Luxury-goods giant LVMH became the first European company to surpass the $500 billion mark this April, joining the top 10 largest businesses in the world by market capitalization and making its CEO, Bernard Arnault, the world’s richest person in the process. The milestone comes after the conglomerate—whose brands include Louis Vuitton, Christian Dior, Moët & Chandon, and Tiffany—benefited from a luxury-purchase uptick in China after COVID-19 lockdowns ended. To meet new demand, it plans to open a two-story Louis Vuitton outpost in China’s duty-free island of Hainan, following recent expansions in Fuzhou, Guiyang, and Nanning.
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