Kering Launches Third Tranche of Share Repurchase Program
Kering has initiated the third tranche of its share repurchase program, which aims to buy back up to 2.0% of its share capital. This new phase is scheduled to run from May 18 to July 19, 2022.
Luxury group Kering announced on Tuesday the launch of the third tranche of its ongoing share repurchase program. The program, initially announced on August 25, 2021, allows Kering to acquire up to 2.0% of its share capital over a 24-month period.
The latest tranche is set to commence on May 18, 2022, and will continue until July 19, 2022, at the latest. During this period, Kering intends to repurchase a maximum of 650,000 shares, representing approximately 0.5% of the company's outstanding share capital as of April 28, 2022. The maximum purchase price per share has been set at €1,000.
This follows the completion of the program's first two tranches. The first phase, executed between August and November 2021, involved the repurchase of 650,000 shares at an average price of €643.70. The second tranche concluded on April 6, 2022, with the repurchase of another 650,000 shares at an average price of €578.71.
Kering plans to cancel a portion of the repurchased shares, with the remainder intended to cover employee share grant programs. The final determination of volumes for cancellation and employee programs will be made at the conclusion of the buyback period.