Hermès overtakes LVMH to become the world's most valuable luxury company [CNN]
LVMH-MOET H/L/V UNSP/ADR (LVMUY)
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Source: CNN
being overtaken by rival Hermès due to investor pessimism after disappointing first-quarter revenue from the sector bellwether. LVMH, whose high-end brands include Louis Vuitton and Dior, jewelry brand Tiffany & Co. and beauty chain Sephora, missed expectations for first-quarter sales as US shoppers curbed purchases of beauty products and cognac while sales in China remained weak. LVMH shares dropped 7%, bringing its market capitalization down to €246 billion, compared to €247 billion for Hermès. While market valuations tend to fluctuate, Tuesday's trading “does reflect diverging performance and investor sentiment about the two companies,” said Jelena Sokolova, senior equity analyst at Morningstar. Sokolova pointed to LVMH's larger exposure to the lower end of the luxury spectrum, whereas the wealthier client base of Hermes allowed it to better weather an industry downturn. Hermès, which sells $10,000 Birkin and Kelly handbags, is known for its tight hold on production, stic
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