French luxury magnates step in to help with Notre Dame disaster
Earlier this week, disaster struck: the iconic Notre Dame Cathedral in Paris was ravaged by fire on Monday, threatening to eclipse 850-years of culture. The Cathedral, which was in the process of renovation and thankfully, as a result, had had many of its most precious items temporarily removed, is a quintessential piece of French heritage. It inspired the famous Hunchback of Notre Dame – a story that has lived in French literature and Disney animation – and been a feature on the Parisian landscape since the 13th Century. In the wake of its near-destruction, the French luxury sector’s biggest names, LVMH and Kering, have pledged their assistance.
LVMH and Kering are seeing their share prices skyrocket this year
Source: Yahoo Finance
Kering CEO Francois-Henri Pinault and his father, Francois Pinault, will donate 100 million euros to a restoration of the Cathedral. In a statement, Francois-Henri wrote: “This tragedy is striking all the French people, and beyond that, all those attached to spiritual values. Faced with this tragedy, everyone wishes to give life back to this jewel of our heritage as soon as possible.”
It took just moments for the Pinault family’s arch rival, the LVMH-owning Arnault family, to one-up their contribution. In another statement, Bernard Arnault, pledged 200 million euros “dedicated to the construction of this architectural work, which makes up part of the history of France.” He added that LVMH was willing to contribute more than just money, saying the company “will put at the disposal of the state all of its teams -- creative, architectural, financial -- to help on the one hand with the long construction work, and on the other hand with the fundraising effort.”
At time of writing, these two generous donations have kick-started a flurry of personal and corporate giving.
Dominion holds both LVMH and Kering in its Global Trends Luxury Fund.
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