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.