I ran the Following bash script for the conversion from non unicode to utf-8
#!/bin/bash -e
DB_HOST="localhost"
DB_USER="username"
DB_PASSWORD="paassword"
DB_NAME="dbname"
mysqldump -h "$DB_HOST" -u "$DB_USER" - p"$DB_PASSWORD" --opt --quote-names -- skip-set-charset --default-character-set=latin1 "$DB_NAME" > /tmp/temp.sql;
mysql -h "$DB_HOST" -u "$DB_USER" - p"$DB_PASSWORD" --default-character- set=utf8 "$DB_NAME" < /tmp/temp.sql;
This did the job. I opened the DB in sublime text and the french characters were rendered correctly.
More information on this at https://codex.wordpress.org/Converting_Database_Character_Sets