Tensions come to a head as the French government plans to upend pension plans.
French protestors demonstrating against President Emmanuel Macron’s proposed pension reform stormed into the Paris headquarters of LVMH at 22 avenue Montaigne with flags and flares on Thursday (which was also National Strike Day). This comes a day after the luxury conglomerate reported €21 billion in revenue in the first quarter of 2023, its earnings jumping 17% compared to the same period last year. Growth was especially strong in the European market and LVMH shares went up 4.6% after the announcement. Bernard Arnault — the founder, chairman and CEO of LVMH — is, as of publishing time, the richest man in the world, with an estimated worth of $224.8 billion, according to Forbes’ real-time ranking of billionaires.
The protests have been in response to Macron’s plans to bypass parliament and push for very controversial pension “reform,” which would raise the legal retirement age from 62 to 64 in order to balance the government’s pension budget, according to the Wall Street Journal. But nearly 70% of respondents polled by le Journal du Dimanche oppose this, and it shows: Protests and strikes have been ongoing since January.
“If you’re looking for money to finance pensions, take it from the pockets of billionaires,” Fabien Villedieu, a representative of the Sud Rail union, told Reuters.
“There’s money in the bosses’ coffers,” protestors chanted after breaking into LVMH HQ, according to a video posted by the Wall Street Journal. (Fashionista has reached out to LVMH for comment.)
The company seems to have become a target of protestors due to the irony of its towering profits in relation to the country’s shrinking pensions. Plus, Arnault has openly supported Macron’s political endeavors, while First Lady Brigitte Macron has favored Louis Vuitton for public appearances.
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Source: Fashionista.com
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