Billionaires Francois Henri Pinault and Bernard Arnault donate millions to Notre Dame restoration - CNN
France's three wealthiest families are coming to the rescue of a national icon, spearheading a fundraising drive to rebuild Notre Dame that has topped $700 million.
The billionaires behind luxury giants LVMH Group, Kering and L'Oreal on Tuesday pledged a combined €500 million ($565 million) after a
massive fire ripped through the
Paris cathedral.
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The three fashion dynasties have invoked patriotism and shared cultural identity in explaining their generosity following the devastating fire.
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Combined with other donations from companies including French bank Crédit Agricole, the total amount pledged by business and wealthy donors has reached $700 million.
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The process will be expensive and lengthy, and it could take time to begin in earnest. Immediate steps will need to be taken to prevent further damage, since the structure is now particularly vulnerable to water damage.
It's tough to estimate the total time and cost of the restoration.
The Venice Opera House, which was gutted by a blaze in 1996, reportedly reopened eight years later after €60 million ($68 million) was spent.
When Windsor Castle, one of Britain's royal residences, was severely damaged in a fire in 1992, it reopened nearly five years later at a cost of £36.5 million ($47.8 million).