French group Hermès overtook LVMH as the world's most valuable luxury company on Tuesday, April 15, after shares in the Louis Vuitton maker tumbled following weaker-than-expected quarterly sales.
The market capitalization of Hermès reached €248.6 billion ($280.5 billion) at the close of trading in Paris, topping LVMH's €244.4 billion.
LVMH shares sank 7.8% a day after the group owned by Europe's wealthiest man, Bernard Arnault, reported a two percent drop in first quarter sales to €20.3 billion.
The producer of Louis Vuitton bags and Dom Perignon champagne reported a slight decline in US sales, where it generates a quarter of its revenue. The disappointing performance came before President Donald Trump's April 2 "Liberation Day", which included 10% tariffs on global imports.