Luxury conglomerate Kering is launching its first employee share ownership program called ‘KeringForYou’ in an effort to involve employees in the company’s development and reward their commitment. The program will allow employees to purchase shares in the company at a discounted rate. It will be available in several countries, including France, Italy, the United Kingdom, the United States, mainland China, Hong Kong SAR, Japan, and South Korea, starting from May 19.

The share price for the program will be determined on May 17 by CEO François-Henri Pinault. The price will be based on the average opening prices of Kering shares on Euronext Paris in the 20 trading days leading up to the decision. This price will then be discounted by 20% and rounded up to the nearest euro-cent. Employees can participate in the program from May 19 to June 9.

To encourage long-term commitment, shares acquired through the program will be subject to a lock-in period of five years in France and three years in other participating countries. The program will have a maximum of 200,000 shares, representing a maximum of 0.16% of Kering’s share capital.

François-Henri Pinault believes that this employee share ownership program recognizes the efforts made by Kering’s employees and their commitment to the company’s corporate culture. He emphasizes the importance of employee involvement in shaping the future of Kering. Pinault states, “The success of Kering in recent years is based on each of its employees, their ability to push their limits, and their commitment to building a modern, authentic, and responsible luxury.”

With sales of 17.6 billion euros in 2021 and a workforce of over 42,800 people, Kering’s share price currently stands at 489.70 euros as of midday trading on May 5. This employee share ownership program highlights Kering’s belief in the value of employee participation and its dedication to recognizing their contributions.

Useful links:
1. Kering’s Commitment to Employees
2. Kering’s Sustainability Initiatives