Bernard Arnault and the LVMH empire are a force to be reckoned with in Europe and beyond. Now, the French media are bearing the brunt of the billionaire’s influence as Arnault looks to demonstrate his media power.
Earlier this year, the billionaire sent a memo to employees banning them from speaking to reporters at select French media outlets, warning that violating the decree “would be considered a serious infraction, with consequences,” according to The Local. the Financial Times.
He said in the memo that some websites exploited the appeal of the luxury goods industry to publish sensational news about the family-owned company.
The move has angered French journalists, who collectively signed an open letter published Tuesday in the national newspaper. the world, Against Arnault’s efforts to undermine the “mission of journalism.”
Newsletters including: Le FigaroAFP, and two owned by Arnault—Echoes and Parisian —I pushed back, He said employees’ loyalty “should not allow employers to deprive them of their basic rights by prohibiting any contact with individuals of their choosing.”
The open letter described Arnault’s ban as “illegal” and potentially deterring whistleblowers from coming forward.
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LVMH did not immediately return. luckRequest comment.
Arnault’s struggles with the media
Arnault’s order of January 17, 2024 includes a number of news publications in French and English, including: Paris sparkle, Miss Tweed, puck, and messageany First reported About last week’s note.
The media range from business to satirical news to tabloids. It is unclear whether specific topics or stories prompted Arnault to ban employees from the media.
Arnault is one of the most influential figures in European business. He is the richest man in France, currently worth $183 billion, though his fortune has fallen this year due to a slowdown in the luxury goods industry. Arnault and his family wield enormous influence in the country, with stakes in luxury fashion, real estate, entertainment and more. Public appearances have come with their share of embarrassing press coverage, including when Arnault confirmed he was seeking Belgian citizenship in 2012 and was ridiculed for it.
The open letter represents another tension in the LVMH chief’s relationship with the French media and how he exercises his power. Last year, the French press questioned Exit to Echoes Editor-in-Chief Nicholas Barry, who left after 10 years to take on a different role within the parent company.
Even when LVMH tried to buy Echoes From British publisher Pearson In 2007Journalists opposed the move, fearing it would give the luxury conglomerate’s owner too much control and make a mockery of editorial integrity.
Arnault has been expanding his media holdings recently. In addition to the news outlets mentioned above, he owns Radio Classique. He is also looking to buy Paris Match magazine, which chronicles the lives of A-list stars in the French capital.
The patriarch’s rationale behind his media holdings is simple: “charity,” he said during a French Senate inquiry in 2022, reported by the French newspaper Le Monde. Wall Street JournalGiven the changing landscape of news media, it might have collapsed had he not invested in it.
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