Luxury conglomerate Kering has followed in the footsteps of rival company LVMH by postponing its annual shareholders meeting in light of the ongoing effects of the coronavirus pandemic. Originally scheduled for April 23, 2020, the meeting will now take place on June 23, 2020.
Kering has made this decision to prioritize the participation of its shareholders during these difficult times. While the company has not yet revealed how this postponement will impact the decision on its annual dividend, it has assured shareholders that it will release a statement in the near future outlining the arrangements for the General Meeting, including details on dividends and other resolutions.
As a prominent luxury group, Kering is known for its prestigious collection of fashion, leather goods, jewelry, and watch brands. Among these brands are renowned names such as Gucci, Saint Laurent, Bottega Veneta, Balenciaga, and Alexander McQueen. This diverse portfolio positions Kering as a dominant force in the luxury industry, catering to various sectors.
Like many luxury companies, Kering has faced significant challenges due to the COVID-19 pandemic, resulting in the closure of numerous boutiques worldwide. The company recently informed shareholders that it anticipates a 15% decline in first-quarter 2020 comparable sales. By postponing the annual shareholders meeting, Kering aims to accurately assess the situation and make necessary adjustments to future operations.
In 2019, Kering boasted a workforce of over 38,000 employees and generated revenues of €15.9 billion. The decision to delay the shareholders meeting highlights the company’s commitment to prioritizing the safety and well-being of its shareholders during these uncertain times. As the COVID-19 crisis continues to evolve, luxury companies like Kering must adapt and find innovative ways to overcome the challenges faced by the pandemic.