LVMH Breaks Into World Top 10 as Market Value Nears $500 Billion
- Luxury stocks rally as LVMH sales surge past estimates
- Company’s market value draws closer to $500 billion level
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LVMH, Europe’s largest company by market value, has now made it to the world’s top 10.
A first-quarter sales beat sparked a 5% increase in the share price Thursday, giving the luxury powerhouse a 29% rally for the year. That, along with a gain in the euro against the dollar, lifted LVMH’s market capitalization to $486 billion, briefly ranking it as the world’s 10th-biggest company. Should it reach $500 billion, it would become the first European company to achieve that milestone.