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Business News/ Markets / Stock Markets/  LVMH becomes first European firm to cross market cap of $500 billion
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LVMH becomes first European firm to cross market cap of $500 billion

Shares of LVMH Moet Hennessy Louis Vuitton SE climbs 0.10% at €902 on Monday

LVMH owns brands such as Louis Vuitton, Christian Dior and Tiffany & Co. (Bloomberg)Premium
LVMH owns brands such as Louis Vuitton, Christian Dior and Tiffany & Co. (Bloomberg)

LVMH on Monday became the first European company to cross market capitalization (m-cap) of $500 billion.

The Paris-based luxury retailer has been able to reach that milestone on robust first quarter sales in China and a stronger euro. LVMH is the  world’s tenth biggest company.

Shares of LVMH Moet Hennessy Louis Vuitton SE climbed 0.10% at €902 on Monday. In April so far, LVMH shares have surged 6.9%, lifting its m-cap to about $500 billion.

LVMH owns brands such as Louis Vuitton, Christian Dior and Tiffany & Co.

While LVMH is reaping the benefits of China’s reopening to the world, it is shifting out of Hong Kong due to waning interest.

According toa Bloomberg report last weekLVMH is shifting resources out of Hong Kong as it wants to focus more of its investment in burgeoning metropolises such as Shanghai, Chengdu, Guangzhou and Shenzhen.

Last week, the luxury behemoth chief executive Bernard Arnault said that talks are ongoing for a sponsorship contract for 2024 Olympic Games in Paris.

LVMH on 14 April said it has agreed to acquire a majority stake in Platinum Invest Group, the owner of French jewellery producers Orest and Abysse. With the acquisition the retailer aims to increase production for its US jeweller Tiffany.

The world's largest luxury goods group is also gearing up for the high profile reopening of Tiffany's New York flagship, expected to take place before the end of the month. 

In February, Louis Vuitton named Pharrell Williams, musician and apparel designer, as its menswear designer. The role was previously held by Abloh, who died in 2021.

Pharrell Williams will unveil his first collection during the Paris Fashion Week in June.

 

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Published: 24 Apr 2023, 10:33 PM IST
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