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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 (EPA: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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