L'Oreal Tops LVMH as Paris Bourse's Most Valuable Company
On September 15, 2026, L'Oreal closed as France's most valuable listed company, ending LVMH's reign. L'Oreal fell 0.78% to a market value of USD 234.54 billion, while LVMH dropped 2.64% to USD 231.44 billion, or EUR 201 billion. It is the first time since 2017 that a non-luxury company has led the Paris bourse at the close. LVMH also fell out of Europe's top ten for the first time since 2017.
At the close of French trading on September 15, 2026, L'Oreal replaced LVMH as the most valuable listed company in France. L'Oreal shares fell 0.78% that day, giving it a market value equivalent to USD 234.54 billion. LVMH closed down 2.64%, with a market value equivalent to USD 231.44 billion, or EUR 201 billion. This is the first time since 2017 that a non-luxury company has held the top market-value position on the Paris stock exchange at a trading-day close. LVMH also dropped out of Europe's top ten by market value, the first time since 2017.
L'Oreal shares have risen 5% in 2026, while LVMH shares have fallen 35% year to date in 2026. LVMH is controlled by the family of Bernard Arnault; in 2021, driven by a pandemic-era consumption boom, LVMH briefly became Europe's most valuable company. ASML's market value currently exceeds LVMH's, at about three times that of LVMH; Swiss pharmaceutical giants Roche and Novartis also have market values above LVMH's. Bernard Arnault has lost the title of Europe's richest person, with his personal wealth now trailing that of Zara founder Amancio Ortega.
The global luxury goods industry has contracted for the past three years. Data from Bain shows that about 60 million consumers have stopped buying luxury goods, and persistently rising prices have made high-end fashion brand products increasingly unaffordable for many consumers. L'Oreal also produces high-end cosmetics for fashion brands such as Armani and Saint Laurent.