French billionaire Bernard Arnault is betting LVMH Moet Hennessy Louis Vuitton SE’s stock price will keep rising.
(Bloomberg) — French billionaire Bernard Arnault is betting LVMH Moet Hennessy Louis Vuitton SE’s stock price will keep rising.
LVMH is buying back up to €1.5 billion ($1.59 billion) of its own shares, the world’s leading luxury goods company said Wednesday. The repurchase of the stock, which will be cancelled, will happen between now and July 20.
LVMH rose as much as 2.1% to €805.70 in early Paris trading, bringing the gain this year to more than 18% and giving the company a market valuation of about €404 billion, the highest in Europe.
The company regularly engages in buybacks, and last May announced a plan to repurchase up to €1 billion worth of its stock.
Arnault, the chief executive officer and chairman of LVMH, is the world’s second-richest person behind Tesla Inc.’s Elon Musk, according to the Bloomberg Billionaires Index. The French businessman and his family own about 48% of the shares in LVMH, with close to 64% of the voting rights.
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