LVMH Moët Hennessy Louis Vuitton SE lost its title as Europe’s most valuable company. The firm also exited the list of the region's top 10 largest listed companies.
The company’s market capitalization fell to approximately €201 billion. L'Oréal SA surpassed LVMH as the most valuable company on the Paris stock exchange.
LVMH shares declined by roughly 37% this year. Weakening demand in China and conflict in the Middle East drove the valuation drop.