Hermes International’s market value has officially surpassed the €200 billion EUR mark for the first time in history.

According to reports, the French luxury design house overtook Swiss drugmaker Novartis AG as the eight-most valuable company on the STOXX Europe 600 index. In addition, Hermes International is now the second-most valuable luxury brand behind LVMH Moet Hennessy Louis Vuitton SE‘s market value of €420 billion EUR — which this week increased the net worth of founder Bernard Arnault, Forbes‘ richest billionaire of 2023, past $200 billion USD.

Bloomberg adds that Hermes International has rallied approximately 30 percent in 2023 as of writing, with investors confident in the luxury market’s ability to weather an economic downturn mainly due to China’s recent post-pandemic demand for high-end luxury goods.

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