Donations Flood In to Rebuild Notre Dame Cathedral
April 16 2019 - 12:28PM
Dow Jones News
By Cristina Roca and Denise Roland
France's business elite, including two of the country's richest
men, have pledged hundreds of millions of euros to restore Notre
Dame cathedral, kicking off what looks to be a flood of money from
around the world.
Bernard Arnault, who heads LVMH Moët Hennessy Louis Vuitton SE,
said his family and the luxury-goods company it controls would
donate EUR200 million ($226 million) to the fund dedicated to
reconstructing Notre Dame. LVMH also offered the skills of "all of
its teams -- including creative, architectural and financial
specialists" to help with the reconstruction and fundraising.
François-Henri Pinault, who controls rival fashion group Kering
SA, said his family would donate EUR100 million. Kering's luxury
brands include Gucci and Alexander McQueen.
L'Oréal SA said the company, the Bettencourt Meyers family and
the Bettencourt Schueller Foundation would donate EUR200 million in
total.
French oil giant Total SA will donate EUR100 million, according
to a tweet by its chairman and chief executive, Patrick
Pouyanné.
Among other wealthy donors are Marc Ladreit de Lacharrière, head
of French investment firm Fimalac SA, who offered EUR10 million.
Brothers Martin and Olivier Bouygues, who head industrial
conglomerate Bouygues SA, have also pledged EUR10 million. In the
U.S., private-equity tycoon Henry Kravis and his wife, Marie-Josée
Kravis, offered $10 million.
French officials are still assessing the damage to the cathedral
and to its valuable collection of art and religious relics. Some
paintings and objects were removed for safety. It was unclear how
much it would cost or how long the reconstruction would take.
Sylvain Charlois, chief executive of oak grower Charlois Groupe,
told the FranceInfo radio station that the reconstruction would
take years or even decades and require millions of cubic meters of
wood. He offered to provide wood, saying he would start sourcing
the best oak trees and setting aside the best specimens.
Outdoor advertising giant JCDecaux SA pledged EUR10 million to
the effort, and Crédit Agricole SA said it would contribute EUR5
million. Financial consulting firm Capgemini SE said it would give
EUR1 million. Apple Inc. Chief Executive Tim Cook said on Twitter
that the company would donate to the rebuilding efforts.
Other companies are offering donations in kind. Construction
company Vinci SA said that all French building firms should join
forces to rebuild the church.
"The partial destruction of Notre Dame is an unqualified
tragedy," Vinci said. "The 13th century wooden beams holding up the
roof will never be replaced. But the part of Notre Dame that has
survived the fire must be safeguarded."
Bouygues' construction arm said it would participate in the
restoration project, while Air France-KLM SA said it would offer
free transport to officials involved in the reconstruction.
Public money has also been pledged. The city of Paris said it
would give EUR50 million. The regional government said it would
provide EUR10 million.
"In 2024, Paris will host the world for the Olympic and
Paralympic Games. We need to do everything we can so that the Notre
Dame cathedral is returned to all its splendor for this occasion,"
said Paris Mayor Anne Hidalgo.
Other fundraising efforts to bring in donations from the public
are under way. The French Heritage Foundation, or Fondation du
Patrimoine, a private group that supports the preservation of
historic structures, is raising funds on its website. Pledges had
topped EUR3.7 million by Tuesday afternoon.
Smaller crowdfunding drives were also underfoot. A group called
Catholic Connect that said it is based in Texas had raised more
than $6,000 by Tuesday afternoon on GoFundMe.
Different forms of fundraising often play a role in the repair
of historic buildings. In the U.K., Windsor Castle required a major
restoration after a 1992 fire destroyed or damaged more than 100
rooms, or about one-fifth the total area of the building. The
five-year restoration project cost GBP37 million ($48 million),
with 70% of the funds raised by opening parts of Buckingham Palace
to visitors in the summer.
Write to Denise Roland at Denise.Roland@wsj.com
(END) Dow Jones Newswires
April 16, 2019 12:13 ET (16:13 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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