LVMH hits $500B in market value as shares hit record high
Bernard Arnault surpassed Elon Musk, Jeff Bezos as world’s richest person
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Driven by first-quarter sales for products like Louis Vuitton handbags and Christian Dior gowns, LVMH became the first European company to top $500 billion in market value.
Shares rose to a record high on Monday after the company reported strong first-quarter sales on April 12.
Two weeks ago, LVMH became one of the world's 10 biggest companies, growing the bank account of company CEO Bernard Arnault to roughly $212 billion, according to the Bloomberg Billionaires Index.
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Since 1987, Arnault has developed the Paris-based LVMH brand through dozens of acquisitions and is now the world’s richest person, moving ahead of Elon Musk and Jeff Bezos.
The world's richest people. Jeff Bezos, Bernard Arnault and Elon Musk. (Photo by Britta Pedersen-Pool/Getty Images) (Annegret Hilse / SVEN SIMON reuters | Nathan Laine/Bloomberg | Photo by Britta Pedersen-Pool)
Arnault and his family own 48% of LVMH’s share capital, and he has been working to keep the company under family control.
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The logo of French fashion house Dior is seen on shopping bags at the 30 Montaigne, the original site of Christian Dior's first store, ahead of its reopening in Paris, France, Mar. 2, 2022. (Reuters/Sarah Meyssonnier/File Photo / Reuters Photos)
LVMH is the parent company of brands including Louis Vuitton, Dom Perignon, Givenchy and Tiffany & Co.