Kering Launches Third Tranche of Share Repurchase Program
Luxury group Kering has initiated the third tranche of its ongoing share repurchase program. The company will buy back up to 650,000 shares by July 19, 2022.
Kering, the global luxury group, has commenced the third phase of its share repurchase program, as announced on May 17, 2022. The program, initially revealed on August 25, 2021, permits Kering to buy back up to 2.0% of its share capital over a 24-month period.
The latest tranche, set to begin on May 18, 2022, involves the repurchase of a maximum of 650,000 shares, representing approximately 0.5% of Kering's outstanding share capital as of April 28, 2022. The buyback period for this tranche will conclude by July 19, 2022, with a maximum purchase price of 1,000 euros per share.
Shares acquired under this third tranche are designated for partial cancellation, with the remainder intended to cover employee share grant programs. The precise allocation will be determined at the conclusion of the buyback period. Previously, the first tranche saw 650,000 shares repurchased by November 3, 2021, at an average price of €643.70, and 325,000 of these were subsequently canceled. The second tranche, completed by April 6, 2022, also involved 650,000 shares at an average price of €578.71, with 325,000 slated for cancellation by year-end 2022.