Hermes International has officially achieved a historic milestone, with its market value surpassing €200 billion EUR for the first time. According to reports, the French luxury design house has overtaken Swiss drugmaker Novartis AG to become the eighth-most valuable company on the STOXX Europe 600 index.

Furthermore, Hermes International now holds the position of the second-most valuable luxury brand, second only to LVMH Moet Hennessy Louis Vuitton SE, with a market value of €420 billion EUR. This recent success has also resulted in an increase in the net worth of Bernard Arnault, Forbes’ richest billionaire of 2023, surpassing $200 billion USD.

Bloomberg notes that Hermes International has seen a 30 percent rally in 2023 so far, as investors remain confident in the resilience of the luxury market, particularly due to the demand for high-end luxury goods from China following the post-pandemic recovery.