Dusseldorf For the first time, a European company is worth 500 billion US dollars. On Tuesday, the market cap of French luxury manufacturer LVMH (Moët Hennessy Louis Vuitton) rose above that mark, data from financial services provider Refinitiv showed.
An LVMH share cost up to 904.80 euros on the Paris stock exchange in the afternoon. This results in a market value of over 453 billion euros and the equivalent of more than 500 billion US dollars. The share price has roughly tripled in the past five years.
The French group’s shares had recently marked several record highs, triggered by a 17 percent jump in sales in the first quarter. At EUR 21 billion, revenues exceeded expectations. In 2022, sales were 79 billion euros, with a profit of 14 billion euros.
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