Bernard Arnault and his LVMH empire are forces to be reckoned with in Europe and beyond. Now, French media are bearing the brunt of the billionaire’s clout as Arnault looks to flex his media muscle.
Earlier this year, the billionaire sent a memo to staff banning them from speaking to reporters at select French media outlets. He warned that breaching the edict “will be considered a serious infraction, with the corresponding consequences attached to it,” according to The Financial Times.
In the note, he said some sites leaned on the luxury industry’s allure to report sensationalist news about the family-owned company.
The move has infuriated French journalists, who collectively signed an open letter published Tuesday in the national newspaper Le Monde, against Arnault’s effort to undermine the “mission of the press.”
News publications including Le Figaro, AFP, and two owned by Arnault—Les Échos and Le Parisien— have pushed back, saying that employees’ loyalty “must not allow their employers to deprive them of their fundamental rights by banning all contact with individuals of their choice.”
The open letter called Arnault’s ban “illegal” and one that potentially hampers whistleblowers from coming forward.
LVMH didn’t immediately return Coins2Day’s request for comment.
Arnault’s tussles with media
Arnault’s order, dated January 17, 2024, names a handful of French and English-language news publications, including Glitz Paris, Miss Tweed, Puck, and La Lettre, which first reported about the memo last week.
The outlets range from business to satirical and tabloid-style news. It’s unclear if specific subjects or stories may have prompted Arnault to bar employees from engaging with media.
Arnault is one of the most influential figures in European business. He is France’s richest man, currently worth $183 billion, although his wealth has plummeted this year owing to a luxury industry slowdown. Arnault and his family hold massive sway in the country, with stakes across luxury couture, real estate, entertainment, and more. Being in the public eye has come with its share of awkward press coverage, including when Arnault confirmed he was pursuing Belgian citizenship in 2012 and was ridiculed for it.
The open letter marks yet another strain in the LVMH chief’s relationship with French media and how he wields his power. Last year, the French press questioned the exit of Les Échos editor-in-chief Nicolas Barré, who left after 10 years to pursue a different role within the parent company.
Even when LVMH attempted to purchase Les Échos from British publisher Pearson in 2007, journalists opposed the move, fearing it would give the luxury conglomerate’s owner too much control and deride editorial integrity.
Arnault has been expanding his media holdings lately. In addition to the previously mentioned news outlets, he owns Radio Classique. He is looking to buy gossip magazine Paris Match, which chronicles the lives of the French capital city’s A-listers.
The patriarch’s rationale behind his media holdings is simple: “philanthropy,” he said during a French senate inquiry in 2022, reported by the Wall Street Journal. Given the shifting landscape of news media, if he hadn’t invested in them, they might have folded.
