LVMH becomes first European company to cross $500 billion market cap

The Paris-based luxury retailer has been able to reach that milestone on strong first-quarter sales in China and a strong euro. LVMH is the tenth largest company in the world.

Shares of LVMH Moet Hennessy Louis Vuitton SE climbed 0.10% on Monday to €902. So far in April, LVMH shares are up 6.9%, taking its market capitalization to nearly $500 billion.

LVMH owns brands such as Louis Vuitton, Christian Dior and Tiffany & Co.

While LVMH is taking advantage of China’s reopening to the world, it is moving out of Hong Kong due to dwindling interest.

according to a bloomberg report Last week, LVMH is shifting resources out of Hong Kong as it seeks to focus more of its investments in growing metropolises such as Shanghai, Chengdu, Guangzhou and Shenzhen.

Last week the luxury behemoth’s chief executive Bernard Arnault said talks were underway for a sponsorship contract for the 2024 Olympic Games in Paris.

LVMH said on April 14 that it had agreed to acquire a majority stake in Platinum Invest Group, which owns French jewelry producers Oreste and Abyss. With the acquisition, the retailer aims to increase production for its US jeweler Tiffany.

The world’s largest luxury goods group is also gearing up for the high-profile reopening of Tiffany’s New York flagship, which is expected before the end of the month.

In February, Louis Vuitton named Pharrell Williams, musician and apparel designer, as its menswear designer. The role was previously held by Abloh, who died in 2021.

Pharrell Williams will present his first collection during Paris Fashion Week in June.