Chinese Liquor Maker Closes Market Value Gap With LVMHRachel Chang
China’s Kweichow Moutai Co. has topped LVMH Moet Hennessy Louis Vuitton SE in market capitalization as the most valuable stock on Bloomberg Intelligence’s Global Luxury Goods Top Peers Index. Moutai’s market value reached as high as $151 billion on Tuesday in Shanghai, edging ahead of LVMH’s $149 billion as shares of the distiller surged after the company said it’s raising the price of its fiery baijiu product, Flying Fairy, for the first time in five years. About a fourth of LVMH’s revenue was from the U.S. and another quarter from Asia in 2016, while 95 percent of Moutai’s sales were in the local market.
— With assistance by Eric Lam, and Amy Li