If you’re planning on being in Paris anytime soon, like Your Survival Guy is, then pay attention to what’s going on with the protests. There are certainly some no-go zones we’ve highlighted in the past. But considering all the chaos, France’s stock market continues higher driven largely by the surging luxury and cosmetics sectors. Will it continue? More than a third of the market is in four companies in the luxury and cosmetics sector.
From the WSJ:
Shares in LVMH—the owner of Louis Vuitton, Dior and Tiffany & Co.—jumped to a record in Paris trading, further cementing its position as the world’s largest luxury goods company and Europe’s biggest stock by market capitalization. The company was valued at just under $480 billion during Thursday’s trading.
The surging luxury and cosmetics sector had helped Paris’s CAC-40 index set a record high Thursday, when most European stock markets were tepid. LVMH, cosmetics giant L’Oréal SA, Gucci owner Kering SA and handbag maker Hermès International SCA are now worth nearly 950 billion euros combined, equivalent to $1.04 trillion, making up more than one-third of the index.
France’s wealthy elite was in sharp focus earlier this month when Forbes magazine released its 2023 list of world billionaires. Mr. Arnault topped the ranking and Françoise Bettencourt Meyers, the heiress of L’Oréal, was named the world’s richest woman. L’Oréal, the owner of brands including Maybelline and Garnier, is now worth close to $250 billion on the stock market.
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Originally posted on Your Survival Guy.