Hermès leapfrogged LVMH to become the world’s most valuable luxury company on Tuesday, after shares in the owner of Louis Vuitton tumbled on the back of disappointing first-quarter results.
In a bruising morning for the luxury sector in which the companies swapped spots several times, shares in Paris-listed LVMH fell 7.5 per cent, sending the group’s market capitalisation down to €245.3bn.
Shares in Hermès, the maker of Birkin and Kelly bags, dropped by just 0.4 per cent, giving it a market capitalisation of €247.1bn.
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