Consolidated revenue of Kering in the first quarter of 2020:declined by 15.4 per cent on a comparable basis. The brand witnessed a quarter marked by strong disparities, with: o an exceptionally good start to the year in January, before the epidemic began to spread; o a contrasting month of February, reflecting store closures in Asia-Pacific; o a sharply deteriorating situation in March, due to the gradual closure of stores across Europe and the United States, the halt in tourism, and the partial closure of our production and logistics facilities towards the end of the quarter.

Revenue from the directly operated stores of the Luxury Houses retreated 19.5 per cent on a comparable basis, and was particularly affected by the significant slowdown in Asia-Pacific, followed by Europe later in the quarter.

During March, Kering began to see encouraging signs in Mainland China with the reopening of most of its stores. Sharp 21.1 per cent rise in e-commerce for all our Houses in the quarter. Comparable sales generated through the wholesale network declined by 6.8 per cent.