Bernard Arnault Pledges 10 Million Euros to French Food Bank
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PARIS – The Arnault family is stepping up to the plate to support the French food bank charity Restos du Coeur with a donation of 10 million euros.
LVMH Moët Hennessy Louis Vuitton chairman Bernard Arnault pledged the sum Monday. LVMH’s head of communication, image and environment Antoine Arnault and Tag Heuer chief executive officer Frédéric Arnault formalized the donation during a visit to the charity’s Paris headquarters Tuesday alongside French Minister for Solidarity Aurore Bergé.
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The donation follows an appeal by organization president Patrice Douret for funding to help the non-profit fill its financial gap of 35 million euros.
Antoine Arnault took to the stage to speak on behalf of the family.
“Frédéric and I are very touched on behalf of the rest of my family, and Bernard Arnault in particular,” he said, noting that it was a “spontaneous gesture” by the family following Douret’s appeal.
“It seemed like our responsibility on Sunday to answer that call,” he said. “It was…a moving call for a magnificent association which is part of our lives, which holds a very dear place in the hearts of the French. I’m a little over 45 years old so I remember the birth of Restos du Coeur and of course everything that this magnificent association does.”
The charity, which distributes food packages and hot meals to those in need, was founded in 1985 by French comedian and actor Coluche, who died in a motorbike accident shortly afterwards.
Arnault was eager to emphasize LVMH’s charitable efforts outside of its luxury business.
He mentioned the conglomerate’s quick-step change at its fragrance factories during the early days of the pandemic to switch from making perfume to creating hand sanitizer, and the group and family’s pledge of funds towards the reconstruction of Paris’ Notre-Dame Cathedral following a catastrophic fire in 2019. He added the family and the group also participate in many other charitable donations.
“The LVMH group and our family, through the family company, may seem distant from the concerns of the beneficiaries, volunteers, and employees of Restos du Coeur,” he said. “Well, that’s not true. We are a responsible group, we are a united group, and I think it is important to say that too. We try to be as responsible as possible. And when there is a crisis situation like this, we respond.”
Bergé thanked the Arnault family and called on other companies to contribute.
During an interview on French TV channel TF1 on Sept. 3, Douret said the organization, which provides roughly 35 percent of the country’s food aid, is facing financial difficulties because of an increase in operating costs due to inflation and a “very significant increase” in need. He warned that 150,000 people could be turned away from aid this winter.
Following the announcement, the French government promised 15 million euros in funding for the Restos du Coeur. French supermarket chain Carrefour and Mousquetaires, parent company of supermarkets Intermarché and Netto, have also pledged to contribute.
Bernard Arnault, who regularly tops the world’s rich list, is estimated to be worth upwards of 215 billion euros.
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