French billionaires and major companies have pledged to donate at least 700 million euros to help reconstruct the Notre Dame Cathedral after a catastr
French billionaires and major companies have pledged to donate at least 700 million euros to help reconstruct the Notre Dame Cathedral after a catastrophic fire tore through the historic structure, collapsing its spire, and causing significant damage. François-Henri Pinault, chairman and CEO of the international luxury group Kering, which includes Gucci and Saint Laurent, donated 100 million euros to the cathedral’s reconstruction.
His donation was doubled by Bernard Arnault, chairman and CEO of luxury goods group LVMH, whose brands include Moët & Chandon and Dior. Also French cosmetics company, L’Oreal, as well as its principal shareholder, the Bettencourt Meyers family and their charitable foundation, also pledged a combined 200 million euros. Other billionaires such as Andrey Andreev, the founder of the dating app Badoo, also pledged to donate 100% of the app’s April profits from its 22 million users in France to the reconstruction of the cathedral.
Apple CEO Tim Cook also said the tech company would contribute to the rebuilding efforts. Henry Kravis, co-founder of the New York-based private equity firm KKR, also pledged $10 million to the reconstruction. Together with donations from French companies, including 100 million euros from oil and gas giant Total, the combined amount pledged exceeded 600 million euros.
This is besides the fact that French President Emmanuel Macron unveiled plans to launch a national fundraising campaign to rebuild the centuries-old cathedral.
In its more than 800-year history, Notre Dame has undergone extensive and costly restorations to repair and restore one of the finest examples of French Gothic architecture. When the fire broke out, the spire was being restored as part of a multimillion-dollar renovation to repair water damage to the wooden structure. The cathedral is visited by 13 million tourists each year.
