Press release

Sales strongly impacted by Covid-19, as anticipated Gradual sales improvement throughout quarter Mainland China back to growth in June

  • Q2 2020 sales down -45.8% as reported; -47.0% on an organic (1) basis
  • Mainland China sales continued to gradually improve throughout Q2 2020, returning to sales growth in June
  • Strong digital acceleration in all regions (+32.0% of sales growth (2))
  • Solid execution, in H1 2020, of the action plan to mitigate the impact of crisis:

– Capex: meaningful reduction

– Opex: Variabilization of 50% of total costs

– Inventories: Reduction of FW20 purchases by more than 30%

  • Cash: signature of €140m state guaranteed loan and additional flexibility on 2020-21 financial covenants
  • Selective openings: +8 DOS in Q2 2020

(1) All references in this document to the organic sales performance refer to the performance of the Group at constant currency and scope, i.e. excluding the acquisition of De Fursac
(2) Excluding De Fursac