LVMH’s Market Value Exceeds $500 Billion, a First in Europe
- Boom in China sales, euro’s strength help lift luxury company
- Stock’s surge cements Arnault status as world’s richest person
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LVMH’s market value surpassed $500 billion, becoming the first European company to reach that milestone, thanks to booming sales of luxury goods in China and a strengthening euro.
The achievement comes less than two weeks after LVMH joined the ranks of the world’s 10 biggest companies, powered by a surge in first-quarter sales. Rival Hermes International subsequently published its own strong numbers, reinforcing the view that China’s reopening from pandemic lockdowns is fueling growth across the industry.