Parvus Asset Management, a London-based hedge fund known for its activist investment activity, has increased its stake in French luxury group Kering to around 5%, according to a report by Reuters citing filing by France's AMF regulator on Friday.
The fun now also holds 3.5% of Kering's voting rights, up from 2.9% as reported in the firm's last annual report.
The move comes as Kering struggles with declining market confidence, with shares plunging over 60% in the past two years amid profit warnings and leadership upheaval at its key Gucci brand. The timing adds another challenge for incoming CEO Luca de Meo, set to take over in September.
Kering and Parvus, which has previously taken activist positions in firms including Ryanair and UniCredit, declined to comment on the increased stake.
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