26 April 2023
LVMH has reportedly become the first company in Europe to reach US$500 billion in market value, writes ILM.
The company reached a share price of €903.70 on April 24, a rise of 0.3%, achieving a market value of €454 billion (US$500 billion).
LVMH is the only European company in the top 10 businesses in the world by market value, at number 10 on the list behind companies such as Tesla and Apple.
This market value milestone also means that the Arnault family’s controlling stake has reached US$212 billion, as founder Bernard Arnault holds the title of the world’s wealthiest man, ahead of Elon Musk.
LVMH achieved a 17% increase in revenue in its recently reported first-quarter results, while revenue for the Fashion & Leather Goods business was up by 18%.
Analysts at Bernstein noted: “LVMH is making the most of sustained European and American demand growth while reaping the benefit of a rapid and strong rebound in Chinese spend.”