LVMH Moët Hennessy Louis Vuitton (known as LVMH), the company that owns Louis Vuitton and Moët & Chandon, among others, has become the first European company to reach a market value of $500 billion, thanks to growing demand for its brands high level.
Shares in LVMH - which owns other brands such as Christian Dior, Stella McCartney, Bulgari and Tiffany - rose to 902.00 euros. LVMH shares are up 30% so far this year, making it one of the ten most valuable listed companies in the world.
As a result of these changes, the value of the wealth of the executive director, Bernard Arnault, reaches 212 billion dollars. He is currently the richest man in the world with a fortune of $47 billion, ahead of Elon Musk, who is ranked second.
Luxury rival Hermès, maker of Birkin and Kelly bags, reported a 23% rise in first-quarter sales earlier this month. Other luxury goods companies, including Kering (which owns Balenciaga and Gucci) and Burberry, have also seen share prices rise.
