L’Oréal overtook LVMH to become France’s most valuable listed company at the close of trading in Paris on September 15, the first time since 2017 that a non-luxury company has topped the ranking. L’Oréal ended the day with a market capitalization of about 203 billion euros ($234 billion), versus about 201 billion euros ($232 billion) for LVMH. L’Oréal shares are up about 5% this year, while LVMH’s have fallen about 35%. L’Oréal's first-half sales rose 6.8% YoY to 23.77 billion euros ($27.5 billion). LVMH’s first-half revenue fell 3% to 38.64 billion euros ($44.6 billion), with net profit broadly flat at 5.70 billion euros ($6.58 billion).

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