LVMH’s market value exceeds $500 billion, a first in Europe
LVMH, the world's leading luxury goods company, on Monday became the first European group to exceed $500 billion in market capitalisation.
Bernard Arnault - Shutterstock
At the session's high, the French group gained 0.39% to 904.60 euros, enough to bring its capitalisation to 500.2 billion dollars (454.51 billion euros). The owner of the Dior, Louis Vuitton and Tiffany brands has posted a 33% rise in its share price since the start of the year, while the CAC 40 index has gained 17.1%.
In reaction to the publication of its higher than expected quarterly turnover, driven by the rebound of activity in China, LVMH gained 5.65% on April 13, its best performance on a single day since early November. Bernard Arnault presented record results for the year 2022 on Thursday April 20, with a 16% increase in net profit and 17% increase in turnover. The executive also announced the arrival of a new CEO for Fashion Group, to take over from Sidney Toledano.