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French billionaires against each other for reconstruction of Notre-Dame

The billionaires and aartsrivalen François Pinault and Bernard Arnault have each other again found in a common goal: the reconstruction of the Notre-Dame cathedral. And yet, they can also now not leave it up to each other and the last to cross.

Shortly after the French president Emmanuel Macron announced that the Notre-Dame, rebuilt, followed by a communication from the French zakenfamilie Pinault their investment company, Artémis …

Shortly after the French president Emmanuel Macron announced that the Notre-Dame, rebuilt, followed by a communication from the French zakenfamilie Pinault their investment company, Artémis hundred million paving to the famous cathedral in glory. A few hours later, Bernard Arnault, the richest man of France and Europe, know that he is the double of that amount will be free.

It is typical for the rivalry between the two families, which a few decades back. However, it is not only the eindklank of their family name, but also the travelled route of Bernard Arnault and François Pinault remarkably similar. Both of them they earned their fortune with the sale of luxury products, and they belong to the richest modefiguren in the world. The money will be used for the reconstruction of the Notre-Dame is for a large part derived from the sale of handbags and couture.

The 70-year-old Arnault is the founder and ceo of the largest holding company for luxury products in the world, Louis Vuitton Moët Hennessy (LVMH), that in addition to luxury brands such as Louis Vuitton, Dior, Celine and Givenchy, among others, the juwelenmerk Bulgari, the champagnes Moët & Chandon, Veuve Clicquot and Dom Perignon’s possession, as well as various wineries around the world. Forbes estimates the fortune of Arnault and his family on more than 80 billion euros.

The 82-year-old Pinault is the majority shareholder of the luxeconcern Dam, formerly Pinault Printemps Redoute (PPR), which include Yves Saint Laurent, Gucci, Alexander McQueen and Balenciaga part. The management of the company has been for several years in the hands of his eldest son François-Henri, husband of actress Salma Hayek. The family also owns auction house Christie’s, football club Stade Rennais, a few wineries, and publishers. Its value is estimated at around 30 billion euros.

Bitter fight for Gucci

The two competitors shared a long the same vision and ambition. Big difference between the two multimiljardairs: their origin. Pinault is the son of a Breton timber merchant, stopped at sixteenth out of school and went into apprenticeship with his father. Arnault comes from a well-to-do environment, holds a degree in engineering, and moved at the age of 22 in the construction of his father. He convinced his father to sell the business and explained quickly the focus on luxury products.

Pinault made capital during the oil crisis of the seventies Breton sawmills are in need to buy and then profit to sell. He built an empire through investments in kleinhandelsketens such as Fnac and La Redoute.

As long as the two are not in each other’s waters came, showed both men a lot of respect for each other. In the early nineties, sold Arnault the shares in the French furniture gallery Conforama to Pinault, what the start meant of his conglomerate. They were present at the weddings of each others children. But then it went Pinault are increasingly focusing on the luxury industry, the field of Arnault. In 1999, ran the friendship final on the cliffs when the two fought to control Gucci.

The Italian company (that just also the control over Yves Saint Laurent had acquired) had the help of Pinault claimed to be a hostile overnamepoging of Arnault beat off. Gucci gave us a large package of new shares out of which Pinault could buy and LVMH are interest almost halved saw. It took almost two years and dozens of lawsuits for the two an agreement could be close, with Pinault in full control, and Arnault a nice lump sum.

After the handbags, the art

In the years that followed tried the two together more and to surpass with their acquisitions, and they shifted their strijdterrein to the art world. The two billionaires each have an amazing art collection built up, that they love to the public show. Arnault opened for that reason, in 2014, the spectacular Fondation Louis Vuitton, designed by star architect Frank Gehry. Also Pinault has been running for a long time around with plans for a new temple of the arts in Paris (he already has two museums in Venice). I recently finally form, when the city council green light for the renovation of the Bourse de Commerce near Les Halles, to a design by the Japanese architect Tadao Ando. The Fondation Pinault would be scheduled for spring 2020 opening.

The Notre-Dame cathedral is not the first monument that with the money from the companies, of Pinault, and Arnault is saved. Over the past years jumps it for the renovation of some important Italian monuments, because the government could not fund. Most famous example is the trevi Fountain in Rome, where Fendi (LVMH) a few millions to sponsor. Still in Rome, sponsored by Bulgari (LVMH), the renovation of the Spanish Steps. Allowance paid the full restoration of ten sixteenth-century tapestries in the main hall of the Palazzo Vecchio in Firenze hung.

The families Pinault and Arnault put together three hundred million euros on the table for the reconstruction of the Notre-Dame cathedral, but that budget will be the next few days will probably still be up. The French region of Île-de-France had also already know ten million euros in emergency aid for the first update to the famous cathedral, the Paris city council explains fifty million euros on the side. Individuals collected online for thousands of euros. The French Fondation du patrimoine also launched a ‘national collection’ for the reconstruction. Mayor Anne Hidalgo also wants an international donors ‘ conference’ to get more funds to raise.

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