L’Oréal overtook LVMH on Tuesday as France’s most valuable listed company, reaching market capitalization of about €203 billion ($234.2 billion) versus LVMH’s €201 billion ($231.9 billion). Analysts say consumers are favoring small indulgences over big-ticket items, lifting L’Oréal shares by 5% this year while LVMH fell by 35%. LVMH also dropped out of Europe’s top 10 companies by market capitalization, and CEO Bernard Arnault lost his title as Europe’s richest person to Zara Founder Amancio Ort...
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