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* with comparable structure and constant exchange rates. The structural impact for the Group compared to 2020 was +10% mainly related to the consolidation of Tiffany & Co. for the first time. The currency effect was -2%.

Profit from recurring operations by business group:

* non-comparable structure.

Wines & Spirits: very strong demand in the United States, in Asia and rebound in Europe

The Wines & Spirits business group recorded organic revenue growth of 26% in 2021 compared to 2020 and 9% compared to 2019. Profit from recurring operations was up 34% compared to 2020. The rebound in consumption, in an environment which was already seeing supply constraints, brought further impetus to the strategy of value creation. Champagne volumes were up compared to 2019. Growth was particularly strong in the United States and Europe, which benefited from the reopening of restaurants and the gradual recovery in regional tourism. The year marked the integration, from the third quarter onwards, of the prestigious Champagne House Armand de Brignac, in which LVMH holds a 50% stake. Hennessy cognac performed well with an increase in volumes compared to 2019, despite supply constraints. China and the United States experienced a strong rebound. Within the flourishing market for high-end rosé wines, Château d'Esclans enjoyed rapid growth and Château Galoupet continued its conversion to organic viticulture.

Fashion & Leather Goods: exceptional performances from Louis Vuitton, Christian Dior, Fendi, Celine and Loewe

The Fashion & Leather Goods business group recorded organic revenue growth of 47% in 2021 compared to 2020 and 42% compared to 2019. With organic revenue growth of 51% compared to 2019, the fourth quarter showed a sharp rise compared to previous quarters. Profit from recurring operations was up 79% compared to 2020 and 75% compared to 2019. The end of the year has been marked by the premature passing of Virgil Abloh, Men’s Artistic Director of Louis Vuitton since March 2018. The Maison paid tribute to the life and legacy of this creative genius with the Miami fashion show, “Virgil Was Here”. Louis Vuitton, which celebrated the 200th anniversary of the birth of its founder, enjoyed a remarkable performance, driven by the success of Nicolas Ghesquière’s creations for the feminine universe of the Maison. Christian Dior Couture had an excellent year with exceptional growth in all its product categories among local customers. The latest fashion shows in Athens and Paris, highlighting the inspiring collections of Maria Grazia Chiuri and Kim Jones, received a tremendous reception. Following its huge success in Paris, London and Shanghai, the Christian Dior, Designer of Dreams exhibition was inaugurated in New York. Celine, thanks to Hedi Slimane and to the success of his collections, and Fendi, driven by the success of Kim Jones collections, had a record year. Loewe, energized by the talent of JW Anderson, and Marc Jacobs also performed particularly well.

Perfumes & Cosmetics: policy of selective distribution maintained, strong rebound in perfumes and rapid progress in skincare

The Perfumes & Cosmetics business group recorded organic revenue growth of 27% in 2021 compared to 2020. Organic revenue was stable compared to 2019. Profit from recurring operations was nearly nine times higher than 2020 and returned to 2019 levels. In an environment marked by a limited recovery in international travel and the closure of many points of sale over a period of several months, LVMH's major brands chose to maintain a policy of selective distribution, limiting promotions and growing online sales on their own website. Christian Dior benefited from the enormous success of Miss Dior and Sauvage. In 2021, Sauvage became the highest selling fragrance in the world (women’s and men’s lines included) which is a worldwide first for a male fragrance. The continued growth of the Collection Privée and the skincare lines Prestige,Capture Totale and L’Or de Vie also contributed to the progress of the Maison. Guerlain recorded excellent performance, driven by its Abeille Royale and Orchidée Impériale skincare lines. Maison Francis Kurkdjian continued to enjoy rapid growth momentum thanks to the ongoing success of Rouge 540, particularly in the United States. Officine Universelle Buly, which differentiates itself through its range of valuable, effective, and authentic products, joined LVMH.

Watches & Jewelry: strong rebound in own stores and successful integration of Tiffany

