The company’s stock has increased by more than 60% in the last one year.
Sales of the French luxury goods company LVMH crossed the pre-Pandemic level, causing its shares to reach their all-time highs in European markets
Shares of LVMH, the world’s largest luxury goods company, were trading at 610.50 euros, up 2.64% according to Indian time today. LVMH’s share has been increased by its rival companies Kering, which produces products from the Gucci brand name, and Hermes shares have gained a lot. This rise in the stock of LVMH has come due to better than expected results of the company.
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30% increase over first quarter of 2020
LVMH has made tremendous gains in the first quarter (January-March) of 2021 and its sales growth has been higher than the pre-Kovid level. The company’s sales in Q1 of 2021 increased by 30% compared to the first quarter of 2020 and reached 13.96 billion euros. This amount is also 8% more than the sales of the year 2019.
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French company acquired American jewelery company Tiffany
Significantly, LVMH has acquired American jewelery company Tiffany. Tiffany’s sales have also increased by 30% in the year 2021. Tiffany’s net sale stood at 14 billion euros. Let me tell you that in 2021, so far LVMH shares have jumped more than 20%.
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