French Pension Protesters Storm LVMH Building In Downtown Paris

Tyler Durden's Photo
by Tyler Durden
Thursday, Apr 13, 2023 - 02:10 PM

On the same day that LVMH Moet Hennessy Louis Vuitton, the world's largest maker of luxury goods, reported better-than-expected first-quarter sales, led by Fashion & Leather Goods, and share price jumped to a record high, French pension protesters stormed the headquarters of the company in Paris. 

Dramatic videos posted on Twitter shows protesters storming the headquarters of LVMH. This sort of behavior from protesters holding strikes against President Emmanuel Macron's pension reform was seen last week when they stormed offices of BlackRock

So here's the reason why protesters are targeting some of the world's largest companies:

"Apparently our government is struggling to finance our social security and pension system, so money needs to be found where it is, which is in billions in companies like LVMH," Fabien Villedieu from the Sud-Rail unions said on local television. 

The net worth of LVMH's chairman Bernard Arnault has skyrocketed to $198 billion, making him the wealthiest person in the world. Elon Musk is number two. 

On Friday, the Constitutional Council, known as Les Sages, will decide if Macron's unpopular pension reform bill breaches the Constitution. If so, then that would be a stinging defeat for the president. However, if the Council sees nothing wrong, it would go into law and spark further protests.