As it informed the past week the agency of French news, 'Reuters', Tens of French workers that protested against the reform of the pensions flooded the Thursday the Parisian headquarters of the group of luxury LVMH, asking that the rich contribute more to fund the state pension.
More than a hundred demonstrators positioned themselves around the wooden lobby of the building, located on the luxurious Avenue Montaigne, and climbed the escalators leading to the upper floors, while others filled the street, many of them waving flags of the Sud Rail rail union.
The unions of France have been organising strikes and courses from mediated of January in protest against the plans of the president Emmanuel Macron to increase the legal age of retirement. The Thursday there were more demonstrations in all France, since the unions urged to a demonstration of strength in the streets a day before the Constitutional Council pronounce on the legality of the project of law that would elevate the age of retirement in two years, until the 64 years.
LVMH's billionaire chairman and CEO Bernard Arnault has been the target of slogans and chants during protests in France. LVMH has benefited from the post-pandemic rebound in demand for luxury goods, and its shares have risen nearly 26% since the start of the year, consolidating its lead as Europe's most valuable company.
LVMH raises EUR 1 billion in oversubscribed bond sale
As recently reported by US news agency Bloomberg, the demand from the Paris-based owner of Christian Dior and Louis Vuitton exceeded 2.7 billion euros ($2.95 billion) for 1 billion new bonds due in 2025, according to a person familiar with the matter, who asked not to be named publicly. Interest had peaked at 3.6 billion euros during trading, before the final price was set.
The bond is LVMH's first foray into global debt markets since April 2020, when the company sold debt in the wake of the pandemic. That sale came on the heels of a big deal in February to back the acquisition of Tiffany & Co. CreditSights Inc. analysts, including Maryum Ali, said LVMH benefits from "exceptionally strong credit fundamentals".
The deal comes after LVMH reported organic sales growth in its fashion and leather goods unit of 18% in the first quarter, almost double what analysts expected, triggering a new all-time high for the stock. It also comes at a time when one of the main indicators of credit risk in Europe is back close to levels prior to the recent turmoil in the banking sector.