THE WHAT? LVMH’s market value has been sent to new heights thanks to the relaxation of Covid-related restrictions in China, according to a report published by the Financial Times. The French luxury conglomerate has become the first European company with a market value of US$500 billion.
THE DETAILS LVMH is the only European firm to make the top 10 companies in the world by market value ranking too, placed 10th behind Tesla.
THE WHY? As China recovers from its pandemic lows, luxury brands are benefitting from renewed spending in duty free locations. Combined with a strengthening euro and sustained demand in mature markets and it’s no wonder LVMH’s share price appears to know no limits.
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