Hermes Overtakes L’Oreal to Become France’s Second Most-Valuable Firm
- Valuation soars amid strong demand for handbags, scarves
- Shares hit fresh record as Hermes defies luxury downturn
The Hermes luxury boutique on Rue de Sevres in Paris.
Photographer: Cyril Marcilhacy/BloombergThis article is for subscribers only.
Hermes International SCA’s value overtook that of L’Oreal for the first time on Friday, making the Birkin bag maker the second most-valued company in the French blue-chip CAC 40 index.
Hermes’s strong revenue report powered the luxury company’s stock to record highs on the same day that the beauty firm’s shares slithered after a weaker-than-expected update.