Star manager Terry Smith has added a holding in LVMH Moët Hennessy Louis Vuitton to his £23.2bn flagship Fundsmith Equity fund – a portfolio known for its low turnover and high concentration.
The Paris-headquartered luxury goods stock, which has a market cap of £233bn, owns more than 72 brands and subsidiaries in total, including Dior, Givenchy, Sephora, Fendi and Veuve Clicquot. LVMH was formed in 1987 as a result of a merger between luxury fashion brand Louis Vuitton and Moët Hennessy - which was formed 16 years previously after champagne producer Moët & Chandon joined forces with cognac manufacturer Hennessy. Star manager Terry Smith lifts the lid on investing with new book To date, its subsidiaries fall under six categories - fashion groups, wines and spirits, perfu...
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