Pursuant to the stock repurchase program announced on October 29, 2018, covering up to 1.0% of its share capital over a 12-month period, Kering (Paris:KER) has signed a new share buyback agreement with an investment service provider.
Between October 29, 2018 and February 28, 2019, a first tranche of the program led to the repurchase of 603,406 shares. The new agreement is related to the second tranche of the program. This new tranche will cover a maximum volume of 658,000 shares, i.e. approximately 0.5% of Kering's outstanding share capital. As a reminder, the maximum purchase price set by the Annual General Meeting of April 24, 2019 in its 10thresolution was €580 (five hundred and eighty euros) per share.
The purchase period provided in the agreement will start on June 17, 2019, and has a maximum duration of 3 (three) months.
The shares acquired under this program will be cancelled.
A global Luxury group, Kering manages the development of a series of renowned Houses in Fashion, Leather Goods, Jewelry and Watches: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, DoDo, Qeelin, Ulysse Nardin, Girard-Perregaux, as well as Kering Eyewear. By placing creativity at the heart of its strategy, Kering enables its Houses to set new limits in terms of their creative expression while crafting tomorrow's Luxury in a sustainable and responsible way. We capture these beliefs in our signature: "Empowering Imagination". In 2018, Kering had nearly 35,000 employees and revenue of €13.7 billion.
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