LVMH acquires popular French magazine ‘Paris Match’ known for focus on elite lifestyle

Luxury goods conglomerate LVMH, the company owned by Bernard Arnault, France’s richest man, has just acquired Paris Match, a popular French weekly magazine whose content is focused on elite lifestyle and gossip.

The deal, worth €120 million and confirmed by an LVMH statement, was finalised recently after being announced in February.

Now, Paris Match along with other publications promised in the deal, like Le Journal du Dimanche, will form part of the Arnault’s publication dynasty. This includes the popular Le Parisien daily and Les Échos business newspaper.

The lifestyle publication, established 75 years ago, is known for its interest in the French’s cultural and political elite, as well as the British royal family and other European monarchies. Simultaneously, it is also recognised for its photojournalism and the publishing of war photography.

Prior to the Arnault takeover, the publication was overseen by Bolloré whose conservative coverage and influence had been criticised by journalists and loyal readers. Journalists felt relieved after hearing the news of the acquisition, following discontent over religious publications under the Bolloré leadership.

Now, the media mogul was quoted as saying that the acquisition would restore the publication to its former glory as well as expand its development, particularly in the digital sphere.

“Faithful to its history yet looking to the future, I have full confidence that the Paris Match teams will reinvigorate the essence of its familiar slogan ‘the weight of words, the shock of photos’,” he said.

Simultaneously, an anonymous Paris Match journalist told AFP that there might be plans to restore the Paris Match to its heyday and rehire many members of the staff, who had left the company in recent years.

However, despite the emphasis on returning to its roots, the journalist shared that the team does not have a very clearly stated editorial strategy yet. Nonetheless, an upcoming meeting is expected to better align the vision.

Despite the general happiness over the acquisition, concern still remains over Mr Arnault’s leadership, whose reputation had been tainted by his attitude towards freedom of the press.

According to another French publication, La Lettre, he had banned LVMH executives from speaking to seven blacklisted media outlets.