(Bloomberg) -- LVMH shares climbed after the world's leading luxury goods company announced a plan to repurchase as much as €1.5 billion ($1.59 billion) of its own stock.
The group, led by French billionaire Bernard Arnault, will buy back the shares between now and July 20, LVMH said in a statement Wednesday. The repurchased shares will be canceled.
Arnault, the chief executive officer and chairman of LVMH, is the world's second-richest person behind Tesla Inc.'s Elon Musk, according to the Bloomberg Billionaires Index. The French businessman and his family own about 48% of the shares in LVMH, with close to 64% of the voting rights.
LVMH rose 2% in early Paris trading, bringing the gain this year to 18% and giving the company a market valuation of about €404 billion, the highest in Europe.
The owner of Louis Vuitton and Dior regularly engages in buybacks, and last May announced a plan to repurchase up to €1 billion worth of its stock.
(Updates with shares)
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