Our Group continues to move forward as we embark on new phases in our long history. Our clearly reaffirmed strategy is to develop our distinctive brands—all leaders in their businesses—by remaining faithful to our founder’s vision of making attractive, high-quality products available to as many consumers as possible.

Our profits have risen and our divisions are back on a growth path on the strength of a fashion positioning that has enabled our brands to gain market share. Our teams continue to deliver inspired innovation in product offerings, advertising, store merchandising and processes.

Our differentiation strategy guides every aspect of our business, including our commitment to entrepreneurial management.

Equally important, we remain faithful to our four core values:

• Boldness, meaning our ability to take risks in our creations and innovations.
• Leadership, reflecting our forefront positions, which we must constantly defend and consolidate.
• The passion with which we serve our customers.
• The diversity that characterizes both the businesses in which we operate and the talents that we leverage so that our people can achieve fulfilment.