LVMH Group lost the title of the French company with the highest market capitalization and fell out of the top ten listed companies by market capitalization in Europe. This is a landmark reversal for the luxury giant, which led the European market during the post-pandemic boom period. The stock fell 2.6% on Tuesday, and its market capitalization shrunk to 2010 billion euros, falling below L'Oréal. This change brought LVMH out of the top ten in Europe for the first time since 2017. Currently, the top three in market capitalization are Asmack Holdings, Roche, and HSBC in that order. “Those who claim that Europe has made a comeback are wrong; Europe is not coming back: what LVMH tells us is that its main growth engine — luxury goods — has failed,” said Vincent Juvyns, chief investment strategist at Dutch International Group in Brussels.

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