A look at some of their financials has the trading at 32 times earnings where Apple trades at 28 and Coca-Cola trades at 29. So for luxury that doesn’t seem too high and from the list I have heard of a number of their brands. There is certainly value in a brand name, which is why I used two examples of other known brands in other industries. This lvmh company though is also growing at almost 20% per quarter. My guess also is during a mild recession luxury goods tend to hold up. While I wouldn’t buy it myself because I know nothing of luxury goods based on the businesses I see listed not all in clothing which I had assumed I would say the brand names may not be as significantly valued as one might think.

LVMH owns literally hundreds of brands, many of them far from luxury (Birkenstock, Sephora, Fenty, etc). If one brand goes out of fashion, they'll have two ready to replace it and the budget to buy three more.

This could be applied to (some of ?) the tech companies as well.

Meta valuation is strongly associated with the network effect of its apps. The value of the actual assets (technologies, data-centers ...) is far lower than the market cap.

Creating a FB and Instagram 1:1 clone would significantly cost less than the current $500B market value.