The luxury giant has eclipsed Nestle to claim the top spot.
LVMH has devoured the largest food and beverage company in the world, Nestle, to become the most valuable company in Europe.
According to the research data analyzed and published by Finaria, the French luxury powerhouse’s market capitalization stood at approximately $319.4 billion (€264.6 billion) as of February 26, 2021. This surge pushed it past Nestle which was valued at roughly $292 billion (€242 billion). As of publication, Bernard Arnault’s ever-expanding empire is sitting at $328.9 billion, putting it a full $20 billion ahead of the Swiss food giant’s $308.7 billion. To put this in context, LVMH now ranks as the 21st most valuable company in the world. Apple sits on top of that list with a market cap of just over $2.1 trillion.
As the world’s largest luxury group, LVMH comprises 75 primary brands across five categories, including leather goods behemoth Louis Vuitton, the champagne and spirits group Moet-Hennessey, and high-end fashion houses Dior, Givenchy and Fendi, to name but a few. The conglomerate also recently acquired storied US jeweler Tiffany & Co. for $15.8 billion in the most expensive deal in the history of the luxury business.
While LVMH shares (and profits) dropped significantly in the first half of 2020 due to the Covid-19 pandemic, by early November they had bounced back and finished the year with a gain of almost 24 percent at $617 (€510). In fact, LVMH’s share price has actually increased nearly 43 percent since this time last year.
– RobbReport.com
