Lvmh exceeds 500 billion capitalization
Lvmh is the first European group to exceed 500 billion dollars in market capitalisation. According to Bloomberg, to favor the crossing of the threshold, in addition to the five consecutive increases on the stock market thanks to the good quarterly performance, the euro/dollar exchange rate also rose above the 1.10 threshold.
LVMH is owned by Bernard Arnault who in this way consolidated his position as the richest man in the world with assets estimated at 211 billion dollars this year, after surpassing that of Elon Musk at the end of last year. His fashion and luxury conglomerate owns brands such as Louis Vuitton, Dior and Tiffany & Co.
In the last quarter, the luxury giant saw growing revenues and profits, thanks to the reopening of China after the lockdowns and the global demand for luxury goods that is not affected by the increase in inflation.
Among the main European stocks, Lvmh (+0.1%) closed with marginal progress in Paris, where it surpassed the $500 billion capitalization mark, the first European company to cross this milestone. Stocks finished the day at €902 after hitting a high of €904.6.
The shares have gained more than 16% since last March 15 alone, lengthening the pace after April 12, the day in which the group announced the trend in revenues for the first quarter, clearly higher than expected.
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