The luxury brand reached a historic milestone by exceeding a €200 billion ($218 billion) market value this week, per Bloomberg, soaring past Swiss pharmaceutical giant Novartis AG. This impressive feat is attributed to the luxury brand’s strong performance, rallying approximately 30 percent so far in 2023, buoyed by investor confidence in the high-end market’s continued success.
Arnault was crowing on LVMH’s recent earnings conference call about the company’s contentious 2021 acquisition of Tiffany. He said Tiffany’s earnings had doubled since the roughly $16 billion purchase.
The company that owns an 80 percent stake in the Antwerp-based lab reportedly believes it is worth more than $200 million.
As an asset class, luxury baubles have never been hotter. Here’s what you need to know to get in on the gem game.
A diamond might be forever, as the famous advertising slogan from De Beers claims, but a diamond mine certainly isn’t.