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French cosmetics giant L’Oréal has become France’s most valuable publicly traded company, overtaking Louis Vuitton owner LVMH. The luxury industry continues to come under pressure amid a prolonged sales slump and weak financial results, Reuters reports.

It is the first time since 2017 that a company outside the luxury sector has taken the top spot on the Paris stock market at the close of trading.

L’Oréal’s market capitalization reached approximately €203 billion ($234 billion) on Tuesday evening, while LVMH was valued at around €201 billion, according to LSEG data.

Berenberg analyst Nick Anderson attributed the cosmetics giant’s success to the so-called “lipstick effect”: when economic conditions deteriorate, consumers are more likely to forgo expensive handbags, shoes and clothing in favor of smaller, more affordable indulgences.

“People simply cannot afford to buy expensive luxury goods, so instead they choose small pleasures — like that lipstick — to make themselves feel better,” he said.

The global luxury market is shrinking for a third consecutive year amid a prolonged economic slowdown in China and the war in the Middle East. According to consulting firm Bain, around 60 million consumers have stopped buying luxury goods, as relentless price increases have made products from many premium brands unaffordable for a significant share of shoppers.

L’Oréal shares have risen by around 5% since the start of the year, while LVMH stock has lost approximately 35%. On Tuesday alone, LVMH shares fell another 2.3%.

L’Oréal produces not only its own cosmetics but also premium beauty products for fashion houses, including Armani and Yves Saint Laurent.

LVMH, which is controlled by the family of CEO Bernard Arnault, became Europe’s most valuable company during the pandemic-driven consumer boom in 2021. The French luxury giant now trails technology leader ASML by a wide margin, with ASML’s market capitalization roughly three times larger, as well as Swiss pharmaceutical companies Roche and Novartis.

According to current market data, LVMH also dropped out of the top 10 European companies by market capitalization on Tuesday.

The decline in LVMH’s value has also affected Bernard Arnault’s fortune. According to Forbes’ real-time billionaire rankings, he has lost his position as Europe’s richest person to Zara founder Amancio Ortega.

According to Anderson, LVMH continues to be supported by a small group of ultra-wealthy consumers, but the company is facing a structural decline in demand. Among the factors, the analyst cited China’s economic slowdown, which for many years was the main driver of growth in the luxury market, as well as broader economic uncertainty.

“We are concerned about tax increases across Europe. There are worries about inflation, and there are concerns about jobs because of AI. It seems that problems are coming from everywhere,” Anderson said.

DWS portfolio manager Stefan Bauchknecht also believes that the luxury market is unlikely to improve significantly in the near term, while L’Oréal’s lead on the French stock market could prove to be long-lasting.

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