The luxury industry is many things, and certainly not all good. However, following the devastating fire earlier this week in Paris, causing massive damage to one of the most iconic sites on the planet, the families behind some of the globe’s largest luxury groups show us their best side.
As per the Financial Times, the Arnault family, which owns the luxury group LVMH, pledged EUR 200 Million to help with the restoration efforts.
The LVMH group holds many prestigious watch brands in its brand portfolio and is home to arguably the most enthusiastic voice of the watch industry, Jean Claude Biver. The brands in the group are Bulgari, Hublot, Tag, Zenith and Dior.
In addition, the Pinault family owner of the Kering group, pledged EUR 100 Million to help with financing the extraordinary restoration effort that will have to take place over the next decades.
The Kering Group has a range of luxury brands under its umbrella, including watch brands Ulysse Nardin, Girard-Perregaux.
Splash image courtesy G. Pesenti. Fire image courtesy R. Mathis