Kering Launches First Employee Share Ownership Program
● Under the scheme, employees in eight territories will be able to buy 200,000 shares at a discounted rate.
PARIS — Kering said Wednesday it is launching its first employee share ownership plan, for employees in eight territories including France, the U. S. and China.
Employees will be able to buy
200,000 shares at a discounted rate. The subscription period will be open from May 19 to June 9, with the price set on May 17. Delivery and settlement of the shares is slated for July 7.
“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,” François-Henri Pinault, chairman and chief executive officer of the French luxury group, said in a statement.
“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,” he added.
Shares purchased through the scheme will have to be held for at least five years in France and three years in all other countries, barring early-release exceptions applicable in each jurisdiction.
Kering has previously launched groupwide parental, baby leave, and diversity and inclusion policies. In April, it announced the signature of a partnership charter with the French Ministry of Labor, Employment and Integration to reinforce its commitment to hire more young people from disadvantaged communities.