Luxury goods giant LVMH has made history by becoming the first European company to exceed $500 billion in market value. The Paris-based firm, which owns Louis Vuitton, Moët & Chandon and Hennessy, as well as Givenchy, Bulgari, and Sephora stores, reported an impressive 17% rise in first-quarter sales in April, beating analyst expectations.

The company's shares hit a record high, rising by 32.8% in the year to date, after the results were announced.

LVMH's revenue for 2022 was 79.2 billion euros ($87.1 billion), with profit from recurring operations of 21.1 billion euros, marking its second consecutive year of record results. The luxury giant expects to benefit from China's Covid reopening, as the return of travel brings back high-end spenders. The anticipated rebound in Chinese consumer spending has also boosted the share prices of other luxury groups, including Richemont, Kering, and Burberry.

LVMH's CEO, Bernard Arnault, is currently the world's richest person, according to the Forbes real-time billionaires index.

In 2021, the company completed the acquisition of U.S. jeweler Tiffany & Co for $15.8 billion. This landmark achievement reaffirms LVMH's position as a dominant force in the luxury industry.