The company, which also sells Dom Pérignon and Moët & Chandon champagne, Bulgari watches and Hennessy cognac, is on the rise following strong sales figures released earlier this month. The value of the company, which is listed in Paris, is benefiting from higher demand for luxury goods in China and from the more expensive euro.
LVMH CEO Bernard Arnault took his first steps in the world of luxury goods in 1984, with the acquisition of the textile group Boussac Saint-Freres. He had the Christian Dior brand in his portfolio. Subsequently, Arnault took a controlling interest in LVMH, the two main parts of which – Louis Vuitton and Moët Hennesy – had merged in 1987. Over the next thirty years, the group made dozens of acquisitions. LVMH grew into a leading luxury group, with 75 brands and 5,600 stores worldwide. The first store in China opened in 1992.
The share of LVMH rose by 0.3 percent on Monday to 903.7 euros. The group was thus worth about 454 billion euros, but due to the strong rise in the euro in recent weeks, this corresponds to 500 billion dollars. Most analysts expect a further increase in the price.
The rise on the stock market is good news for 74-year-old Bernard Arnault: his wealth is now estimated at almost $ 12 billion, according to Bloomberg news agency. Arnault was already the world’s richest man.