Bernard Arnault's LVMH empire just smashed the $500 billion market-value barrier, eclipsing Exxon and tailing Tesla

• Bernard Arnault's luxury-goods empire LVMH just became the first European company to top $500 billion in market cap.
• The French conglomerate is now chasing Tesla for the ninth spot among the world's most valued companies.
• The achievement comes on the back of strong demand for luxury goods in China and a strengthening euro. 

Bernard Arnault's luxury-goods empire Moët Hennessy Louis Vuitton, commonly known as LVMH, just became the first European company to ever surpass $500 billion in market valuation.