The Blubber

Per CNBC

LVMH, the parent company of Louis Vuitton, Hennessy, and other brands, has officially become the first company to surpass a market value of half a billion. This came after a 17% increase in its first-quarter sales.

The company was able to double the expectations of analysts, resulting in a record high flow, allowing it to take the title of the first European company ever to surpass a $500 market value, per Reuters.

Year to date, LVMH's share price is up by 32.8% as it reached another high. Throughout 2022, the company was able to report revenue of around $87.1 billion.

The company expects to benefit from the reopening of China from its Covid restrictions. Amid the hope for China's spending to rebound, the shares of other luxury brands, Burberry, Richemont, and Kering, have also increased.

Bernard Arnault, CEO of LVMH, was dubbed the richest man in the world per Forbes index, as his net worth overtook that of Elon Musk. Arnault's net worth was at $240.4 billion, while Musk's net worth was at $171.2 billion as of press time.

The third-richest person in the world was Jeff Bezos, with a net worth of $128.1 billion.

Towards the end of 2022, Elon Musk's title of the "richest man in the world" was taken over by LVMH CEO Bernard Arnault. During that time, Arnault's net worth was $9 billion more than that of Musk after it received a $4.4 billion increase.

The performance of LVMH, along with other luxury sales, has continued, and in February, it seemed unaffected by the rising interest rates. This came after personal luxury goods global sales increased by $381 billion.

During that time, Bernard Arnault & family was reportedly worth $214.2 billion, with Musk's net worth at $191.4 billion.

See flow at unusualwhales.com/flow.

Other News:

• Elon Musk's 'Richest Man in the World' Title has been Taken from Him | LVMH CEO Bernard Arnault Now the World's Richest
• Luxury sales remain unaffected by rising interest rates, increasing by 22% in 2022

Resources:

CNBC

Forbes