PARIS — LVMH Moët Hennessy Louis Vuitton has once again filled the coffers of Le Parisien press group to offset its losses.
The luxury conglomerate — which owns Louis Vuitton, Christian Dior and Fendi, among other brands — injected 65 million euros into Ufipar, the holding company that owns the French daily newspaper. The technical operation took place in late July, and the legal announcement of the transaction was posted on Aug. 18.
It marks the second time LVMH has put a significant payment into the holding company to offset the losses of the media group, which also owns news daily Les Echos, financial website Investir and radio station Radio Classique. LVMH injected 83 million euros in December 2019.
Le Parisien has seen 12 months of increased subscriptions, though it has not achieved profitability. Business daily Les Echos achieved financial breakeven in 2021, the first time since 2008. The group also sold off its printing and distribution arm in late 2021.
Les Echos-Le Parisien group has been diversifying through acquisitions, including the classical TV channel Mezzo and 50 percent of Medici.tv, an OTT platform for opera.
The latest investment from LVMH comes as the group is in talks to acquire polling institute OpinionWay, which specializes in marketing studies and opinion polls including political and election tracking. That move would see OpinionWay expand its research to web data collection and AI to track consumer behavior and trend forecasting, and allow LVMH additional business insights.
Les Echos is also the sponsor of Paris’ VivaTech conference, which is backed by LVMH.
LVMH showed a strong first half of 2022 in results reported in July, with a revenue of 36.7 billion euros, up 28 percent year-over-year from 2021.