Photo: Andreas Lischka for PixabayOn Monday, April 24, 2023, French luxury goods giant LVMH became the first European company to exceed a market value of $500 billion, thanks to a surge in its share price and the strengthening of the euro.
The luxury group controlled by Bernard Arnault, currently the richest person in the world according to the Bloomberg Billionaires Index with a net worth of $213 billion, reported a 17% increase in revenue in its first quarter results. That is twice as much as analysts' expectations, reports eKapija.
Shares of the parent company of the brands Louis Vuitton, Mot & Chandon, and Hennessy, followed by Givenchy, Christian Dior, Bulgari, and Sephora, quite expectedly jumped after the announcement of the results.
Shares of the group itself, which is present on the stock exchange in Paris, rose 0.3% to 903.70 euros per piece on Monday morning, and thanks to them, the value of LVMH was estimated at 454 billion euros, or 500.5 billion dollars.
The French giant reported revenue of 79.2 billion euros for 2022, with profits reaching 21.1 billion euros, a record performance for the second consecutive year.
The latest figures show that demand for luxury goods such as Louis Vuitton bags and Christian Dior dresses has remained at an enviable level, despite rising inflation in the EU and rising interest rates.
Source: ekapija.com
