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.

I’m not going to report record revenue, but it was nonetheless a robust year," CEO Bernard Arnault said during the earnings call.

While LVMH's results "challenge the sector narrative that all luxury companies have seen the acceleration" seen at Richemont and Burberry, it reinforces the idea of a quicker recovery this year than expected in October, analysts at Deutsche Bank said in a note to clients.

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.