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Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

L’OCCITANE INTERNATIONAL S.A.49, Boulevard Prince Henri L-1724 Luxembourg

R.C.S. Luxembourg: B80359(Incorporated under the laws of Luxembourg with limited liability)

(Stock code: 973)

ANNUAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 31 MARCH 2021

HIGHLIGHTS

• Duringayearmarkedby the significantdisruptions causedbyCOVID-19, theGroup’s agility andadaptabilityledtoitsresilience,withbothsalesperformanceandprofitabilityexceedingexpectationsinFY2021.

• Netsaleswere€1,537.8million,representingadecreaseof1.1%onalike-for-likebasis(includingsalesof theUSsubsidiary inFebruaryandMarch2021andexcludingELEMIS’s sales inMarch2019ofFY2020).

• Operatingprofitgrewby17.6%toarecord€220.2million,whileoperatingprofitmarginexpandedby2.9pointsto14.3%.Onalike-for-likebasis(profitandlossitemsofL’Occitane,Inc.weretreatedasiftherewasnoChapter11proceeding),theoperatingprofitmarginwouldbe13.6%.

• TheGroupdelivered itshighestevernetprofitof€157.0million,up36.3%and representing10.2% tonetsales.

• Freecash flow (excluding IFRS16 impact) reacheda record€278.1million, ascompared to€170.5millionlastyear.

• TheBoardproposesafinaldividendof€0.03687pershare,equivalenttoapayoutratioof35.0%andup65.5%.

ANNUAL RESULTS

Theboardofdirectors (the“Board”)ofL’Occitane InternationalS.A. (the“Company”or“L’Occitane”) ispleasedtoannouncetheauditedconsolidatedannualresultsof theCompanyanditssubsidiaries(the“Group”) for theyearended31March2021 (“FY2021”) togetherwithcomparative figures for theyearended31March2020(“FY2020”).Thefollowingfinancialinformation,includingthecomparativefigures,hasbeenpreparedinaccordancewithInternationalFinancialReportingStandards(“IFRS”)asissuedbytheInternationalAccountingStandardsBoardandasadoptedbytheEuropeanUnion.

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CONSOLIDATED STATEMENTS OF INCOME

For the year ended 31 March 2021 2020 %Notes € ’000 € ’000 Change

Net Sales 2 1,537,845 1,644,083 -6.5Costofsales (260,711) (302,853) -13.9

Gross profit 1,277,134 1,341,231 -4.8% of net sales 83.0% 81.6%

Distributionexpenses (666,154) (765,569) -13.0Marketingexpenses (213,772) (206,622) 3.5Researchanddevelopmentexpenses (17,385) (21,306) -18.4Generalandadministrativeexpenses (147,837) (159,968) -7.6Shareof(loss)fromassociatesandjointventures accountedforusingtheequitymethod 3 (4,136) – –Other(losses),net (125) (503) -75.1DeconsolidationofL’Occitane,Inc. 4 5,756 – –Restructuringexpenses (13,246) – –

Operating profit 5 220,235 187,263 17.6

Financecosts,net 6 (18,339) (22,167) -17.3Foreigncurrency(losses) (2,961) (4,556) -35.0

Profit before income tax 198,935 160,540 23.9

Incometaxexpense 7 (41,899) (45,300) -7.5

Profit for the year 157,036 115,240 36.3

Attributable to:EquityownersoftheCompany 154,579 116,288 32.9Non-controllinginterests 2,457 (1,048) -334.4

Total 157,036 115,240 36.3

Effectivetaxrate 21.1% 28.2%

Earningspershareforprofitattributabletoequity ownersoftheCompanyduringtheyear (expressed in Euros per share)Basic 0.105 0.080 32.5Diluted 0.105 0.079 32.4

Numberofsharesusedinearnings persharecalculationBasic 8 1,466,677,921 1,461,732,521 0.3Diluted 8 1,470,779,165 1,464,509,877 0.4

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 31 March 2021 31 March 2020Notes € ’000 € ’000

ASSETSProperty,plantandequipment,net 130,347 180,505Right-of-useassets 301,271 429,451Goodwill 754,843 761,926Intangibleassets,net 315,949 341,577Deferredincometaxassets 65,854 76,521Sharesinassociates 53,636 –Othernon-currentreceivables 66,696 65,331

Non-current assets 1,688,596 1,855,311

Inventories,net 10 198,860 203,966Tradereceivables,net 11 135,338 131,571Othercurrentassets 52,798 50,565Derivativesfinancialinstruments 72 604Cashandcashequivalents 421,216 166,342

