T R A N S F O R M I N G C O N S T R A I N T S

I N T O O P P O R T U N I T I E S

ANTONIO BELLONI, GROUP MANAGING DIRECTOR

2020 was a year unlike any other. How did LVMH get through this turbulent period?

2020 was indeed an unprecedented year. The crisis cre- ated difficult conditions for our customers and our teams, with everyone having to deal with tough restrictions on their personal and professional freedoms. Of course, this situation had repercussions for our Group and its Maisons. Our operations directly linked to people s social lives and tourism, in particular, were hit by the closure of restau- rants, bars and hotels in many countries, and by the sud- den drop in airport passenger traffic. However, LVMH s major brands performed very well, providing further proof of their power and dynamism: they helped the Group weather the crisis and extend its leadership. And that largely reflects how extraordinarily well our teams responded to events. Right from the outset, they showed remarkable dedication, getting involved right away to help fight the pandemic. They displayed tremendous adaptability in managing our business activities at every level as circumstances changed. Time and time again, they proved their courage, generosity

and creativity. We witnessed a tremendous collective energy, reflecting a keen sense of belonging to the Group, which will be remembered for a long time.

What lasting lessons did these events teach us?

While it is still too soon to take stock of the crisis, which is not completely behind us, we have definitely learned a great deal. It underscored the importance of being able to adapt to an abrupt shift in market conditions affecting demand, working methods, and the usual production and consumption cycles. We managed to do that successfully, coordinating store closure / reopening phases in real time, while adjusting our communication, sales channels and supply chains. Recent events have also highlighted our responsibility, and the importance of our role of protecting our cus- tomers and our employees: reorganizing how we work, adopting strict health and safety measures, and fully supporting our partners especially the many small businesses, craftspeople and suppliers who are so crucial to our Maisons creativity and supply chains.