Louis Vuitton Moet Hennessy became the first company in Europe to reach a market capitalization of more than $500 billion. The latest surge in LVMH shares came after a quarterly report topped analysts’ expectations.
Louis Vuitton Moet Hennessy (LVMH), whose main shareholder is the world’s richest man Bernard Arnault, has become the first company in Europe with a market capitalization of more than $500 billion, writes Bloomberg.
During trading on April 24, the value of LVMH shares exceeded 902 euros per share, which corresponds to a capitalization of 454 billion euros or 500 billion dollars. last year – by 41.38%.
On April 13, LVMH released its first-quarter 2023 earnings report, which beat analysts’ expectations. Sales of clothing and leather goods rose 18%, doubling the consensus estimate.
In addition, the growth of LVMH’s listings was facilitated by the removal of restrictions affecting the development of the economy in China. Consumers began spending more money on luxury items, Bloomberg notes.
Author:
Kirill Bilyk
Source: RB
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