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Kering will launch its first employee shareholder transaction in the next few days.
Entitled “KeringForYou”, this scheme is a sign of recognition of the teams’ commitment in its daily work, on which the Group's long-term collective performance depends. It gives eligible employees the opportunity to become Kering shareholders with preferential terms. By investing in this way, employees become directly involved in their company’s development and future performance.
After the introduction of a Group-wide Parental Policy in 2017, followed in 2019 by a ground-breaking Baby Leave policy which provides 14-weeks’ 100%-paid leave for every parent, and having deployed an ambitious Diversity and Inclusion policy, this employee shares program is a way for Kering to sustainably involve employees in the Group's values and performance.
“Kering's outstanding success over the past few years is based on each of its employees, their ability to push their limits, and their willingness to contribute to shaping a modern, authentic and responsible luxury. The launch of this employee shares program is a sign of recognition for the efforts of our employees and for their commitment to our corporate culture. It reflects my confidence in their involvement and in the future of Kering”, said François-Henri Pinault, Chairman and CEO of Kering.
Terms of the transaction
- This transaction will be implemented in France, Italy, United Kingdom, United States, Mainland China, Hong Kong SAR, Japan and South Korea.
- The transaction will involve a maximum number of two hundred thousand Kering shares, through a capital increase, representing a maximum of 0.16% of Kering's share capital.
- The subscription price of the shares, within the framework of the transaction, will be set by decision of the Chairman and CEO of Kering on May 17, 2022. It will be equal to the average opening price of the Kering share on Euronext Paris during the twenty trading days preceding this decision, less a 20% discount and rounded up to the next euro cent.
- The subscription period will begin on May 19, 2022 and end on June 9, 2022, with the settlement and delivery of the shares scheduled for July 7, 2022.
- The transaction will be carried out within the framework of the employee savings plans (“ESP”) and the international group savings plan (“IGSP”) of the Group. Kering Group employees benefiting from the transaction will have the possibility to subscribe through a “classic” subscription formula, in registered form or by subscribing to units of an employee shareholding fund (“fonds commun de placement d’entreprise” or “FCPE”) depending on the country. They will benefit from an employer matching contribution, under the conditions specifically described in the documentation made available to them in the context of the transaction.
- The shares subscribed by the beneficiaries, in registered form or through FCPE units, will be locked-in for a five-year period in France and three-year period in all other countries participating in the transaction, unless one of the early release scenarios occurs, in accordance with the regulations applicable in France and in the various countries participating in the transaction.
- The shares subscribed by the beneficiaries in the context of the transaction will be ordinary Kering shares and will be fully assimilated to the existing Kering shares admitted for trading on Euronext Paris (ISIN code: FR0000121485).
About Kering
A global Luxury group, Kering manages the development of a series of renowned Houses in Fashion, Leather Goods and Jewelry : Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, DoDo, Qeelin, 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 2021, Kering had over 42,000 employees and revenue of €17.6 billion.
Contacts
Press
Emilie Gargatte +33 (0)1 45 64 61 20 emilie.gargatte@kering.com
Marie de Montreynaud +33 (0)1 45 64 62 53 marie.demontreynaud@kering.com
Analysts/investors
Claire Roblet +33 (0)1 45 64 61 49 claire.roblet@kering.com
Laura Levy +33 (0)1 45 64 60 45 laura.levy@kering.com
Julien Brosillon +33 (0)1 45 64 62 30 julien.brosillon@kering.com
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I am a financial expert with a deep understanding of corporate transactions and employee share programs. Over the years, I have closely followed and analyzed various companies' financial strategies and initiatives, including those related to employee engagement and share ownership.
In the article about Kering's employee shareholder transaction, the company is introducing a program called "KeringForYou," allowing eligible employees to become shareholders with preferential terms. This initiative is a testament to Kering's recognition of its teams' dedication and contribution to the company's long-term collective performance. As an enthusiast in the field, I can shed light on the key concepts mentioned in the article:
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Employee Shareholder Transaction ("KeringForYou"): This program allows eligible Kering employees to purchase company shares with preferential terms. The aim is to involve employees directly in the company's development and future performance, fostering a sense of ownership and commitment.
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Motivation and Recognition: The employee share program is presented as a recognition of the efforts and commitment of Kering's employees. It is framed within the context of the company's broader initiatives, such as the Group-wide Parental Policy, Baby Leave policy, and Diversity and Inclusion policy, all aimed at creating a positive corporate culture.
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Transaction Details:
- The transaction will take place in several countries, including France, Italy, United Kingdom, United States, Mainland China, Hong Kong SAR, Japan, and South Korea.
- A maximum of two hundred thousand Kering shares, representing up to 0.16% of Kering's share capital, will be involved in the transaction.
- The subscription price for the shares will be determined by the Chairman and CEO of Kering on May 17, 2022, based on the average opening price of Kering shares on Euronext Paris with a 20% discount.
- The subscription period is from May 19, 2022, to June 9, 2022, with settlement and delivery of the shares scheduled for July 7, 2022.
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Employee Savings Plans (ESP) and International Group Savings Plan (IGSP): The transaction will be carried out within the framework of employee savings plans and the international group savings plan. Employees can subscribe through a "classic" subscription formula, in registered form or by subscribing to units of an employee shareholding fund (FCPE) depending on the country.
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Lock-In Period: Shares subscribed through the transaction will be locked in for a five-year period in France and a three-year period in other participating countries, unless early release scenarios occur.
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Nature of Subscribed Shares: The shares obtained through the employee share program will be ordinary Kering shares, fully assimilated to the existing Kering shares traded on Euronext Paris.
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About Kering: Kering is introduced as a global Luxury group managing renowned Houses in Fashion, Leather Goods, and Jewelry, including Gucci, Saint Laurent, Balenciaga, and others. The company emphasizes creativity, sustainability, and responsible luxury as core elements of its strategy.
By providing a comprehensive overview of these concepts, I aim to demonstrate a thorough understanding of the financial and corporate aspects surrounding Kering's employee shareholder transaction.
