Hedge fund Parvus Asset Management has increased its stake in the luxury group to 5%. With the latter having just announced the arrival of Luca de Meo, former CEO of Renault, at the helm in September, this increase is likely to stimulate, if not a revolution, then at least a shift in strategy…
Will this provide new impetus for Kering to return to growth, both on the market and on the stock exchange?
According to an official document published on June 27 by the French financial regulatory authority, the British hedge fund Parvus Asset Management has increased its stake in the luxury group to around 5%, just as the latter announced that François-Henri Pinault will be replaced as CEO in September by Luca de Meo, the current boss of Renault, who will remain as chairman.
Not a revolution, but likely to have an impact
This is certainly not a revolution within Kering’s capital structure. The Pinault family, which holds 42% of the capital through its holding company Artemis, continues to control the group.
For its part, Parvus, despite increasing its previous stake (mainly through a market share acquisition) to 5.004% of the capital (up from 4% previously), still only holds 3.50% (up from 2.9%) of the voting rights in the company.
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Read also > Kering: Luca de Meo, current CEO of Renault, appointed CEO
Featured image: © Kering