Current assets 808,284 553,048

TOTAL ASSETS 2,496,880 2,408,359

EQUITY AND LIABILITIESSharecapital 44,309 44,309Additionalpaid-incapital 342,851 342,851Otherreserves (107,642) (86,918)Retainedearnings 920,661 798,238

Capital and reserves attributable to the equity owners 1,200,179 1,098,480

Non-controllinginterests 78,699 76,855

Total equity 1,278,878 1,175,335

Borrowings 19,622 361,493Leaseliabilities 216,189 322,426Deferredincometaxliabilities 52,786 42,021Otherfinancialliabilities 18,671 17,978Othernon-currentliabilities 23,256 22,929

Non-current liabilities 330,524 766,847

Tradepayables 12 161,658 145,994Salaries,wages,relatedsocialitemsandothertaxliabilities 93,539 72,809Currentincometaxliabilities 28,504 12,270Borrowings 502,492 113,556Leaseliabilities 78,538 99,206Othercurrentliabilities 20,357 20,609Derivativesfinancialinstruments 713 208Provisions 1,677 1,525

Current liabilities 887,478 466,177

TOTAL EQUITY AND LIABILITIES 2,496,880 2,408,359

NET CURRENT (LIABILITIES)/ASSETS (79,194) 86,871

TOTAL ASSETS LESS CURRENT LIABILITIES 1,609,402 1,942,182

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NOTES

1. Basis of preparation

Theconsolidated financial statementsof theGrouphavebeenprepared inaccordancewith InternationalFinancialReportingStandards(IFRS)asissuedbytheInternationalAccountingStandardsBoardandasadoptedbytheEuropeanUnion.Theyaresimilar,foroperationsconductedbytheGroup,toIFRSasadoptedbytheEuropeanUnion.IFRSareavailableontheEuropeanCommission’swebsite.

Theconsolidatedfinancialstatementshavebeenpreparedunderthehistoricalcostbasis,asmodifiedbytherevaluationofcertainfinancialassetsandfinancialliabilities(includingderivativefinancialinstruments)atfairvalue.

Thepreparationof financial statements in compliancewith IFRS requires theuseof certain critical accountingestimates. It also requiresmanagement toexercise its judgment in theprocessofapplying theGroup’saccountingpolicies.Although theseestimatesarebasedonmanagement’sbestknowledgeofcurrenteventsandactions,actualresultsultimatelymaydifferfromtheseestimates.

TheGrouphasappliedthefollowingnewandamendedstandardsthatareeffectiveforthefirsttimefortheGroupforthefinancialperiodbeginning1April2020:

Amendment to IFRS 16 — Leases — COVID-19-Related Rent Concessions

TheGroup has chosen to early adopt the amendment to IFRS 16—Leases,whichwas adopted by the IASB(InternationalAccountingStandardsBoard)on28May2020andbytheEuropeanUnionon12October2020.

ThisamendmentaimstosimplifycertainprovisionsofIFRS16,enablinglesseestorecogniseconcessionsgrantedduetothehealthcrisisonrent initiallydueuptotheendof2021asnegativevariableleasepayments(i.e.,directlyintheincomestatement),withouthaving toassesswhether theconcessionsweregrantedpursuant tocontractualor legalclausesgoverningtheperformanceoftheleaseinquestion.

Other new and amended standards

Several other new standardsbecamemandatory after 1 January2020, but donot have amaterial impact on theconsolidatedfinancialstatementsoftheGroup:

• DefinitionofMaterial—AmendmentstoIAS1andIAS8

• DefinitionofaBusiness—AmendmentstoIFRS3

• RevisedConceptualFrameworkforFinancialReporting

2. Net Sales and Segment Information

Operatingsegmentsare reported inamannerconsistentwith the internal reportingprovided to thechiefoperatingdecision-maker.The chief operatingdecision-maker,who is responsible for allocating resources and assessingperformanceoftheoperatingsegments,hasbeenidentifiedastheChairman&ChiefExecutiveOfficer(CEO)andtheManagingDirector,whomakestrategicdecisions.

Asfromfinancialyear2020,andduetotherecentbusinesscombinationswithELEMISandLimeLife, theGrouphasmodified thestructureof its internalorganisation.TheChairman&CEOand theGroupManagingDirectorprimarilyreview theGroup’s internal reporting inorder toassessperformanceandallocate resources fromabrandperspectivefouroperatingsegmentshavebeenidentified:

• L’OccitaneenProvence—thesaleoffragrances,skincare,haircareandbodyandbathrangesfromtheL’OccitaneenProvencebrand.