The Watches & Jewelry business group recorded revenue growth of 167% in 2021 compared to 2020 thanks to Tiffany, consolidated for the first time. Profit from recurring operations was almost six times higher than in 2020 and up 128% compared to 2019. For its first year in the Group, Tiffany saw record performance in terms of revenue, profits and cash flow, and increased its global attractivity as a result of its high impact innovations and collaborations. High-end Jewelry sales in particular reached an all-time high with the huge success of its annual High-End Jewelry Blue Book collection. Honouring its long tradition of expressing love and diversity, a global “About Love” campaign featuring Beyoncé and Jay-Z was launched. The revenue and profits achieved a sharp increase compared to 2019. Bvlgari enjoyed good momentum, driven by the growth of the iconic lines in its own stores. The Maison accelerated the selectivity of its multi-brand network distribution and expanded its own boutiques. Chaumet unveiled an exclusive diamond cut, the Taille Impératrice, and showcased its unique heritage through the “Joséphine and Napoléon” exhibition at the heart of the Maison’s iconic 12 place Vendôme address in Paris. In watchmaking, TAG Heuer inaugurated a major partnership with Porsche and successfully launched a Super Mario limited edition of its smartwatch for gaming enthusiasts. Hublot had an excellent performance, particularly in the United States and China. Fred continued its strong growth. The new products at Zenith have been highly successful.

Selective Retailing: good performance of Sephora; DFS still impacted by limited recovery in international travel

In Selective Retailing, organic revenue was up 18% compared to 2020 and down 18% compared to 2019 due to the impact of travel retail. Profit from recurring operations was back in positive territory in 2021. Sephora surpassed its 2019 level of activity, benefiting from the strong rebound in its stores and the continued momentum of its online sales. The expansion of its store network continued, mainly in China and the United States, notably following on from its major partnership with the American retailer Kohl's. In addition to signing a partnership with the European online platform Zalando, Sephora acquired the British online distributor Feelunique, which specialises in prestige beauty. The health crisis continued to weigh on the activities of DFS due to the persistent weakness in the numbers of travelers. The T Gallerias in Macau nevertheless performed well thanks to growing demand from local customers and DFS launched operations in Hainan. La Samaritaine, which reopened in Paris in June after an ambitious renovation, saw an encouraging level of customer traffic. Le Bon Marché continued to develop innovative concepts and benefited from the return of a loyal French customer base. The 24S digital platform recorded strong growth, driven by the unique nature of its selection process and its Parisian market positioning.

Confident outlook for 2022

Within the context of a gradual recovery from the health crisis, Christian Dior group is confident in its ability to maintain its current growth momentum. The Group will continue to pursue a strategy focused on developing its brands building on strong innovation and investments as well as a constant quest for quality of their products, of their desirability and of their distribution.

Driven by the agility of its teams, their entrepreneurial spirit and its well diversified presence across its activities and the geographic areas in which it operates, Christian Dior group enters 2022 with confidence and, once again, sets an objective of reinforcing its global leadership position in luxury goods.

Dividend 2021

At the Annual General Meeting on April 21, 2022, Christian Dior will propose a dividend of 10 euros per share. An interim dividend of 3 euros per share was paid on December 2 of last year. The balance of 7 euros will be paid on April 28, 2022.

The Board of Directors met on January 27th to approve the financial statements for 2021. Audit procedures have been carried out and the audit report is being issued.

This financial release is available on our website www.dior-finance.com.

“This document may contain certain forward looking statements which are based on estimations and forecasts. By their nature, these forward looking statements are subject to important risks and uncertainties and factors beyond our control or ability to predict, in particular those described in Christian Dior’s Annual Report which is available on the website (www.dior-finance.com). These forward looking statements should not be considered as a guarantee of future performance, the actual results could differ materially from those expressed or implied by them. The forward looking statements only reflect Christian Dior’s views as of the date of this document, and Christian Dior does not undertake to revise or update these forward looking statements. The forward looking statements should be used with caution and circumspection and in no event can Christian Dior and its Management be held responsible for any investment or other decision based upon such statements. The information in this document does not constitute an offer to sell or an invitation to buy shares in Christian Dior or an invitation or inducement to engage in any other investment activities.”

APPENDIX

Financial statements for 2021 are included in the PDF version of the press release.

Revenue by business group and by quarter

2021 Revenue (Euro millions)

2021 Revenue (Organic change verses same period of 2020)

2021 Revenue (Organic change verses same period of 2019)

2020 Revenue (Euro millions)

2019 Revenue (Euro millions)

* Includes all Belmond revenue for the period from April to September 2019.

Alternative performance measures

For the purposes of its financial communication, in addition to the accounting aggregates defined by IAS / IFRS, the Christian Dior group uses alternative performance measures established in accordance with the AMF’s position DOC-2015-12.

The table below lists these measures and the reference to their definition and their reconciliation with the aggregates defined by IAS / IFRS in published documents.

AR : 2021 Annual Report

This document is a free translation into English of the original French financial release dated January 27th, 2021.

It is not a binding document.

In the event of a conflict in interpretation, reference should be made to the French version, which is the authentic text.

Attachment

• Christian Dior - Résultats annuels 2021 VA