By Anna Cooban, CNNShares in LVMH, the world’s biggest luxury group, jumped to a record high after it reported strong first-quarter sales buoyed by the economic re-opening in China. The stock of Europe’s most valuable company rose 4.6% Thursday to hit €875 ($965) apiece, boosting the fortune of its owner Bernard Arnault, already the world’s richest man. The owner of brands such as Tiffany & Co. and Dior reported late on Wednesday sales of €21 billion ($17 billion) in the first three months of the year, up 17% from the same period in 2022. In Europe and Japan, first-quarter sales were strong, rising 24% and 34% respectively, thanks to “robust demand” from local consumers and international travelers. In the United States, sales rose 8%.

Source: CNN April 13, 2023 16:48 UTC