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Thierry de La Tour d’Artaise
In 2012, we once again experienced one of the
crises in the global economy to which we have become accustomed
over the past few years. After the crisis of 2008/2009, which stemmed
from dysfunctions in the banking system, mainly in the United
States, the crisis we have been enduring since the end of 2011 is
largely due to the deterioration in the financial situation of many
countries, particularly in Europe. The resulting budgetary restrictions
have inevitably had an effect on consumer spending and economic
activity in Europe, as well as in countries like China, which is heavily
dependent on its exports to Europe and the United States.
1
GOVERNANCE
Against this economic backdrop, which worsened throughout the
course of 2012, the decreasing traffic in shops combined with the
strong growth in internet shopping led to a highly competitive and
promotional environment, largely fuelled by distribution. The Group
was naturally affected by this tough context.
2012, A COMPLEX YEAR
In this context, following two years of record highs in the growth in
our sales and results, our 2012 performance can be considered
respectable.
The near stability of our sales, which for the first time exceeded
4 billion euros, as well as the limited decline in our Operating Result
from Activity, which is still at one of the Group's all time highs, are
performances that must be kept in perspective – these figures have
doubled in ten years. This growth reflects the robustness
of our business model, which is based on innovation, the strength
of our brands, an in-depth understanding of distribution and a
strategy with a firm international foundation.
In 2012, our sales
exceeded 4 billion euros