Topline
More than $9 billion was wiped from French billionaire Bernard Arnault’s fortune Tuesday morning after shares of his luxury goods conglomerate LVMH slumped by more than 7% following an unexpected drop in first quarter sales.
LVMH reported an unexpected drop in revenue it its first quarter earnings results.
Key Facts
LVMH reported a 3% decline in sales compared to the same three-month period last year, in its 2025 first quarter earnings report, which was published shortly after markets closed in Europe on Monday.
The sales numbers were significantly lower than analyst estimates , which, according to Reuters, projected 2% growth.
The company’s biggest revenue decline was reported in its Wines & Spirits business, down 9%, while Fashion & Leather Goods were the second worst hit, down 5%.
The company’s Paris-listed shares are down 7.53% to $554.76 (€490.05) in afternoon trading on Tuesday.
The firm’s market cap has fallen to $277 billion (€244.72 billion), meaning rival Hermès is now the world’s most valuable luxury brand.
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Forbes Valuation
According to our estimates, LVMH CEO and Chairman Bernard Arnault’s net worth stands at $146.5 billion as of Tuesday morning. Despite this, Arnault remains Europe’s richest person and the sixth richest in the world on Forbes’ Real-Time Billionaires list.
Big Number
$279.82 billion (€247.24 billion). That its the market cap of Hermès as of Tuesday afternoon in Paris. Hermès’ shares fell slightly to $2,650.76 (€2,342.00) in afternoon trading, down around 0.3% from Monday.