Louis Vuitton’s (LVMH) Company’s Market Value Hits Over $500 Billion
April 26, 2023 / By Zunair Tahir / World News
You are a significant contributor to this $500 billion company if you are carrying a Louis Vuitton bag.
The French luxury goods behemoth LVMH Mot Hennessy Louis Vuitton SE, also known as LVMH, has surpassed its US$500 billion market valuation to become the first firm in Europe. Despite rising inflation, the company’s fortune is said to have increased as a result of a boom in demand for high-end luxury goods.
Sales are strong in countries like China, but the recent success of LVMH has also been aided by the stronger euro.
Some of the most well-known luxury fashion and lifestyle brands in the world, including Bulgari, TAG Heuer, Christian Dior, Stella McCartney, Louis Vuitton bags, and Moet & Chandon Champagne, are created by the Paris-listed firm.
According to sources, on April 24, LVMH’s shares finished up 90 cents to EUR 902 (about USD 997), bringing the company’s market capitalization above $500 billion.
On the strength of its first-quarter revenues, LVMH earlier in April rose to become one of the top 10 largest corporations in the world. Sales growth recorded for the first quarter of 17% exceeded analyst estimates by a significant margin.
The USD 500 billion market valuation also indicates that LVMH CEO Bernard Arnault’s net wealth has increased.
According to the Bloomberg Billionaires Index, his ownership interest in the business he established and still leads is now valued at over USD 212 billion.
Increasing Bernard Arnault’s Net Wealth
Thus, Arnault not only maintains his position as the richest man in the world but also pulls ahead of Elon Musk, the CEO of Tesla, by USD 47 billion.
The market worth of other luxury brands has increased in addition to LVMH. Hermès International, its main rival, also reported a boost in first-quarter sales of 23% at the beginning of April.
Burberry and Kering, the company that owns Balenciaga and Gucci, have both seen an increase in share prices.
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