LVMH, the parent company of Louis Vuitton, is the first European company to surpass $500 billion stock market value
The increase in sales in the U.S. and Chinese markets led to a 33% increase in its shares. Its largest shareholder, Bernard Arnault, is the richest man on the planet.
(Mike Mozart / Flickr)
There is good news for Bernard Arnault, the largest shareholder of Louis Vuitton Moët Hennessy (LVMH). A few days ago we learned that he is the richest person on the planet with a net worth of around $211 billion. This Monday the French businessman made his company the first European company to exceed $500 billion in stock market value.
This sets a new record. Among other reasons, the boom in sales of LVMH's luxury goods in markets such as the US and China in recent months has caused the company's shares to increase by 33% in the last year.
On Monday morning, LVMH’s shares rose 0.3% to $996.50 in value. The French luxury company is worth more than $500 billion.
The company includes some of the most powerful luxury brands in the world, such as Louis Vuitton, Dior, Givenchy, TAG Heuer, Tiffany & Co. and Moët & Chandon. In the first quarter of 2023, it reported revenues of $23.2 billion, up 17% from the same period in 2022.
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