LVMH chief executive, founder and chairman Bernard Arnault saw his wealth soar this week after shares of the luxury group shot to a record high.
There is currently no dispute over who wears the crown of world’s wealthiest person, and it definitely isn’t Tesla Chief Executive Elon Musk.
LVMH shares closed at a record €883 on Thursday, lifting the French CAC-40 PX1 to an all-time high. That followed forecast-beating first-quarter sales from the luxury giant, thanks to returning China shoppers as COVID-19 restrictions eased, and rebounding international travel that drove duty-free sales. Up 7% so far this week, LVMH shares rose another 0.7% on Friday to €890.
“As the most profitable division, this also bodes well for margin development, which, and gives encouragement on China’s recovery from pandemic disruption,” said Berenberg analyst Graham Renwick, in a note to clients on Friday.
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