PARIS -Parvus Asset Management, a hedge fund registered in Britain, has raised its stake in Kering, a filing by France's financial regulator showed on Friday, now holding around 5% of the group's
Hedge fund Parvus holds 5% stake in luxury group Kering, filing shows
PARIS -Parvus Asset Management, a hedge fund registered in Britain, has raised its stake in Kering, a filing by France's financial regulator showed on Friday, now holding around 5% of the group's share capital.
The filing comes as Kering is under increased market pressure, with shares down by over 60% in the past two years after a string of profit warnings and designer changes at its Italian flagship label Gucci.
Dealing with the London-based fund known for its activist approach adds to the list of challenges of incoming chief executive Luca de Meo, who will take over the helm in September.
Kering declined to comment, while Parvus did not immediately reply to a request for comment.
The hedge fund has declared that it breached the regulatory threshold of 5% of Kering's share capital, and 3.5% of its voting rights, on Friday, the filing by France's AMF regulator said.
It was previously cited as a shareholder with a 4% equity stake and 2.9% of voting rights in Kering's last annual report.
The firm, which earlier targeted budget airline Ryanair and Italian bank UniCredit, has recently also built up a stake in Danish drugmaker Novo Nordisk, the Financial Times reported earlier this month.
(reporting by Tassilo Hummel;Editing by Sudip Kar-Gupta and Louise Heavens)
