For LVMH, the Olympics Are a Welcome but Risky Endeavor

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For LVMH, the Olympics Are a Welcome but Risky Endeavor

Yet as LVMH becomes an increasingly visible part of the French economy and the Parisian streetscape, it has become — inevitably, it seems — a target of criticism. In April 2023, for example, demonstrators who were protesting plans to raise France’s retirement age,

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on Avenue Montaigne.

LVMH, as well as its chief executive, faced criticism when it promised to invest $226 million in the restoration of the Cathedral of Notre-Dame after it was engulfed by flames in 2019. There were people who criticized the wealthy donors for not paying their fair share in taxes, depriving the French government of revenue to repair the cathedral. Others criticized the reputational boost bestowed on philanthropists during a time of tragedy.

“There’s always a lot of criticism around anything we do,” Mr. Arnault said. “It’s almost a part of the French way of life.” But, surprisingly, there has been less criticism than might have been expected on the company’s involvement in the Olympic Games, he said.

The Olympics, too, are not without criticism, especially from Parisians who are finding their city much ******* to live in this summer because of traffic and increased security. Other challenges abound as well. As of June, the Seine remained too ****** for open-water swimming events. Officials said that because of unusually heavy rain, sewage water had ended up in the river.

In a show of discontent, some locals threatened to use the river as a public ******* on the original day that Anne Hidalgo, the mayor of Paris, planned to swim in the Seine to prove the water was clean. Protesters used the hashtag #JeChieDansLaSeineLe23Juin, which, though it may sound better in French, urged people to ********* in the river. (The protest did not appear to materialize, but the mayor did take a dip in the Seine this month.)

As LVMH continues to engage in major sporting events, it is not unreasonable to assume that it has its sights on the 2028 Olympic Games in Los Angeles. Mr. Arnault was wary of making any statements before this year’s games had even begun.

“For 150 million, let’s just make this one work well,” he said. “We’ll talk about L.A. after.”

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#LVMH #Olympics #Risky #Endeavor

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