(COMBO) This combination of pictures created on September 15, 2026 shows a board with the L'Oreal logo in Lassigny on February 16, 2018, and the logo of World's top luxury group LVMH on January 25, 2024. French cosmetics giant L'Oréal overtook luxury powerhouse LVMH on September 15, 2026 to become the largest company by market capitalization on the Paris stock exchange at the close of trading, as the luxury sector continues to struggle to regain the breakneck growth rates of previous years. Shares in LVMH, the world's largest luxury group led by billionaire Bernard Arnault, fell 2.64%, bringing its market value to around 202 billion euros, below that of L'Oréal, whose capitalization stood at more than 203 billion euros, according to AFP calculations. (Photo by Bertrand GUAY and STEPHANE DE SAKUTIN / AFP via Getty Images)