Richemont Completes Stock Buy-Back

The Richemont jewelry group successfully completed a stock buy-back plan. The Swiss luxury-brand holding company announced the plan on May 2008, with a plan to purchase 10 million "A class" shares within a two-year time allotment. Last May, the program was extended adding an additional 5.4 million shares to the original 10 million and extending the plan to May 2011.

15.4 million shares represent approximately 2.68 percent of the company's capital, and 1.48 percent of the voting rights in Compagnie Financière Richemont SA.

In release, Richemont announced that all shares acquired in this purchase were bought in Swiss exchanges, paying market prices as well as exercising over-the-counter call options. Richemont plans to hold the stocks in treasury, hedging them as awards to executives under the group’s stock option plan.

Richemont last quote from the Zurich exchange was quoted at CHF 25.76 ($24.04) per share.