LVMH 2020 . C h a i r m a n s m e s s a g e

8 9

INNOVATE

One of the underlying trends accentuated by the pandemic was the digitalization of our operations, which accelerated sharply in 2020, thanks to the lead we had already built up in this area and the rapid adjustment of our working methods. The surge in e-commerce partly offset the closure of the Group s stores, especially at Sephora, which achieved record online sales. More generally, all of our Maisons have outdone themselves in unleashing their ingenuity and creative spirit to enhance their appeal, sustain the ties they have built with their customers and deliver unparalleled digital experi- ences. Christian Dior Couture s digital fashion shows will go down as one of the highlights of this year unlike any other, providing an enthralling interlude of creativity and imagination. Shows staged and filmed by Hedi Slimane for Celine had a major impact. Jonathan Anderson for Loewe, Nicolas Ghesquière and Virgil Abloh for Louis Vuitton also unveiled their collections to breathtaking effect. At the same time, we paid considerable attention to developing our Maisons manufacturing facilities, as well as enhancing the excellence of their physical and online distribution channels. The quality of the purchasing experience we offer our customers remains paramount.

ANTICIPATE

Where we now stand in early 2021, we are proud to welcome Tiffany and its teams to our Group. The brand an American icon stands for a unique form of joy and love, and its famous blue box is coveted the world over. I am convinced that we will be able to make its star shine ever more brightly, helping it innovate and grow with the same determination and passion we have devoted to each of our Maisons over the years. While promising breakthroughs offer a glimpse of the gradual end of the pandemic, LVMH still faces a number of challenges. And the uncertain economic environment in which we operate means that we need to remain vigilant. That will be our course of action for the coming months, to make sure we stay optimally positioned to seize opportunities arising from the anticipated recovery in 2021. Our Group has made major strides forward, and its foundations are solid as reflected by its market appreciation in 2020 but there is still plenty of potential for development. Let s use our imagination to explore that potential. Crises make us stronger. Our Maisons have experienced their fair share of them during their many decades in existence, but as long as we learn from them, they can be a powerful driver for the ensuing years of growth. As in the past, the key to turning this trying time into a success is using our insight to craft creative, innovative products that elicit desire. This crisis and the months of lockdown we have lived through have also shown that customer demand for our iconic products is perhaps higher than ever, driven by the desire to take part in and share the unforgettable experiences they offer: the moment you open a bottle of Château d Yquem and the rich bouquet of aromas evokes the golden light of a sun-drenched vineyard; the feeling of being transported through time by the scent of rare flowers encased in a bottle of Guerlain or Dior perfume; the thrill of opening a robin s-egg blue box from Tiffany s or contemplating a Bvlgari necklace; the enveloping softness of Loro Piana s precious fabrics, or the most exquisitely finished leathers crafted by Louis Vuitton, Fendi or Loewe; the sumptuous drape of a Christian Dior or Celine dress; the endlessly fascinating movement of a TAG Heuer or Hublot timepiece Our Maisons hold the infinite promise of wonder. They embody authenticity and quality, giving life so many beautiful flavors. They spark what is ultimately the driving force behind life itself: desire.

Bernard Arnault Chairman and Chief Executive Officer