Fashion tycoon Bernard Arnault is facing criticism from journalists' unions in France over his acquisition of the country's business press. Arnault, the owner of the world's biggest luxury group LVMH, has been accused of having a 'stranglehold' on key media titles after his group bought the centrist business weekly Challenges.
Reporters Without Borders, a global organisation that campaigns for press freedom, has filed a complaint against LVMH's acquisition of Challenges. The group, which owns a range of luxury brands including Louis Vuitton and Dior, has an array of business publications, including the leading economic daily paper, Les Echos, and the business information service L'Agefi.
Laure Chauvel, the head of the France-Italy desk at Reporters Without Borders, said: 'This is a textbook example of the loopholes in French law which fail to keep media ownership in check.' The organisation has accused Arnault of using his dominant position to acquire Challenges and exert control over the French business press.
The French council of state is considering whether authorities failed to properly examine the scope of LVMH's business media ownership, while the competition watchdog is investigating union arguments that the group 'abused its dominant position' by acquiring Challenges.
Arnault has defended his acquisition of Challenges, saying he bought the title 'in the general interest' to protect key publications and keep them alive. However, critics argue that his media empire has given him too much influence over the French business press.