France’s escalating protest movement has made its way to LVMH.
According to CNN, scores of demonstrators stormed the fashion conglomerate’s headquarters Thursday near the Arc de Triomphe in Paris. The incident took place months after citizens began taking to the streets to protest the government’s plan to raise the nation’s retirement age from 62 to 64. Outrage intensified last month when French President Emmanuel Macron forced the unpopular bill through the parliament, saying the reform was necessary to keep the retirement system financed.
“We come symbolically and peacefully to give an idea to the government: you are looking for money to finance the pensions,” Fabien Villedieu, a representative from the Sud-Rail union, told BFMTV at LVMH. “Take it from the pockets of billionaires, starting with [LVMH CEO] Bernard Arnault.”
The storming of the fashion conglomerate—which owns labels, such as Fendi, Givenchy, Christian Dior, and Celine—took place shortly after the company announced a 17 percent increase in first-quarter sales in 2023. The news sent LVMH stock price to an all-time high ($965 apiece). The company has not commented on Thursday’s incident.
Macron’s controversial pensions bill cannot go into law until it is validated by France’s Constitutional Council. If the nine-member body green-lights the bill, the reform can enter into force. The council also has the option of flat-out rejecting the bill or approving it with caveats; many political experts believe the latter scenario is most likely.
“As long as the pension reform is not withdrawn, the mobilization will continue one way or another,” said Sophie Binet, the head of French union GGT.
The council will rule on the bill’s legality this Friday.
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