Frances richest families pledge upto $300 Million to help re-construct the historic sight

Controlling Groups at LVMH and Kering pledge $300 Million to Rebuild Notre-Dame

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.

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