The Strategist

LVMH becomes the first European company worth more than $ 500B



04/25/2023 - 07:36



LVMH conglomerate, owner of the Louis Vuitton and Dior brands, became the first European business with a market value greater than $500 billion.



Thank You (23 Millions+) views  via flickr
Thank You (23 Millions+) views via flickr
According to Bloomberg, the market value of LVMH exceeded $500 billion, which is the first such mark in Europe. The agency notes that this was brought on by a strong rise in luxury goods sales in China and the euro's strength.

The wealth of LVMH's president, Bernard Arnault, has climbed together with the company's market worth. According to Forbes Real-Time rating, which is updated in real time based on the dynamics of quotes, his wealth was increasing by $ 279 million - up to $ 243.5 billion - at the time of publication. Arnault came in first place on Forbes' list of the world's wealthiest people this year.

LVMH earlier in mid-April surpassed the top 10 largest corporations in the world due to a significant growth in revenue in the first quarter, according to Bloomberg. The following day, Hermes International, a rival fashion firm, released information showing that revenue for the same time had increased by 23%, above experts' projections.

source: bloomberg.com

 




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