Fundraising for Notre Dame led by the 3 richest families in France: Arnault, Pinault and Bettencourt



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The billionaires of luxury giants LVMH, Kering and L 'Oréal pledged Tuesday to pay 500 million euros (565 million euros) following a huge fire that ravaged the cathedral of Paris.
LVMH (LVMHF) and its managing director, Bernard Arnault, pledged 200 million euros (226 million dollars). The donation was doubled by the family Bettencourt Meyers, who controls L & # 39; Oreal (LRLCF).
The Pinault family, which operates a luxury conglomerate kering (pTEST), pledged 100 million euros (113 million dollars).

The three dynasties of fashion invoked patriotism and shared cultural identity to explain their generosity following the devastating fire.

Other French companies have also made big checks: the oil and gas company Total (EARLY) has pledged 100 million euros ($ 113 million), while the technology consulting firm Capgemini will pay 1 million euros ($ 1.1 million).

Combined with other corporate donations such as the French bank Crédit Agricole, the total amount announced by corporations and wealthy donors has reached $ 700 million.

Luxury gifts

LVMH (LVMHF), owner of Louis Vuitton, Christian Dior and Givenchy, said in a statement that his donation showed "solidarity with this national tragedy" and that funds would be used to rebuild this "extraordinary cathedral".

The fashion house then described Notre Dame as "a symbol of French heritage and unity". LVMH said it would put its creative and financial teams at the disposal to help rebuild and solicit donations.

Arnault, his CEO, is the third richest person in the world, according to the Bloomberg Billionaires index. Its net worth rises to $ 90.4 billion, more than that of Warren Buffett or Mark Zuckerberg.

In addition to its fashion lines, LVMH controls high-end alcohol brands such as Dom Pérignon, Hennessy and Veuve Clicquot, as well as the well-known beauty retailer Sephora.

Bernard Arnault, General Manager of LVMH in 2018.

Kering, which hosts brands such as Gucci and Yves Saint Laurent, was the first to make its entrance Tuesday with his donation.

"This tragedy strikes all the French and beyond all those attached to spiritual values," said Francois-Henri Pinault, CEO of Kering, in a statement.

"Faced with this tragedy, everyone wants to bring this jewel of our heritage back to life," added Pinault, son of billionaire businessman François Pinault.

François-Henri Pinault, CEO of Kering, speaks at a press conference.

The Pinault family has an estimated value of $ 37.3 billion by Bloomberg.

Francois-Henri Pinault, who runs the family business, is married to actress Salma Hayek. Kering also owns fashion brands such as Alexander McQueen and Balenciaga.

Notre Dame is our story: France promises to rebuild an iconic church after a devastating fire

The Bettencourt family holds a 33% stake in L & # 39; Oréal, which controls brands such as Maybelline, Lancome, Garnier and Kiehl's.

Francoise Bettencourt Meyers, the richest woman in the world, represents $ 53.5 billion, according to Bloomberg.

She inherited the stake from her mother, Liliane Bettencourt, who died in 2017. Bettencourt Meyers is the granddaughter of the company's founder, Eugene Schueller.

The reconstruction process

The Notre Dame fire Monday devastated much of the 850-year-old church, including its iconic spire. The fire was extinguished after nine o'clock.

French President Emmanuel Macron has promised to rebuild the site, saying Monday that France will launch an international fundraising campaign to support this effort.

The process will be expensive and time consuming, and it may take time to start seriously. Immediate measures will have to be taken to avoid further damage as the structure is now particularly vulnerable to water damage.

It is difficult to estimate the time and total cost of the restoration.

The Venice Opera, which was ravaged by a fire in 1996, was reopened eight years later, after spending 60 million euros ($ 68 million).

When Windsor Castle, one of Britain's royal residences, was severely damaged by a fire in 1992, it reopened almost five years later at a cost of £ 36.5 million (47.8 millions of dollars).

– Saskya Vandoorne of CNN and Oscar Holland contributed to the report.

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