LVMH, the company behind high fashion brands like Louis Vuitton and
Dior is riding the luxury wave.
The firm posted a sharp rise in sales and profit in the first half fueled by a rebound in China which offset a slowdown in the U.S.
The company’s CEO Bernaud Arnault remains upbeat about the rest of the year despite concerns about China and the rest of the global economy.
The demand for luxury goods has helped LVMH grow into Europe’s most valuable company with a market cap of $400 billion euros. It’s also helped Arnault to take the number one spot on this year’s Forbes billionaires list of the richest people in the world.
In addition to releasing earnings, LVMH also just struck a deal to sponsor the 2024 summer Olympics in Paris. It’s a first for a major luxury brand and means you can expect to see some pretty fancy olympic medals around the necks of the world’s top athletes.
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