The stunning reversal in fortunes comes after LVMH tumbled as much as 8.4% in Paris following disappointing first-quarter results on slowing demand in China and the US and amid threats of an escalating trade war.
Hermès’s market capitalisation surpassed that of rival LVMH, the conglomerate which tried to buy the maker of the coveted Birkin bag in a stealth raid that shocked the French corporate world 15 years ago.
Hermès International SCA’s valuation reached €243.65 billion ($363.98 billion) on Tuesday, briefly crossing the €243.44 billion of LVMH Moët Hennessy Louis Vuitton SE. That catapulted it into the most valuable company on France’s benchmark CAC40 index and the third-largest listed company in Europe, behind software firm SAP SE and weight-loss drug maker Novo Nordisk A/S.
