LVMH wants to help save the rainforest
You will be well aware of the tragedy encompassing the Amazon Rain Forest, as wildfire runs rampant through what has been called the “lungs” of the Earth. The G7 has pledged financial support in the Amazon’s time of need (although Brazilian president Jair Bolsonaro has thus far refused such help). Now, the world’s largest luxury company, LVMH, is also offering assistance – to the tune of $11 million!
LVMH’s share price has appreciated by 41% year to date
Source: Yahoo Finance
LVMH announced on August 26 that it was joining the G7’s initiative to protect the Amazon in a “collective effort” to protect a “world heritage treasure”. It’s the not the first time this year that LVMH has pledged major financial assistance for charitable reasons – when the Notre-Dame Cathedral in Paris went up in flames in April, LVMH’s first family, the Arnaults, pledged $222 million to help restore it.
The situation in the Amazon goes, however, from bad to worse, with roughly a football pitch’s worth of forest destroyed every minute (and in some areas, three times as much). This devastation is what led LVMH to act. A director at the company, Yann Arthus-Bertrand, said:
“Protecting the environment is not just about words and speeches or signing declarations of principle, it also requires taking concrete collective actions when dangers arise in order to provide resources for local specialists and work together to save our planet.”
Dominion holds LVMH in its Global Trends Luxury Fund.
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