Richest Man, Bernard Arnault’s Company LVMH, Achieves Record Valuation In Europe

The Market Value of Luxury Goods Conglomerate LVMH Moët Hennessy – Louis Vuitton, Exceeds $500 Million, A Record In Europe

America seems to have a monopoly when it comes to the highest-valued companies in the world with the likes of Apple and Alphabet. However, As of April, there is a new European player ready to mix t up with the American big boys.

It was recently announced that LVMH’s (Louis Vuitton and Moet Hennessy) market value stands at €454 billion ($500 billion). This makes it the first European company to break the $500 billion barrier. The Euro strengthening over the past months and a boom in luxury have been major factors in the company’s growth. However, the fact that it is backed by the wealthiest person in the world, Bernard Arnault does not hurt either.

The company posted some impressive first-quarter sales that have ultimately led to the company’s rise in value. On Monday, 24th April 2023, it was announced that shares of the Paris-based Luxury company had climbed by 0.3% at 10:43 a.m. This took the company’s valuation to an all-time European high of $500 billion.

Who Is Bernard Arnault and What Is LMVH?

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Bernard Jean Étienne Arnault is a French businessman, investor, and renowned art collector. Born in March 1949, Bernard got into the luxury goods business in 1984 by taking over Boussac Saint-Freres. This is a now-bankrupt textile group that formerly owned the infamous Christian Dior.

Over the next few years, Arnault spun off Boussac Saint-Freres as well as its subsidiaries and bought a controlling share in Louis Vuitton and Moet Hennessy (LVMH) who had merged in 1987.

As the Chairman and CEO of LVMH, Arnault has grown the company into the behemoth that we know today thanks to dozens of acquisitions. LVMH has over 60 subsidiaries that manage more than 75 of the biggest brands in the world. These include; Tiffany & Co., Celine, Christian Dior, TAG Heuer, Fendi, Givenchy, Marc Jacobs, Loewe, Kenzo, Sephora, Princess Yachts, and Bulgari to name a few.

These brands deal in everything from Jewelry to leather goods, and even spirits such as Moët & Chandon with over 5,600 stores all over the world.

In late 2022 Bernard Arnault surpassed Tesla, Twitter, and SpaceX CEO Elon Musk to become the wealthiest person on Earth. According to Forbes, Arnault and his family’s net wealth stands at US$211 billion as of 24th April 2023.

Arnault, 74, has been building the groundwork to preserve the company under family hands for decades to come. He and his family currently own 48% of the share capital of LVMH. As per reports, Arnault is auditioning his five children to take over the company.