AGM Information • Apr 24, 2025
AGM Information
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April 24, 2025
The General Shareholders' Meeting of April 24,2025 renewed the authorization given to the Board to trade in the Company's shares. The following description was prepared in accordance with Articles 241- 1 and 241-2 of the General Regulations of the French financial markets Authority (Autorité des marchés financiers) and in accordance with the provisions of Delegated Regulation (EU) 2016/1052 of March 8, 2016.
The authorization for Kering to purchase its own shares under the share buyback program (eleventh resolution) and the authorization to reduce the share capital by canceling shares purchased or to be purchased as part of this program (twelfth resolution) was granted by the Combined General Shareholders' Meeting of April 24, 2025 (eleventh and twelfth resolution). The delegation from the Board of Directors was granted in its meeting of April 24, 2025.
As of April 24, 2025, the number of shares held by Kering, directly or indirectly, was 825,620, i.e., 0.67 % of the share capital.
The objectives of the share buyback program approved by the General Shareholders' Meeting of April 24, 2025, are as follows:
it under the terms and conditions provided for by law, and to sell or grant shares to them in accordance with French or foreign laws and regulations; or
As of April 24, 2025, Kering's share capital amounted to €493,683,112, divided into 123,420,778 shares.
The General Shareholders' Meeting of April 24, 2025, set the maximum proportion of share capital that Kering may hold at any time at 10% of the number of shares making up the share capital, i.e., to date, a maximum of 12,342,077 shares. Given the number of Kering treasury shares held as of April 25, 2024, Kering could acquire 9.33% of its own shares.
The maximum purchase price set by the General Shareholders' Meeting is €700 per share, excluding acquisition costs, bringing the total maximum amount allocated to the share repurchase program to €8,639,453,900.
The term of the authorization to repurchase its own shares is set at 18 months as from the General Shareholders' Meeting of April 24, 2025, i.e., until October 24, 2026.
The Shareholders' Meetings of April 25, 2024 (seventeenth resolution) and April 27, 2023 (ninth resolution) authorized the Board of Directors, with the ability to subdelegate, to implement a share buyback program for a period of 18 months. These authorizations were not used, with the exception of the liquidity agreement.
Kering entered into a liquidity agreement that came into force on February 13, 2019 for a 12-month period and was renewed every year by tacit agreement. This liquidity agreement complies with the regulations relating to liquidity agreements and with the Professional Code of Conduct established by the Association Française des Marchés Financiers (AMAFI), approved by the Autorité des marchés financiers.
An amendment to that agreement came into force on July 1, 2021, providing for the resources in the liquidity account to be reduced by €25 million. As a result, since July 1, 2021, €25 million have been recorded in the liquidity account.
As of April 24, 2025, Kering did not hold any call options on its shares.
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In accordance with Article 241-2, II of the General Regulations of the Autorité des marchés financiers, during the implementation of the share buyback program, any significant change in any of the information listed in paragraphs 3, 4 and 5 above will be brought to the public's attention as soon as possible in accordance with the procedures set out in Article 221-3 of such General Regulations.
Kering is a global, family-led luxury group, home to people whose passion and expertise nurture creative Houses across ready-to-wear and couture, leather goods, jewelry, eyewear and beauty: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, McQueen, Brioni, Boucheron, Pomellato, Dodo, Qeelin, Ginori 1735, as well as Kering Eyewear and Kering Beauté. Inspired by their creative heritage, Kering's Houses design and craft exceptional products and experiences that reflect the Group's commitment to excellence, sustainability and culture. This vision is expressed in our signature: Creativity is our Legacy. In 2024, Kering employed 47,000 people and generated revenue of €17.2 billion.
| Press | ||
|---|---|---|
| Emilie Gargatte | +33 (0)1 45 64 61 20 | [email protected] |
| Marie de Montreynaud | +33 (0)1 45 64 62 53 | [email protected] |
| Analysts/investors | ||
| Claire Roblet | +33 (0)1 45 64 61 49 | [email protected] |
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