Shares in luxury goods giant LVMH hit a record high even as union activists stormed its Paris headquarters amid protests against France’s pension reforms.
In yet another boost to the fortune of LVMH chief Bernard Arnault – the world’s richest man with a fortune of £160billion – the stock rose 5.7 per cent to a new 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 £390billion.
Wealthy clientele: In yet another boost to the fortune of LVMH chief Bernard Arnault – the world’s richest man with a fortune of £160bn – the stock rose 5.7% to a new high
Its shares are up 30 per cent this year and nearly 250 per cent since the start of 2019.
Sales jumped 17 per cent to £18.5billion in the first three months of the year, more than double the 8 per cent rise expected by analysts.
‘LVMH does it again,’ was the verdict of analysts at Credit Suisse while their counterparts at JP Morgan declared: ‘What a show.’
The rise, confirming its status as the biggest company in Europe, propelled the Paris stock market to a record high.
Demonstrations over government plans to make people work longer for their pensions did not dampen the enthusiasm.
‘You’re looking for money to finance pensions? Take it from the pockets of billionaires,’ said rail union leader Fabien Villedieu, as the LVMH HQ filled with smoke from flares.
But while LVMH has helped the Paris bourse go from strength to strength, the London stock market suffered another setback as commodity 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 at Wall Street in a float that could value it at as much as £1.4billion.
