LVMH, the French luxury group behind the likes of Louis Vuitton, Christian Dior, and Tiffany & Co, has become the very first European company to surpass a market value of $500 billion despite the current economy.
‘Shares in LVMH closed up 90 euro cents (0.1%) to €902.00 on Monday giving the company – whose roster includes Christian Dior, Stella McCartney, TAG Heuer watches and Bulgari and Tiffany jewelry – a market capitalization of €454B, or half a trillion dollars’ – The Guardian
The milestone achievement comes just after it was released that LVMH joined the ranks of the 10 biggest companies in the world. The company sits ahead of Visa, and just behind Tesla. Subsequently, LVMH shares have soared by 30% so far in 2023.
Bernard Arnault is the world’s richest person
This record-breaking new valuation, cements Bernard Arnault as the world’s richest person. Now worth a whopping $212 billion, Arnault surpasses Tesla’s chief executive, Elon Musk by $47 billion.
It’s not just good news for LVMH this year. Business within the luxury sector is thriving in the post-pandemic world. Hermès reported a 23% rise in first-quarter sales of 2023 earlier this month.
Related:
LVMH Revenues Soar 17% in Q1 of 2023 Due to Asia and Fashion & Leather Goods
Hermès Birkins and Kellys Help Lift Q1 2023 Sales 23%
What are your thoughts on LVMH’s success?
- Anna McWhirter posted 2 years ago
- last edited 2 years ago
