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very proud to be joined by exceptional hotel business Belmond. We have also forged a prom- ising partnership with Stella McCartney, whose long-standing commitment to sustainable, ethical fashion resonates with our values and our vision. Lastly, we made our debut in the high-end rosé sector, with the arrival within the Group of two renowned vineyards in the south of France.

A POTENT MIX OF COLLECTIVE TALENT

These accomplishments and achievements are due above all to our highly driven staff: a potent mix of collective efficiency that fuels the appeal and power of our brands each and every day. At every Maison and in every profession, the women and men of LVMH have made all the difference, from the free rein given to creativity and initiative to their absolute mastery of quality; constantly aspiring to offer fresh, new ideas without losing sight of our timeless heritage, and driving forward our Maisons, their products, their designs and their experiences. One need look no further than the new Louis Vuitton Maison in Seoul, for which Frank Gehry designed a fantastic glass vessel echoing the Fondation Louis Vuitton in Paris; the Maison s New Bond Street store in London, transformed by architect Peter Marino; and the spectacu- lar Christian Dior pop-up store inaugurated on the Champs-Élysées, transported as if by magic from its historic address at 30 Avenue Montaigne during its transformation.

AN UNPRECEDENTED CRISIS

In the economic environment we face during these first few months of 2020, disrupted by a major public health crisis, we remain focused on a long-term vision the time frame within which we pursue our strategy and are continuing to concentrate our efforts on preserving the value of our brands. In this unprecedented context, I would first like to thank our teams around the world, who have mobilized to help caregivers and participate in the collective effort by making hydroalcoholic gel for hand sanitizers, by facilitating the movement or by producing medical masks or even by sourcing critical equipment for hospitals. The health and safety of our employees and customers must remain our top priority. On a global scale, the Group works closely with the teams of each of our Maisons to provide them with all the resources they need. Thanks to everyone s commitment and the strength of its brands, the LVMH group maintains good resilience in the face of this worldwide challenge. For several weeks, our teams have once again demonstrated that excellence, creativity and responsive- ness will allow us not only to overcome this crisis but, above all, to emerge even stronger when it fades. Vigilant and responsive as never before in the short term and confident for the long term, we will approach the months ahead focused on our targets for lasting growth, firmly committed to consolidating our lead in high-quality products once again in 2020.

STRONG VALUES TO GUIDE US

Our resolve is strengthened by a bedrock of enduring values, shared with our vast commu- nity of employees, customers, partners and shareholders. These naturally include creativity and a passion for innovation; a quest for excellence in everything we do from our most artistic to our most operational initiatives; and a company culture that pushes each of us to surpass ourselves, to open up to the world and its cultures, and to be ever on the lookout for opportunities to blaze new trails. These are the core values that guide us, that drive our actions, and that help us move forward, year after year. Which brings me to a fourth value, in addition to the three I have just mentioned: commitment. A deep sense of responsibility and a compelling duty to lead by example have been passed down from generation to genera- tion within each of our Maisons since their founding. This commitment is what makes them

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