French luxury brands lead $678-million effort to restore Notre Dame after massive fire

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French luxury brands lead $678-million effort to restore Notre Dame after massive fire
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France’s luxury-goods tycoons are among the country’s wealthiest individuals and companies to pledge at least 600 million euros ($678 million) to help in the reconstruction of Notre Dame Cathedral a day after the Paris landmark was ravaged by fire.

Firefighters declared success Tuesday morning in a 12-hour-plus battle to extinguish an inferno engulfing Paris' iconic Notre Dame Cathedral that claimed its spire and roof but spared its bell towers.

“This tragedy is striking all the French people, and beyond that, all those attached to spiritual values,” Francois-Henri Pinault, 56, said in a statement. “Faced with this tragedy, everyone wishes to give life back to this jewel of our heritage as soon as possible.” Restoration of Notre Dame was already under way before the fire, with a budget of about 150 million euros , Michel Picaud, of the fundraising group the Friends of Notre-Dame de Paris, said in an interview on BFM TV. That may need to be tripled after the fire, he said.

Bernard Arnault, 70, is the main shareholder of LVMH Moet Hennessy Louis Vuitton SE and ranks third globally and first in France with a $90.4-billion fortune. L’Oreal heiress Francoise Bettencourt Meyers is the country’s second-wealthiest and the world’s richest woman with a $53.5-billion fortune. Construction company Vinci SA, the Duval family that owns property developer Groupe Duval, and banks BNP Paribas SA, Societe Generale SA and Credit Agricole SA also said they would give.

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