French fashion giant LVMH announced a bonus payment for staff to help them cope with inflationary pressures, joining a growing list of blue-chip French companies which have announced similar bonuses for workers.

LVMH said 27,000 of its staff in France would be able to qualify for this bonus, which would range from €1,000-1,500 ($973.50-$1,460).

Earlier this month, Air France and Stellantis also announced similar bonuses for workers, as inflation rises across Europe.

Russia’s invasion of Ukraine has disrupted world energy markets, and this in turn has contributed to rising inflation.

French Finance Minister Bruno Le Maire said this month that inflation in France was expected to ease back to 4.2 percent on average for 2023, from 5.3 percent this year.

By Mimosa Spencer; Editor: Sudip Kar-Gupta

Learn more:

What Will a Recession Mean for the Luxury Market?

An impending economic downturn is top of mind for the sector right now. BoF breaks down the key implications for the industry.