LVMH’s Paris headquarters were stormed by protesters on Thursday (13 April) ahead of French President Emmanuel Macron’s upcoming pension ruling.
Thousands of people forced their way into the building and set off flares in a show of opposition against the proposal, which will raise the minimum pension age from 62 to 64.
Macron’s plan aims to support and improve the country’s retirement system as its population ages.
But French citizens are angered that the ruling will make people work longer for their pension, and say the funds should be taken by taxing the rich instead.
“You’re looking for money to finance pensions? Take it from the pockets of billionaires,” said the Sud Rail trade unionist Fabien Villedieu.
LVMH Chairman Bernard Arnault currently stands as the world's richest person, with the French business magnate and investor’s wealth now valued at US$240.7bn.
The luxury goliath, which owns Fenty Beauty, Tiffany & Co and Christian Dior, is valued at around €447bn.
Arnault’s business reported revenues of over €21bn in its Q1 2023 trading update, a 17% jump compared with the same period last year.
LVMH’s CFO, Jean-Jacques Guiony, said the results were driven by a boost in global make-up and fragrance trading.
Christian Dior had strong growth during the period, and Sephora saw revenue and market share increases across the US, Europe and the Middle East.
Sales in Asia also experienced a significant rebound following the lifting of travel restrictions caused by the Covid-19 pandemic.
Last month, LVMH named Stéphane Rinderknech as its new CEO.
He oversees the group’s perfumes and cosmetics category globally, which includes Parfums Christian Dior, Guerlain and Kendo.
