Luxury conglomerate, Kering has announced it will be postponing its annual shareholders meeting due to the Coronavirus epidemic.
Kering said in a release: “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.”
The decisions follows after luxury conglomerate LVMH also said it would be delaying its shareholders meeting.
Kering added: “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.”
The leading luxury conglomerate’s portfolio includes high-end brands such as Gucci, Saint Laurent, Bottega Veneta, Balenciaga and Alexander McQueen.
Since the outbreak of Covid-19, a number of luxury groups like Kering have been forced to close down hundreds of stores globally. Last month, Kering issued a statement warning that it expects a 15% fall in first quarter 2020 comparable sales.
In October, Kering recorded a 14.2% uplift in consolidated revenue to €3.9bn in Q3 saying all houses had performed strongly.