KER Kering

   By Olivia Bugault 
 

Kering said Wednesday that it is launching a buyback program to repurchase up to 2% of its shares over two years.

Under the buyback agreement that the French luxury-goods group has signed with an investment service provider, a first tranche will cover up to roughly 0.5% of its outstanding shares, or a maximum of 650,000 shares, it said.

For this first tranche, Kering won't spend more than 650 million euros ($764.3 million), which represents a maximum price of EUR1000 per share, it said. The purchase period starts today and will run for three months, the company said.

Write to Olivia Bugault at olivia.bugault@wsj.com

(END) Dow Jones Newswires

August 25, 2021 03:25 ET (07:25 GMT)

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