Luxury group Kering launches stock repurchase programme

Global luxury group Kering has today announced its plan to repurchase up to 1.0 percent of its share capital over a 12-month period. The news comes following the stock repurchase authorisation granted by the General Meeting of Shareholders on 26 April, 2018.

Kering has signed a share buyback agreement with an investment service provider. Under this agreement, a first tranche covering a maximum volume of 631,000 shares - approximately 0.5 percent of Kering’s outstanding share capital - could be repurchased. Kering said in a statement that the total buyback amount would not exceed 300 million euros and the price per share would not exceed 480 euros - the maximum price set by the Meeting of Shareholders on 26 April, 2018 in its 10th resolution.

The agreements purchase period will commences on 29 October, 2018, and has a maximum duration of four months.