C O N F I D E N C E , V I G I L A N C E A N D E N G A G E M E N T

Antonio Belloni, Group Managing Director

LVMH achieved a record-breaking performance in 2021: how do you explain such a success despite ongoing disruptions related to the public health situation?

Our performance was driven by a combination of factors, both external and internal. First, our customers mindset: after living through two years of the pandemic, they want to rediscover the joy of shopping, enjoy memorable experiences and reconnect. There s also a clear desire to focus on fundamentals tried-and-true essentials with solid value and quality you can count on. We saw the same thing happen during the crises in 2001 and 2008, which ultimately made our Group stronger: our brands are, by nature, positioned to reap the benefits. But that only explains part of our success: the other part comes from our long-term focus on our fundamental strategic priorities. Patiently working to craft our Maisons brand image and build their appeal. Maintaining ongoing dialogue and feedback to allow our decentralized organization to swiftly adapt to any situation. Investing in our capacity to innovate and create unprecedented

experiences, in particular to prepare for our customers return to our stores while maintaining our momentum in online sales. Keeping our eye firmly on the future so our Maisons win over a younger clientele, while maintaining their timeless craftsmanship. I have been deeply impressed by how hard our teams have worked, and deeply grateful for their steadfast commitment in these trying times, despite multiple constraints and highly unpredictable circumstances: more than ever before, their agility and creativity have made all the difference.

As the world is starting to see signs of a possible end to the pandemic, what are the most fundamental trends that the LVMH Group and its Maisons will face?

Several lasting trends will continue to influence our busi- ness activities. The first is an increase in local demand. With tourist travel only slowly recovering, customers are tending to make more of their purchases in their own countries, so our sales associates are working to build