LVMH shares soar to record high as French protestors storm Paris HQ
LMVH shares soar to record highs as French protesters storm the luxury goods giant’s Paris headquarters
Shares in luxury goods giant LVMH hit an all-time high even as union activists stormed its Paris headquarters amid protests against France’s pension reforms.
In another boost to the fortunes of LVMH chief Bernard Arnault – the world’s richest man with a fortune of £160 billion – the stock rose 5.7 per cent to a new all-time high of €883.90.
The company, whose brands include everything from Louis Vuitton and Christian Dior to Tiffany and Dom Perignon, is now valued at around £390 billion.
Wealthy clientele: In another boost to the fortunes of LVMH chief Bernard Arnault – the world’s richest man with a fortune of £160bn – the stock rose 5.7% to a new high
The stock is up 30 percent this year and nearly 250 percent since early 2019.
Sales rose 17 per cent to £18.5 billion in the first three months of the year, more than double the 8 per cent increase analysts expected.
“LVMH does it again,” was the verdict of Credit Suisse analysts, while their colleagues at JP Morgan declared, “What a show.”
The rise, which confirmed its status as the largest company in Europe, propelled the Paris stock market to an all-time high.
Demonstrations about government plans to allow people to work longer before retirement failed to dampen enthusiasm.
‘You are looking for money to finance pensions? Take it out of the pockets of billionaires,” said railway union leader Fabien Villedieu, as LVMH headquarters filled with smoke from flares.
But while LVMH has continued to strengthen the Paris stock market, the London stock market suffered another setback when commodities broker Marex said it may list in New York, not the Square Mile.
It abandoned plans to list in the City in 2021 and is looking to Wall Street in a float that could value it at a whopping £1.4bn.