Luxury brand conglomerate has benefited from resurgent spending in China
A record share price for LVMH FR:MC alongside a strengthening euro pushed the luxury goods company to a market capitalization of $500 billion on Monday, the first European company to reach that landmark.
LVMH stock touched a fresh high of €904.60, valuing the group at €454.2 billion. With the euro EURUSD at one point edging up to $1.1020, this equated to $500.5 billion. LVMH’s €454 billion valuation has made its creator Bernard Arnault the world’s richest person, with a 48% stake held by him and his family.
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