largest luxury firm to rival Hermès after an unexpected decline in first-quarter sales. LVMH reported a 3% year-on-year fall in first-quarter sales in a trading update published shortly after the market close on Monday, missing consensus analyst expectations for slight growth.
[...] LVMH shares on course for the worst session since March 2020. A 0.2% increase in the share price of Hermès saw the Birkin bag-maker’s market capitalization surpass that of LVMH.
— I meant to post this news when it came out in mid-April but I didn't! If you still want to know, read more in Luxury LVMH dethroned by Hermès as world’s most valuable luxury stock after sales miss at CNBC, or see LVMH perfume and cosmetics sales remain flat at The Industry.
