PARIS — L’Oréal said on Tuesday it is launching its first employee share ownership plan, set to roll out in 52 countries.
Under the scheme, employees will be able to buy 500,000 shares at a discounted rate. The subscription period will run from June 4 to June 18, and settlement is scheduled for July 24. The shares will trade on the Euronext stock exchange in Paris, but will have to be held for at least five years, barring exceptions.
“L’Oréal has always intended that its employees benefit from the group’s success and prosperity,” Jean-Paul Agon, chairman and chief executive officer of L’Oréal, said in a statement.
“This first employee share ownership plan will give employees who want to participate a new way to support the company’s development and be involved in its strategic projects,” Agon added.
L’Oréal already has a worldwide profit sharing policy, which gives employees a stake in the beauty giant’s results in their country. In 2013, it launched its Share & Care program, which aims to provide a common foundation for social protection in all the countries where the group has subsidiaries.