French Fashion Giant LVMH Enters Into World Top 10; Market Value Nears $500B

French luxury fashion house LVMH-Moet Hennessy Louis Vuitton (OTC:LVMHF) (OTC:LVMUY) has entered the list of the world's top 10 largest companies by market value.
The company's first-quarter sales growth of 17% helped gain over 5% increase in its share price today and a 29% rally year-to-date in the Paris exchange.
The company also reached a market capitalization to $486 billion, propelling it to the world's 10th biggest company, reported Bloomberg.
The rally in luxury shares has made Paris as Europe's biggest stock market, ahead of London.
Once it reaches $500 billion, it will become the first European country to do so.
"The luxury sector is therefore experiencing strong growth," the report quoted Gilles Guibout, head of European equity strategies at AXA Investment Managers.
"We have always invested in tech and in luxury, but the advantage of luxury on tech is that, while there are risks, disruption and obsolescence are lower."
According to the report, the company's founder, Bernard Arnault, is the world's richest person with a $198 billion fortune.
The gains are mainly bolstered by Chinese shoppers splurging on luxury goods coming out of strict lockdowns.
Price Action: LVMHF shares are trading higher by 3.14% at $980.00 on the last check Thursday.
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