Paris-based LVMH Moet Hennessy Louis Vuitton became on Monday (April 24) the first company listed in Europe with a market value of over $500 billion, thanks to booming demand among the wealthy for its high-end brands including Christian Dior, Bulgari and Tiffany jewellery.
LVMH shares closed up 90 euro cents (0.1%) to €902.00 on Monday giving the French company a market capitalisation of €454bn, or over $502 billion.
The group reported earlier this month that its revenue in the first fiscal quarter of 2023 stood at €21.04 billion after jumping 17% from the corresponding time span the year prior, representing “an excellent start to the year.” The Selective Retailing unit’s revenue surged 30% using the same comparison, while Fashion & Leather Goods brought in €10.73 billion in revenue after an 18 % jump. Last year the group’s sales reached a record €79.2bn.
LVMH shares have soared by 30% so far this year propelling it into the top 10 of the world’s most valuable listed companies. LVMH CEO Bernard Arnault is currently the world’s richest person, according to the Forbes real-time billionaires index.