PARIS — Illustrating its weight in the global market for high-end goods, as well as the growing importance of the luxury industry for France, LVMH Moët Hennessy Louis Vuitton’s market capitalization shot past the 200 billion euro mark Monday, closing at 397.50 euros per share. The market capitalization of French rivals Hermès International and Kering, meanwhile, stood at 68.85 billion euros and 65.56 billion euros, respectively.
Swiss-based Compagnie Financière Richemont trailed behind its French competitors, with a market capitalization of 41.52 billion Swiss francs, or 37.77 billion euros.
The luxury sector has gained weight in the French stock market in recent years, with LVMH overtaking longtime heavyweights Sanofi, a drugs company, and Total, an oil major.
Recently, investors seem to have shrugged off disruption to the LVMH’s business in Hong Kong — an important market for high-end goods — over the third quarter.
Looking to grow further, the group has offered $14.5 billion for Tiffany & Co. The outcome of the bid remains uncertain, however, even if no counter offers have emerged.
Analysts at Bernstein said Monday they conducted a survey with Procensus last week of 64 investors that turned up “muted” expectations for a deal.
Although investors see the potential combination as “very logical,” more
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