French luxury conglomerate LVMH saw its stock slide by more than 6% following the Tuesday evening reveal of its 2024 annual results.

Following Meta’s layoffs earlier this month, Arnault, the head of the luxury goods conglomerate that controls brands like Louis Vuitton, Fendi, and Sephora, likened Meta CEO Mark Zuckerberg’s move to let go of low-performing workers to layoffs at Tiffany’s.

KEY TAKEAWAYS Luxury giant LVMH eked a small gain in 2024 sales, underwhelming investors following buoyant results from rivals that signaled a turnaround for the sector.Sales last year marked a 1% organic gain over the previous year and a 2% drop reported.

LVMH shares dropped as slightly better-than-expected full-year results from the world’s largest luxury company threw doubt over a broader sector recovery.