Kering Launches Second Tranche of Share Repurchase Program
Kering has initiated the second tranche of its share repurchase program, aiming to buy back up to 658,000 shares over three months. This follows a previous buyback phase concluded in February 2019.
Luxury group Kering has launched the second tranche of its previously announced share repurchase program. The company has entered into a new share buyback agreement that allows for the acquisition of up to 658,000 shares, representing approximately 0.5% of Kering's outstanding share capital.
This initiative is a continuation of the stock repurchase program initially announced on October 29, 2018, which authorized the buyback of up to 1.0% of its share capital over a 12-month period. The first tranche of this program resulted in the repurchase of 603,406 shares between October 29, 2018, and February 28, 2019.
The new agreement stipulates that the purchase period will commence on June 17, 2019, and will not exceed three months in duration. The maximum purchase price per share has been set at €580, as determined by the Annual General Meeting on April 24, 2019. Shares acquired under this program will be cancelled.
Kering manages a portfolio of prestigious Houses in fashion, leather goods, jewelry, and watches, including Gucci, Saint Laurent, and Bottega Veneta. The group emphasizes creativity in its strategy and focuses on sustainable and responsible development of its brands.