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LVMH hits $500B in market value as shares hit record high

LVMH shares hit a record high on Monday, pushing the luxury brands giant above $500 billion in market value and making it the first European company to reach the mark.

Driven by first-quarter sales for products like Louis Vuitton handbags and Christian Dior gowns, LVMH became the first European company to top $500 billion in market value.

Shares rose to a record high on Monday after the company reported strong first-quarter sales on April 12.

Two weeks ago, LVMH became one of the world's 10 biggest companies, growing the bank account of company CEO Bernard Arnault to roughly $212 billion, according to the Bloomberg Billionaires Index.

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Since 1987, Arnault has developed the Paris-based LVMH brand through dozens of acquisitions and is now the world’s richest person, moving ahead of Elon Musk and Jeff Bezos.

Arnault and his family own 48% of LVMH’s share capital, and he has been working to keep the company under family control.

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LVMH is the parent company of brands including Louis Vuitton, Dom Perignon, Givenchy and Tiffany & Co. 

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