Luxury goods giant LVMH on Monday became the first European company to surpass $500 billion in market 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.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,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 in 2022, with profit from recurring operations of 21.1 billion euros.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
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