2 0 2 0 H I G H L I G H T S

Store closures and the suspension of international travel due to the global public health crisis affected the Watches and Jewelry businesses. However, the rebound in China in the second half helped limit the full-year revenue decline to 23% at constant consolidation scope and exchange rates. In this context, the Maisons took measures to reduce costs and preserve cash while doing their best to spur demand and develop alternative distribution methods such as digital channels and direct sales. Watch Week an event held by Bvlgari, Hublot, TAG Heuer and Zenith in Dubai in January was an excellent opportunity to present the Maisons new collections to retailers and the media. Heavily affected by the market downturn starting in mid-March, Bvlgari quickly capitalized on the recovery in China starting in the second quarter.

A number of digital initiatives were developed. The Maison helped combat the pandemic by donating hand sanitizer to healthcare facilities in Italy, Switzerland and the United Kingdom, and launched the Bvlgari Virus Free Fund to support Covid-19 vaccine research being done by leading teams at Oxford University, Rockefeller University and Lazzaro Spallanzani Hospital. New designs continued to appear at a rapid pace, with the B.Zero1 Rock collection adding rings, bracelets, pendants and earrings, reflecting the brand s bold creativity along with other iconic jewelry models launched in the Diva, Fiorever and Bvlgari Bvlgari series. High jewelry featured the presentation of the Jannah Flower collection in Abu Dhabi and the bold and colorful new Barocko line, reflecting the precious link between the Maison, the city of Rome and the baroque style. Sales held in Beijing and Shanghai

Hublot, Big Bang Integral King Gold