Luxury goods giant LVMH becomes the first European company to surpass $500 billion in market value
Publishing timestamp: 2023-04-24 20:24:27
Summary
LVMH, the parent company of several luxury brands, including Louis Vuitton and Sephora, reported a 17% rise in first-quarter sales, more than double analyst expectations. Its shares hit a record high, and on Monday, LVMH became the first European company to surpass $500 billion in market value. The company is set to benefit from China's Covid reopening as high-end spenders return with the resumption of travel. The CEO of LVMH, Bernard Arnault, is currently the world's richest person, according to Forbes.
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