Last August, Kering presented its share buyback program. Today, the second part of the buyback program has been launched.
The Kering Group, owner of the Balenciaga and Gucci brands, aims to buy back up to 2% of its share capital over a 24-month period. Today, the luxury group is setting up a new share purchase agreement with an Investment Services Provider (ISP).
The new contract corresponds to a second round of the program, with a maximum volume of 650,000 shares, i.e. approximately 0.5% of the share capital as of February 15, 2022. The maximum share purchase price has been set at EUR 1,000, as part of the single resolution adopted by the General Meeting of Shareholders in July 2021. The purchase period provided for in the agreement will begin on February 23, 2022 and will last until April 26, 2022 at the latest. Between August 25 and November 3, 2021, a first tranche of the program involved 650,000 shares.
Part of the shares repurchased under this second tranche will be cancelled, thereby offsetting the non-material dilutive impact of the planned employee share ownership plan. The other part of the shares repurchased will be allocated to compensation plans for Group employees in Kering shares.
Read also > GUCCI RAISES KERING’S Q4 RESULTS
Featured photos : © P. Sitller/Réa