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LVMH is first European company to hit a $500 billion market cap.

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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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Luxury goods giant LVMH becomes the first European company to surpass $500 billion in market valueLuxury goods giant LVMH on Monday became the first European company to surpass $500 billion in market value.
Source: CNBC - 🏆 12. / 72 Read more »