L’Oreal has overtaken LVMH to become France’s most valuable publicly listed company, a milestone that reflects changing investor expectations across the consumer and luxury sectors.
Illustrative image: cosmetics products. The photograph does not depict L’Oreal products or facilities. Photo by Element5 Digital / Unsplash.
A changing leaderboard in Paris
Reuters reported that L’Oreal ended September 15 with a market capitalization of about 203 billion euros, compared with roughly 201 billion euros for LVMH. It is the first time since 2017 that a non-luxury company has held the top position on the Paris stock market at the end of a trading day.
The shift follows a difficult period for major luxury groups, which have faced weaker demand in China, geopolitical uncertainty and resistance to years of price increases.
Beauty proves more resilient
Cosmetics can behave differently from expensive fashion and leather goods during periods of economic pressure. Consumers who pull back from major luxury purchases may still spend on smaller premium products such as skincare, fragrance and makeup.
That difference has shown up in share performance. Reuters said L’Oreal shares were up about 5% in 2026, while LVMH had fallen sharply during the year.
Luxury’s broader challenge
LVMH remains one of Europe’s largest companies and owns brands across fashion, jewelry, spirits and hospitality. But its loss of the French market-cap crown illustrates how quickly investor preferences can change when growth slows in a sector that previously commanded premium valuations.
For L’Oreal, the milestone strengthens its position as one of Europe’s largest consumer companies, although market-value rankings can change daily with share prices.
Source: Reuters, September 15, 2026 – https://www.reuters.com/business/retail-consumer/loreal-steals-french-stock-market-crown-lvmh-2026-09-15/
