LVMH, the parent company of luxury brands such as Louis Vuitton, Givenchy, and Sephora, reported a 17 percent rise in first-quarter sales, beating analyst expectations. The company's shares hit a record high following the announcement. LVMH's success is partly attributed to the reopening of China's economy, which has brought back high-end spenders. The company reported revenue of €79.2 billion ($87.16 billion) and profit from recurring operations of €21.1 billion ($23.22 billion) for 2022, its second consecutive year of record results. LVMH CEO Bernard Arnault is currently the world's richest person. In 2021, LVMH acquired U.S. jeweler Tiffany & Co for $15.8 billion.