Nestlé is reducing its stake in L’Oréal by selling €8.9 billion worth of shares back to the cosmetics brand.
Following the share buyback programme, the conglomerate will own just 20.1 per cent of L’Oréal.
The company reportedly held a 23.3 per cent stake in the business at the end of 2020.
Nestlé will keep two positions on the L'Oréal Board of Directors.
The food and drink multinational said that its board of directors have decided to replace its existing share buyback programme with a new plan which is expected to begin early next year.
Under the new programme, Nestlé plans to repurchase CHF 20 billion of its shares over the period 2022 to 2024. The company expects to buy around CHF 10 billion of shares in the first year.
The new programme is subject to the necessary regulatory approvals.
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Supplying demand: how fashion retailers can meet the needs of customers and still be sustainable
The fashion industry is no stranger to breaking the mould and setting trends, but the pursuit of style can come at a huge cost to the environment.
New legislation, such as the European Union's Ecodesign for Sustainable Products Regulation, will set mandatory minimums for the inclusion of recycled fibres in textiles, making them longer-lasting and easier to repair.
New legislation, such as the European Union's Ecodesign for Sustainable Products Regulation, will set mandatory minimums for the inclusion of recycled fibres in textiles, making them longer-lasting and easier to repair.
The Very Group
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