LVMH becomes the first European company surpass $500 billion in value
A pedestrian carries a Louis Vuitton shopping bag, from a store operated by LVMH Moet Hennessy Louis Vuitton SE, on New Bond Street in London, U.K., on Wednesday, Oct. 21, 2020.
Hollie Adams | Bloomberg | Getty Images
Luxury goods giant LVMH on Monday became the first European company to surpass $500 billion in market value.
The parent company of Louis Vuitton, Moët & Chandon and Hennessy as well as brands including Givenchy, Bulgari and Sephora stores, reported a 17% rise in first-quarter sales earlier this month, more than double analyst expectations. Its shares hit a record high following the results.
It reported revenue of 79.2 billion euros ($87.1 billion) in 2022, with profit from recurring operations of 21.1 billion euros.
The Paris-based firm has said it is set to benefit from China’s reopening as the return of travel brings back high-end spenders.
LVMH CEO Bernard Arnault is currently the world’s richest person, according to the Forbes real-time billionaires index.
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