LVMH Becomes First European Company to Reach $500 Billion in Market Value

LVMH Becomes First European Company , to Reach $500 Billion in Market Value.

'The Guardian' reports that shares in the French luxury goods company closed up 90 euro cents on April 24.

LVMH, which boasts high-end brands like Louis Vuitton, Christian Dior, Bulgari and more, .

Reached a market capitalization of half a trillion dollars as a result.

'The Guardian' reports that LVMH exceeded analysts' expectations with a 17% increase in Q1 sales.

Last year, the company achieved record sales and has since begun a share buyback program.

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Its shares have skyrocketed 30% so far in 2023, making it one of the world's 10 most valuable listed companies.

As a result, Bernard Arnault's stake in the company sits at $212 billion, solidifying his place as the richest person in the world.

Elon Musk is currently the second-richest person in the world, $47 billion behind Arnault.

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'The Guardian' reports that other luxury companies such as Hermès, Kering and Burberry have experienced an increase in sales and share prices as well.

'The Guardian' reports that other luxury companies such as Hermès, Kering and Burberry have experienced an increase in sales and share prices as well