The French company LVMH became the first European company to be valued at more than $500 billion.
Louis Vuitton Moët Hennessy (LVMH) has a market value of over $500 billion, the first European company with such a valuation. Bloomberg reported this.
Shares of the Paris-based company rose 0.3% to 904 euros on Monday, April 24. Thus, the company’s market value is 454 billion euros (more than 500 billion dollars).
The company achieved this result due to the rapid growth of sales of luxury goods in China, as well as due to the strengthening of the euro.
The growth in the company’s value has increased the wealth of the world’s richest man, Bernard Arnault, who is the chairman and chief executive officer of LVMH. He and his family members own 48% of the share capital of LVMH.
Arno’s net worth is estimated at nearly $212 billion, according to the Bloomberg Billionaires Index.
Earlier it was reported that for the first time the rating of the richest people in the world is headed by the head of the LVMH group, Bernard Arnault. The French billionaire dethroned the leader of the rating last year, the founder of SpaceX and Tesla, Elon Musk.
Source: korrespondent
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