Well, not really. It's just that the luxury goods company is now looking at other revenue streams to expand. The latest is that it's in talks with Pearson Plc, the owner of Les Echos, to buy the French financial daily.
By acquiring Les Echos, LVMH aims to develop the paper, its website and Enjeux magazine, but the proposed sale is raising concerns about editorial independence and job cuts among journalists.
The race for financial publications as a source of revenue for media companies has led to concern over editorial independence and fears of media moguls directing a paper's content towards their own business interest. Although LMVH released a statement proclaiming its dedication to editorial independence, employees at Les Echos protested the potential sale by blocking publication this week.
I wonder what the world's largest luxury goods maker plans to takeover next?
Source: Bloomberg
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