In the first quarter, key performers in the luxury sector experienced significant fluctuations that reflect both global economic trends and evolving consumer behavior. LVMH $LVMHF , the powerhouse behind brands such as Louis Vuitton, Dior, Tiffany & Co. and Sephora, temporarily lost its standing as Europe’s largest luxury group by market capitalization, succumbing to rival Hermes amid investor pessimism following underwhelming Q1 sales reports.