October 29, 2018 / 7:18 AM / 10 months ago

Luxury goods group Kering to buy back up to 1 percent of shares

FILE PHOTO - The logo of Kering is seen during the company's 2015 annual results presentation in Paris, France, February 19, 2016.REUTERS/Charles Platiau

PARIS (Reuters) - French luxury goods group Kering (PRTP.PA), whose brands include Gucci and Saint Laurent, said it planned to buy back up to 1 percent of its share capital over a 12-month period.

Kering said the total amount of the buyback would not exceed 300 million euros (267 million pounds), and that the price paid would not exceed 480 euros per share.

Kering shares edged up by 0.7 percent to 379.90 euros in early trading. The stock has risen about 4 percent so far in 2018, although it has gradually retreated after hitting a record high of around 522 euros in June.

Last week, Kering reported that demand for its Gucci handbags had proven more resilient than expected in the third quarter, extending a strong sales run even as markets fret that momentum in the luxury sector may be petering out.

Reporting by Sudip Kar-Gupta, editing by Louise Heavens

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