Author: GONZALO SOURCES | Reuters
LVMH shares reached a new high of 903.7 euros
France’s LVMH — the luxury giant that brings together famous companies such as Louis Vuitton, Moët & Chandon, Dior, Loewe and Bulgari — has managed to achieve a new milestone. To this day, Gauls could boast of being the most valuable company on the stock exchange in the entire Old Continent. But now it has also managed to become the first European company to reach a market capitalization of 500,000 million dollars (454,000 million euros).
It achieved this after the price of its shares reached a new high of 903.7 euros on Monday.
Founded in 1987 under the leadership of Bernard Arnault — currently considered the richest man in the world Forbes— the conglomerate collected EUR 21.035 million in the first quarter of 2023, 17% more than in the first quarter of last year. These very positive figures were largely driven by banner performance in Asia, where sales increased by 36%. But in other countries, the figures also arrive colored in green. In the United States, sales increased by 23%, and in Europe by 14%.
The Arnault family is the largest shareholder of LVMH with a 48.2 percent stake, while 38.2 percent is held by foreign institutional investors.
Source: La Vozde Galicia
I am Jason Root, author with 24 Instant News. I specialize in the Economy section, and have been writing for this sector for the past three years. My work focuses on the latest economic developments around the world and how these developments impact businesses and people’s lives. I also write about current trends in economics, business strategies and investments.
