LVMH, the French parent company of Louis Vuitton and Dior, has become the first European company to reach a market value of $500 billion.
LVMH has become the only European company to make it on the top 10 list of companies with the highest market share. LVMH surpassed Visa to secure its spot as number 10 on a list largely dominated by U.S. tech groups.
The company was able to secure its position largely due to increased spending within China after Covid-19 restrictions lessened in addition to the exchange rate shifting to hit 1.1019 euros to the dollar.
The recent shift has also resulted in Elon Musk being dethroned as the world’s richest man. Bernard Arnault, who founded LVMH and currently holds the controlling stake in the company, has become the world’s wealthiest individual with a value of $212 billion.