L'Oréal becomes France's most valuable listed company

L'Oréal has overtaken LVMH to become France's most valuable listed company by market capitalization. As of mid-September 2026, L'Oréal's market value reached approximately €203 billion, surpassing LVMH's valuation of roughly €201 billion.

LVMH has experienced a significant decline, with its share price falling about 35 percent since the beginning of the year. This downturn is attributed largely to weakening demand in Asia, particularly China, which has led to a revaluation of the luxury group on European markets. While some analysts view the current valuation discount as a potential entry point for investors, the company faces challenges regarding stabilizing Asian demand and maintaining pricing power.