Luxury fashion house LVMH has reclaimed its title as Europe’s most valuable company from Novo Nordisk, as early signs of a luxury comeback coincided with fresh struggles for the Danish Ozempic maker.
LVMH dethroned Novo Nordisk on Friday in the same week that Cartier owner Richemont surged on the back of record quarterly results, stoking hopes for a luxury revival. The change in rankings is a result of Novo Nordisk’s decline however, with LVMH now worth €5 billion more than the Danish giant.
