I N N O VA T I N G T O G O B E Y O N D O U R

C U S T O M E R S D R E A M S

ANTONIO BELLONI, GROUP MANAGING DIRECTOR

LVMH has had another very impressive year. Can this exceptional momentum continue?

Year after year, we work to build the desirability of our brands over the long term. We invest in innovation to go beyond our customers dreams; in marketing and the dig- ital world to ensure that the image of our brands is ever more inspiring and attuned to diverse new trends; in building high-performance, environmentally friendly workshops so that our products embody sustainable excellence; and in designing exceptional stores to enchant our customers. Above all, we invest in our talent including designers, craftspeople, sales associates, managers all these professions contribute to the excellent perfor- mance of our Maisons. Lastly, while our existing brands continue to demonstrate their strong potential, we pur- sue selective external growth, illustrated in 2019 by the acquisition of the Belmond hotel group. As things stand in early 2020, with the coronavirus pandemic front and center, our top priority has been and continues to be doing whatever necessary to protect the health and safety of our employees. Its impact on society s values as well as on the lifestyles and desires of our customers will

require adaptation and innovation in the way we execute our strategies. Difficult and unprecedented situations, like the one we are facing today, call for considerable resil- ience, but they can be sources of energy and new ideas. Backed by the dedication and agility of our teams, we are confident that the positive momentum will return and continue over the medium and long term.

What are the main trends dominating the luxury market?

We re seeing some very exciting changes at the moment. There s a growing desire in luxury for a much more per- sonal touch. Throughout their experience with a luxury brand, each customer wants and deserves to feel val- ued and unique. Bespoke and customization are gaining ground, but so is the desire for a relationship with our brands whose main criteria far from being purely rational are above all affective and emotional. Which brings me to the second key point: beyond creativity and quality, our customers want meaning. They want to be on the same page with our ethics and our social commit- ments. From our environmental approach to how we