Investing.com -- Hermès International (OTC:HESAY) SCA, the French luxury goods manufacturer, has seen its market capitalization rise to €243.65 billion ($276.3 billion), outpacing the €243.44 billion value of rival firm LVMH Moët Hennessy Louis Vuitton SE.
This development positions Hermès as the most valuable company on France’s benchmark CAC40 index.
This shift in market cap ranking comes after LVMH experienced a decline of as much as 8.4% in Paris.
The drop followed the company’s less than impressive first-quarter results, which were impacted by slowing demand in China and the United States, as well as concerns about a potential intensification of trade conflicts.
The recent valuation of Hermès reflects a significant turnaround in fortunes for the two luxury goods manufacturers.
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