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French tycoons pledge $700m for fire-ravaged Notre Dame Cathedral rebuild

A group of French billionaires have rallied to pledge $700 million toward rebuilding the fire-ravaged Paris landmark Notre Dame cathedral.

The billionaires behind luxury giants LVMH Group, Kering and L'Oreal on Tuesday pledged a combined $565 million after a massive fire ripped through the 850-year-old Paris cathedral.

LVMH and its CEO Bernard Arnault have promised $226 million. The donation has been matched by the Bettencourt Meyers family, which controls L'Oreal (LRLCF).

The Pinault family, which operates luxury conglomerate Kering (PPRUF), has pledged 113 million while the oil while gas company Total (TOT) promised to donate $113 million.

The three fashion dynasties have invoked patriotism and shared cultural identity in explaining their generosity following the devastating fire.

Other companies include tech and consulting firm Capgemini that will give $1.1 million and French bank Crédit Agricole, making a total pledge $700 million by all donors. 

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Author: Agencies

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