Luxury conglomerate Kering is set to launch its debut employee share ownership program, known as ‘KeringForYou’, with the objective of engaging Kering employees in the company’s progress and future performance, while also rewarding their dedication. Under the program, employees will have the chance to purchase discounted shares in the company.
The program is scheduled to kick off on May 19 and will be available in various countries, including France, Italy, the United Kingdom, the United States, mainland China, Hong Kong SAR, Japan, and South Korea. The CEO of Kering, François-Henri Pinault, will determine the share price on May 17. This price will be based on the average opening prices of Kering shares on Euronext Paris over the 20 trading days leading up to the announcement, with a 20% discount applied and rounded up to the nearest euro-cent.
The subscription period for the program will run from May 19 to June 9. In France, the allotted shares will be restricted for a period of five years, while in other participating countries, they will be locked for three years. The program has a cap of 200,000 shares, which represents a 0.16% increase in Kering’s share capital.
François-Henri Pinault, CEO of Kering, expressed that the introduction of this employee share program highlights the valuable contributions and dedication of Kering employees to the company’s corporate culture. He emphasized that the group’s success in recent years can be attributed to the ability of each employee to push themselves to their limits and their commitment to shaping a modern, genuine, and responsible luxury brand.
In 2021, Kering reported sales of 17.6 billion euros and currently employs over 42,800 individuals. As part of its efforts to strengthen the alignment between the interests of its staff and the company’s growth, Kering aims to enable employees to become shareholders by offering them this unique opportunity.
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