Luxury group LVMH, parent company of Louis Vuitton, Dior and Tiffany & Co, is facing the ire of French workers. This has come in the wake of owner Bernard Arnault overtaking Elon Musk at the top of the Forbes Billionaires list. The workers, who have been protesting against Macron’s pension reforms, have already vandalized and set fire to many places in the capital city of Paris. Their latest target was the LVMH headquarters which were vandalized by a mob. Protesters made remarks about the reforms saying if Macron wants money to fund pensions, he should take it from the likes of Bernard Arnault.
LVMH have made a killing in the post-pandemic market as the demand for luxury items and accessories continue to rise. The French company saw an unparalleled rise of 26% in its share value. Over 100 workers of the Railway Workers Union Sud Rail congregated in front of the wood paneled entrance of LVMH, before making their way through the glass entrance carrying red flags and flares.
Arnault has been the target of many slogans through out the protests. He is especially chastised for his life style, which irks the protesters the most. Arnault lives in a 150-year-old-castle in the Bordeaux region of France and also owns a home in the ultra-exclusive Les Parcs de Saint Tropez enclave.
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As the Constitutional Council’s ruling on the legality of the pension reforms is on the way, the protests have intensified. A march through the heart of Paris, is progressing towards the Constitutional Council’s headquarters, opposite the famous Louvre Museum in central Paris. The march is surrounded by a phalanx of anti-riot police, kitted with helmets, shields batons and protective gear.
The government has justified the reforms, stating that it is necessary to raise the retirement age now, to balance out pension funds in the future. The unions have responded by saying the funds can be found elsewhere. With no end to the protests in sight, it seems like the protestors are in for the long haul, unless the government decides to roll back the reforms.