French protesters opposing the pension reform forced their way into the headquarters of the Louis Vuitton owner, LVMH, amid the record-high increase in the share price of the luxury brand firm.
These union demonstrators in Paris are protesting against the plan of President Emmanuel Macron to overhaul the pension system in France. The country has been filled with demonstrations as workers gathered in the streets to express their sentiments.
French Protesters Invade Louis Vuitton Headquarters
Hundreds of activists have stormed the main office of the luxury goods giant LVMH, which owns popular brands like Louis Vuitton and Moët, according to CNN. These protesters forced themselves inside the headquarters through its entrance on Avenue Montaigne as the decision for the retirement age reform nears.
One of the union leaders, Fabian Villedieu, told the New York Post, "If Macron wants to find money to finance the pension system, he should come here to find it." The Sud Rail union representative considers the protest at the LVMH HQ both "peaceful" and "symbolic."
Notably, the world's richest man, Bernard Arnault, holds his office in the building that demonstrators stormed into. He is the big boss of the giant firm which owns multinational brands like Givenchy and Christian Dior, Sky News notes. If you are familiar with Tiffany and Co. and Fendi, Arnult also owns them.
The entrepreneur flaunts an estimated net worth of roughly $200 billion, as disclosed by the Billionaires Index of Bloomberg. The 74-year-old LVMH Chief Executive Officer (CEO) recently overtook tech figures Elon Musk and Amazon's Jeff Bezos regarding wealth. In other words, he is richer than these two disruptive billionaires.
Macron's France Pension Reform
President Macron seeks to overhaul the pension system in the country, primarily raising the retirement age from 62 to 64, which applies before the decade ends or in 2030, to be exact. The top French leader argues that such reform is necessary to balance out the finances in the country, helping extend the pension budget for the next couple of years.
Macron firmly supports his unpopular plan to reform the pension system, saying that "the country must continue to move forward."
Once implemented, the overhauled pension system will require workers to wait until they are aged 64 before receiving their retirement fund. Because of these, union demonstrators have gathered in the streets of Paris to oppose the plan of Macron.
The New York Post notes that certain critics of the French President claim that he favors the wealthy rather than the workers. With that, the protest at the Louis Vuitton headquarters is somewhat monumental for the demonstrators. Rail workers raised their flags in front of the LVMH HQ as they stormed the building on the eve of the pension reform decision.
