The French luxury goods group Moët Hennessy Louis Vuitton (LVMH) has started a share buyback program. The company announced in a statement on Tuesday that it had given an investment service provider an irrevocable mandate to acquire LVMH shares with a maximum value of EUR 300 million over a period from December 21, 2021 to February 15, 2022.
The price of the shares acquired as part of this mandate may not exceed the price of EUR 950 per LVMH share set by the Annual General Meeting on May 28, 2021. The shares acquired in this way are to be withdrawn.
During this period, the price paid by LVMH will be determined on the basis of the volume-weighted average price, it said.
The luxury group is still on a growth path and only announced in October that it had not only increased its sales significantly in the first nine months of the 2021 financial year compared to the pandemic year 2020, but also compared to the pre-crisis year 2019. In the first half of 2021 the company even increased its half-year profit tenfold.