During the first half of 2021, around 17% on average of the store network was closed. Nevertheless, the retail channel delivered sales of €1,281 million in the period, with trend improving constantly quarter after quarter. In the second quarter of 2021, sales improved over the same period in 2019, with double-digit growth. The group expects growth to continue.

Total net revenues were €1,501 million, up 60% at current exchange rates on H1-2020

and 66% at constant exchange rates. Retail sales were up 60% versus H1-2020 and up 8% against H1-2019 at constant exchange rates, showing a strong acceleration in the second quarter. Wholesale sales were down 37% against H1-2019, consistent with the company’s selective approach. EBIT was €166 million (11.1% on revenues), ahead of €150 million in H1-2019 (9.6% on revenues). Net income was €97 million and operating cash flow at €316 million.

Sales in Europe were impacted by the high levels of store closures (36% on average), but once stores re-opened, they partially recovered. Demand from local customers partially offset the lack of tourists. Asia Pacific showed strong double-digit growth in both quarters over 2019. Consumer demand was particularly strong in key markets compared with H1-2019. The Americas showed improvement driven primarily by local consumers, with strong

performance across all countries. In Japan, revenues suffered due to restrictions imposed by the government ahead of the Olympics. The Middle East showed continued growth, driven mainly by local consumption and a somewhat increased inflow of tourists. E-commerce saw a sales increase that was in triple digits compared with the same half in the previous year; the channel now accounts for 7% of retail sales.