Luxury Brand LVMH Surpasses Nestle To Become The Most Valuable Company In Europe
Luxury Brand LVMH Surpasses Nestle To Become The Most Valuable Company In Europe. LVMH has surpassed the largest food and beverage company in the world, Nestle, to become the most valuable company in Europe. 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.
“In a context that remains uncertain, even with the hope of vaccination giving us a glimpse of an end to the pandemic, we are confident that LVMH is in an excellent position to build upon the recovery for which the world wishes in 2021 and to further strengthen our lead in the global luxury market,” Bernard Arnault, Chairman and CEO of LVMH said in a statement.
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 jeweller Tiffany & Co. for $15.8 billion in the most expensive deal in the history of the luxury business.
LVMH Moët Hennessy Louis Vuitton commonly known as LVMH is a French multinational corporation and conglomerate specialising in luxury goods, headquartered in Paris, France. The company was formed in 1987 through the merger of fashion house Louis Vuitton (founded in 1854) with Moët Hennessy, which was established after the 1971 merger between the champagne producer Moët & Chandon (founded in 1743) and the cognac producer Hennessy (founded in 1765). LVMH controls around 60 subsidiaries that each manage a small number of prestigious brands, 75 in total. The subsidiaries are often managed independently, under the umbrellas of six branches: Fashion Group, Wines and Spirits, Perfumes and Cosmetics, Watches and Jewellery, Selective Distribution, and Other Activities. The oldest of the LVMH brands is wine producer Château d’Yquem, which dates its origins back to 1593.
The company is listed on the Euronext Paris exchange and is a constituent of the CAC 40 index. As of 2010, the group had revenues of €20.3 billion with a net income of just over €3 billion. By 29 February 2016, the company had a share value of 78,126 million Euros, distributed in 506,980,299 shares. In 2013, with revenue of $21.7 billion, LVMH was ranked first luxury goods company in Deloitte’s “Global Powers of Luxury Goods” report. The group currently employs more than 83,000 people. Thirty percent of LVMH’s staff work in France. LVMH operates over 2,400 stores worldwide.
