LVMH becomes the first European listed company with a market capitalization of more than $5000 billion

Paris, April 4 (ZXS) -- On April 24, local time, French luxury giant LVMH became the first European listed company with a market value of more than $4 billion.

On April 4, local time, French luxury giant LVMH became the first European listed company with a market value of more than $24 billion. The position of Bernard Arnault, Chairman and CEO of LVMH, was further cemented as the world's richest man. The picture shows Arnault at the Group's brand store in Paris on April 5000. Photo by Li Yang, reporter of China News Agency

The share price in the Paris market that day showed that LVMH's market capitalization had exceeded $5000 billion, reaching $5003.40 billion. The Paris CAC 17 is up 33 percent this year, while LVMH's share price is up <> percent this year.

With LVMH's important breakthrough, the market capitalization of Bernard Arnault, Chairman and CEO of LVMH, rose to $2120 billion, further consolidating Arnault's position as the world's richest man.

According to the list of the world's billionaires released by Forbes magazine earlier this month, Arnault has replaced American entrepreneur Elon Musk as the world's richest man.

LVMH Group has seen strong recent growth. According to the group's financial report for the first quarter of this year released this month, the revenue in the quarter increased by 17% year-on-year to 210 billion euros, an increase of 8.97%, far exceeding market expectations. Some analysts believe that LVMH Group's good results are due to factors such as the improvement of China's economic outlook and the strengthening of the euro.

The analysis also pointed out that during the epidemic, many consumers had difficulty going out, and the accumulation of savings promoted the purchase of more luxury goods in the future; The rise in the price of many luxury goods has also helped to improve the profit margins of luxury companies. Some industry insiders said that the growth of the Chinese market is "encouraging" and this year will be a "good year" for the luxury industry.

LVMH is the world's largest luxury group, covering wine, fashion and leather goods, perfumes and cosmetics, and owns dozens of internationally renowned luxury brands. (End)