LVMH Market Value Exceeds $500B; First European Company To Hit The Milestone

LVMH-Moet Hennessy Louis Vuitton LVMHF, the French fashion giant, has become the first European company to surpass the $500 billion market value.
The company's thriving sales in China after reopening from pandemic lockdowns, along with strength in Euro, helped it achieve this milestone, says Bloomberg.
The positive news comes less than two weeks after LVMH became one of the 10 biggest companies globally.
LVMH is witnessing huge for several products, including Louis Vuitton handbags, Moet & Chandon Champagne, and Christian Dior gowns among them, despite higher inflation and increasing interest rates.
According to the report, the escalating worth of LVMH has boosted the wealth of the world's richest person, Bernard Arnault, whose fortune stands at around $212 billion.
Bernard Arnault has established LVMH as a global powerhouse through a series of value accretive acquisitions.
Price Action: LVMHF shares closed higher by 1.36% at $1,000.00 on Friday.