According to BOF, the French luxury industry is using its riches to save the historic monument, the Notre-Dam after the devastation of a mysterious fire destroyed the famous church.
The families behind luxury groups LVMH and Kering, two of France's largest companies, have pledged to donate a combined €300 million to help rebuild historic Notre-Dame, the 856-year-old cathedral, which survived two world wars, but was devastated by fire Monday night.
Kering chief executive Francois-Henri Pinault and his billionaire father, Francois Pinault, said around midnight local time that they would donate €100 million via the family investment vehicle Artemis to help finance repairs to the building, which was declared a world heritage site by UNESCO in 1991.
Bernard Arnault, chairman and chief executive of rival luxury group LVMH, followed the gesture with a pledge of €200 million.
LVMH employees will also serve as volunteers — "including creative, architectural and financial specialists" — to support the reconstruction of the cathedral, which is already in progress.
Nike's decision comes months after H&M closed down outlets in South Africa following protests against the infamous ad that featured a black child with a hoodie with the text “coolest monkey in the jungle.” Race remains a highly sensitive issue in South Africa more than two decades after the end of apartheid.
While the company didn’t comment on the temporary closure, it released a statement saying the firm “opposes discrimination and has a long-standing commitment to diversity, inclusion and respect.”
In the online video that went viral last week, a white man expressed his appreciation for the beach he was visiting by commenting that there weren’t any black people to be seen — using an offensive racial slur. He was promptly fired from the food producer that is owned by his family, Eyewitness News reported, adding that his wife works for Nike.
The stores have reopened as of Friday last week.