PARIS — French luxury group Kering has joined the Euro Stoxx 50 stock market index, marking a milestone in its rise and illustrating the strength of global appetite for high-end goods.
The company, which counts Gucci, Saint Laurent, Alexander McQueen and Ulysse Nardin in its stable of brands, is now part of the group of 50 largest listed stocks in the Eurozone in terms of free-float market capitalization, a “blue-chip representation of supersector leaders in the region,” according to the Deutsche Börse Group-operated index.
“The fact that the Group founded by my father in 1963 is now one of the 50 largest market capitalizations in the eurozone is a recognition of the entrepreneurial values that have always guided us,” said Kering chairman and chief executive officer François-Henri Pinault, who has sharpened the company’s focus on luxury goods.
Kering, previously known as PPR and Pinault-Printemps-Redoute, has been listed on the Paris stock market since 1988 and joined the CAC-40 Paris index in 1995. The company has evolved over the decades from a sprawling retail empire to the owner of some of the fastest growing global luxury brands, earning more than 10 billion euros in revenues last year.
“This symbolic step illustrates our increasing value creation and the relevance of our development model. It demonstrates the confidence of the market in our ability to achieve profitable, sustained and consistent organic growth,” Pinault added.