Record high for European jewellery leader LVMH

January 22, 2023

0 Views

SaveSavedRemoved 0

Record high for European jewellery leader LVMH

[ad_1]

French luxury conglomerate Louis Vuitton Moët Hennessy (LVMH) has reached a market capitalisation of €400 billion ($AU623.93 billion) for the first time.

Shares reached a record high of $US860 on 17 January per Reuters, further cementing LVMH’s position as Europe’s most valuable company.

Per companiesmarketcap.com, LVMH is the 13th most valuable company in the world, surpassing NVIDIA. Apple, Saudi Aramco, Microsoft, Google, and Amazon are the top five.

LVMH is yet to release its full-year financial report for 2022 having recently made key changes to leadership positions.

“LVMH chairman and CEO Bernard Arnault has been reshuffling the C-suite within the various houses and tightening his family’s grip on the luxury empire. He recently named his daughter, Delphine, chairman and CEO of Christian Dior and appointed his son Antoine to run the holding company that controls LVMH and the $US178 billion Arnault fortune,” said Rachel Cormack of Robb Report.

“All five Arnault children now hold senior positions in the business their father co-founded 35 years ago: Alexandre Arnault is an executive at Tiffany & Co.; Frederic Arnault is chief executive of TAG Heuer; and Jean Arnault takes care of marketing and product development for Louis Vuitton’s watches division.”

She continues: “No doubt the entire clan is happy about the booming share prices.”

There are 75 brands presently falling under the LVMH banner including Tiffany & Co, Tag Heuer, Bulgari, Chaumet, Zenith, and Hublot with total recorded revenue exceeding $US55.1 billion in the first three quarters of 2022.