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Tag: Retail
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LVMH Stock Soars 14% as Q3 Earnings Beat Expectations, Boosting Bernard Arnault’s Fortune
LVMH stock recorded its best single-day performance in over two decades as shares surged 14.36% following better-than-expected Q3 earnings. The luxury conglomerate’s market capitalization reached €304.89 billion, cementing its position as Europe’s second most valuable company while boosting chairman Bernard Arnault’s personal fortune by approximately $19 billion.
The luxury goods sector witnessed a remarkable trading session as LVMH shares surged dramatically following the company’s positive third-quarter earnings report. The Paris-listed stock climbed more than 14.36% to €609.20 ($708.14) in early afternoon trading, marking the conglomerate’s strongest single-day performance in more than two decades according to financial network CNBC. This substantial increase translated to a significant wealth boost for chairman Bernard Arnault, whose fortune grew by approximately $19 billion as a result of the stock appreciation.