Paris protestors who are against the decision of President Emmanuel Macron’s proposed pension reform, stormed the LVMH headquarters at 22 Avenue Montaigne Paris, on Thursday with shouts and signs. According to Wall Street Journal, Macron 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.
When this was heard, the question that came to mind was, “What does LVMH have to do with this?” well according to sources, Benard Arnault, owner of the fashion conglomerate LVMH, had openly supported Macron’s political endeavors and the first lady Brigitte Macron had made public appearances in favour of Louis Vitton part of LVMH’s owned fashion companies.
So when this proposed pension reform arose, the first target was LVMH, because protestors believe the government’s pension balance budget plan should come out of the pocket of the rich. Having witnessed LVMH to have had a 17% rise in revenue compared to last year (reported €21 billion in revenue), the company’s share also rose by 4.6%. Arnault owner of LVMH has also been estimated to have a worth of $224.8 billion, according to Forbes’ real-time ranking of billionaires, in a nutshell, the richest man in the world.
Fabien Villedieu, a representative of the Sud Rail union, said to Reuters.“If you’re looking for money to finance pensions, take it from the pockets of billionaires,” the protestors also added “There’s money in the bosses’ coffers”