LVMH: Bernard Arnault and his family provide 10 million euros in financial support for Les Restos du Coeur, a major player in France charity’s activities.

The Arnault family, controlling shareholders in the world’s number one luxury goods group LVMH, announced yesterday, Monday, that it was making a 10 million euro gesture of solidarity to help the association Les Restaurants du cœur cope with the growing number of beneficiaries and close its financial year on a sound footing.

If nothing is done to bolster the cash position of the Restaurants du cœur association, which contributes 35% of food aid in France, the organization could close its doors within 3 years.

 

Like the French government, the Arnault family, controlling shareholders in the LVMH group, are moved by the worrying situation of this key player in the fight against poverty, and have announced a donation of 10 million euros.

 

A welcome contribution for an organization that needs 35 million euros to break even and operate normally until next winter.

 

Les Restos du coeur in a critical situation

 

Les Restaurants du cœur, the non-profit organization (under the French law of 1901) founded in 1985 by comedian and actor Coluche to deliver meals and provide social opportunities to the most vulnerable people in France, has become an integral part of the social fabric and the hearts of the French people, but its existence is under threat.

 

On Sunday, September 3, on the set of TF1, Restos president Patrick Douret sounded the alarm about the association’s worrying situation, faced with a 35 million euro shortfall to finalize its annual budget.

 

The cause: a series of economic factors, in particular inflation in the cost of living in France, which has led to a “very significant increase” in the number of the association’s beneficiaries, as well as a drop in donations.

 

The association also reports “rising operating costs”.

 

Fortunately, “the appeal to the political and economic forces of our country” to “launch an emergency food plan” has been heard.

 

Not only has the French government mobilized – pledging a further 15 million euros in aid – but so has the Arnault family, controlling shareholder of the LVMH group, through its donation of 10 million euros. In other words, a major player in the French economy and in the revitalization of local areas through the opening of production sites.

 

It’s a reprieve for the association, whose figures speak for its indispensable role. In 2022, Les Restaurants du Coeur distributed nearly 170 million meals, 30 million more than the previous year.

 

Support for vulnerable people

 

In a press release, the Arnault family explained their donation as a way of “actively contributing to helping a magnificent public-interest association which has been working for the most vulnerable people, without interruption, for almost 40 years.

 

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Featured photo: © Les Restaurants du Coeur

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Victor Gosselin
Victor Gosselin is a journalist specializing in luxury, HR, tech, retail, and editorial consulting. A graduate of EIML Paris, he has been working in the luxury industry for 9 years. Fond of fashion, Asia, history, and long format, this ex-Welcome To The Jungle and Time To Disrupt likes to analyze the news from a sociological and cultural angle.

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