French Protesters Storm LVMH Paris Offices, Opposing Macron's Pension Reform
/The protests against French President Emmanuel Macron’s pension overhaul escalated Thursday as a crowd of men waving flares and banners stormed the headquarters of luxury conglomerate LVMH Moët Hennessy Louis Vuitton SE.
The Wall Street Journal described the event [free AOC ink] as a moment in which the weekly protests “morphed into a populist rebuke of France’s establishment”.
The central issue is the intention of Macron’s government to raise the age of retirement from 62 to 64 by 2030. The French prime minister used his constitutional powers to take the action without a vote.
Representatives of LVMH said the protesters did not stay long, after forcing their way through the Avenue Montaigne entrance of the luxury group’s headquarters.
The crowd chanting “There is money in the pockets of billionaires” proceeded up the escalator to a reception area that leads to higher floors housing LVMH Chief Executive Bernard Arnault, the world’s richest man, and other top executives.
On Wednesday, LVMH reported a sharp rise in quarterly revenue of 21.04 billion euros, equivalent to $23.1 billion, for the three months to March 31.
The performance is a rise of 17% from the same period last year, driven by a “significant rebound” in sales in Asia following the lifting of health restrictions. LVMH did not release profit figures.