Geneva  - The Swiss luxury goods group Richemont announced Friday that it had completed its extended programme to buy back 15.4 million 'A' shares in the company.

The acquired preferred stocks would be held to hedge awards to executives under Richemont's stock option plan, the group said in a statement.

Richemont reported that it currently holds 24.1 million "A" shares, representing 4.20 per cent of its capital and 2.31 per cent of its voting rights. It also maintains options to acquire a further 13.6 million preferred shares.

The stock is listed on the Zurich exchange, where it was down about 2 per cent in early morning trading, at 25.48 Swiss francs.

The owner of Cartier, Piaget, Chloe and other brands said in its last annual report that it expected a challenging 2009, at least through September, due to the economic downturn.

In 2008, it announced a restructuring programme, and earlier this year said its chief would be stepping down.(dpa)