Luxury goods conglomerate LVMH is no longer the world’s most valuable luxury brand, eclipsed by Hermès on Tuesday after it disclosed worse-than-expected Q1 results.

LVMH shares fell sharply in Paris on Tuesday after the French luxury conglomerate reported a slide in first-quarter results.

Bernard Arnault has no succession plan, and no apparent intention of unveiling one soon. Indeed, the 76-year-old chairman and CEO of LVMH could spend another decade at the helm of the $300 billion ...