Kering postpones annual shareholders meeting

By

Godfrey Deeny

Published
Mar 30, 2020

Kering, the world’s second largest luxury conglomerate, has decided to postpone its annual shareholders meeting, the latest major publicly quoted company in fashion to delay its ASM in the wake of the coronavirus pandemic.

 
“Given the current situation, and to ensure effective participation of shareholders, the Board of Directors of Kering, which met today, has decided to postpone to Tuesday, June 23, 2020 the 2020 Annual General Meeting initially scheduled for Thursday, April 23, 2020,” Kering said in a release Tuesday evening.
 
Kering’s decision followed that of LVMH, its great French rival, in delaying its shareholders meeting. However, Kering did not indicate how this postponement would affect any decision on its annual dividend.

“A press release will be issued later to inform shareholders of the arrangements for the General Meeting, the payment of the dividend as well as other Kering postpones annual shareholders meeting resolutions submitted to their approval,” Paris-based Kering added.
 
A unique stable of fashion, leather goods, jewelry and watches brands, Kering owns the following luxury marques: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, DoDo, Qeelin, Ulysse Nardin and Girard-Perregaux. 
 
Like most luxury groups, Kering has been forced to close down hundreds of boutiques in its giant worldwide chain in the wake of Covd-19. Last month, it issued a statement warning that it expects a 15% decline in first quarter 2020 comparable sales.
 
In 2019, Kering had over 38,000 employees and revenues of €15.9 billion.