L’Oréal overtakes LVMH in market value
With a market value of approximately $224 billion (€203 billion), L’Oréal has surpassed LVMH, becoming one of France’s most valuable publicly traded companies.
Data from the London Stock Exchange Group (LSEG) reveals that this marks the first time since 2017 that a non-luxury company has topped the Euronext Paris rankings.
Financial Performance and Market Shifts
As of Tuesday, September 15, LVMH’s market capitalization stood at $221 billion (€201 billion), trailing behind L’Oréal’s recent surge.
Over the past year, L’Oréal’s shares have climbed by 5.65%, while LVMH’s have dropped by an estimated 35%.
L’Oréal’s strong performance is shown by its first-half 2026 results, with its dermatological division fueling significant sales growth.
The company reported sales of $26.3 billion (€23.77 billion), a 6.8% increase on a like-for-like basis and 5.8% on a reported basis, alongside a net profit of $4.3 billion (€3.9 billion), up 4.7%.
Additionally, L’Oréal secured a 50-year exclusive beauty license with Kering for the Gucci brand, effective July 1, 2027, as part of a larger acquisition of Kering Beauté, which L’Oréal has finalised.
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In contrast, LVMH experienced slower growth in the first half of the year, with its perfumes and cosmetics division generating $4.3 billion (€3.9 billion) in sales.
These figures remained flat organically and declined by 4% on a reported basis compared to 2025, largely due to currency fluctuations.
LVMH’s recurring operational profit fell 2% year-on-year to $458 million (€417 million), though its operating margin improved by 20 basis points to 10.6%.
Bernard Arnault, LVMH’s Chairman and CEO, has fallen out of the top ten on the Bloomberg Billionaires Index, dropping to 11th place behind Warren Buffett.
Cosmetics Business has reached out to both L’Oréal and LVMH for comment.
L’Oréal has finalised a significant €4 billion acquisition of Kering Beauté. Tickets are now available for the 25th anniversary of the Pure Beauty Awards, taking place on 15 October 2026 at the Grosvenor House Hotel in London, UK. LVMH Fragrance Brands appointed Yann Musquin as Managing Director.