• ELEMIS—thesaleofskincareproductsbyELEMIS,abrandfordistributionandinnovationinthebeautyandskincare sectors.Salesaremainlydrivenby theSell-inchannel throughwholesale, e-commerce,departmentstores,QVC,professionalspasandmaritimesales.

• LimeLife—thesaleofmakeupproductsbyLimeLife,aUS-basednatural skincareandpersonalisedmake-upbrand.SalesaredrivenbytheSell-outchannelthroughbeautyguidesandonlinepresence.

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• Otherbrands—thesaleofErborian,L’OccitaneauBrésilandMelvitaskincare,makeup,floralwater,beautyoilsandotherproducts.Thesebrandsmostlyhave thesameeconomiccharacteristics,primarily in termsof typeofproduct, customer, distribution channel (Sell-in andSell-out), and financial performance, and theydonotindividuallyandcumulativelyexceedthequantitativecriteriadefinedinIFRS8.

Managementusesameasureofrevenueandoperatingprofit/(loss)toassesstheperformanceoftheoperatingsegments).Other information, includingassets and liabilitiesper segment, arenot regularlyprovided to the chiefoperatingdecision-maker.

2.1. Sales and segment information

FY2021

In thousands of eurosL’Occitane

en Provence ELEMIS LimeLife Other brands Total

Net sales 1,194,227 158,910 102,155 82,553 1,537,845In % of total 77.7% 10.3% 6.6% 5.4% 100%Grossprofit 1,021,218 116,970 78,462 60,484 1,277,134% of net sales 85.5% 73.6% 76.8% 73.3% 83.0%Distributionexpenses (537,492) (28,116) (63,974) (36,572) (666,154)Marketingexpenses (159,237) (30,115) (3,639) (20,781) (213,772)Research& developmentexpenses (13,545) (1,464) – (2,376) (17,385)Generaland administrativeexpenses (118,128) (14,707) (9,032) (5,970) (147,837)Shareof(losses)from jointoperations (4,136) – – – (4,136)Othergains/(losses),net 1,276 (597) 1 (805) (125)DeconsolidationofL’Occitane, Inc. 5,756 – – – 5,756Restructuringexpenses (11,323) (1,163) – (760) (13,246)

Operating profit/(loss) 184,389 40,808 1,818 (6,780) 220,235% of net sales 15.4% 25.7% 1.8% (8.2%) 14.3%

FY2020

In thousands of EurosL’Occitane

en Provence ELEMIS LimeLife Other brands Total

Net Sales 1,295,199 165,809 84,790 98,285 1,644,083In % of total 78.8% 10.1% 5.2% 6.0% 100.0%Grossprofit 1,092,026 110,945 65,494 72,766 1,341,231% of net sales 84.3% 66.9% 77.2% 74.0% 81.6%Distributionexpenses (616,647) (41,090) (57,331) (50,501) (765,569)Marketingexpenses (156,636) (20,083) (5,393) (24,510) (206,622)Research&development expenses (15,660) (2,451) – (3,195) (21,306)Generalandadministrative expenses (121,886) (18,240) (11,516) (8,326) (159,968)Other(losses),net (355) – – (148) (503)

Operating profit/(loss) 180,842 29,081* (8,746) (13,914) 187,263% of net sales 14.0% 17.5% (10.3%) (14.2%) 11.4%

* TheoperatingexpensesofELEMISincludeacquisitioncostsfor€5,294,000.

—6—

2.2. Performance by geographic area

Fromageographicalperspective,themanagementassessestheperformanceofdifferentgeographicareas.Netsalesareallocatedbasedonthegeographicareaoftheinvoicingsubsidiary.

FY 2021 FY 2020In thousands of euros Total In % of total Total In % of total

China 263,642 17.1% 197,159 12.0%UnitedStates(1) 242,101 15.7% 295,786 18.0%Japan 215,273 14.0% 231,870 14.1%UnitedKingdom 154,445 10.0% 160,835 9.8%HongKong(2) 94,589 6.2% 124,822 7.6%France 86,688 5.6% 104,148 6.3%Russia 50,966 3.3% 58,642 3.6%Taiwan 47,464 3.1% 41,074 2.5%Luxembourg(3) 43,633 2.8% 70,702 4.3%Brazil 34,452 2.2% 57,591 3.5%Othergeographicareas 304,592 19.8% 301,454 18.3%

Net sales 1,537,845 100.0% 1,644,083 100.0%

(1) ExcludessalesafterfilingforChapter11proceedingson26January2021.

(2) IncludessalesinMacauandtodistributorsandtravelretailcustomersinAsia.

(3) SalesinvoicedbytheCompanytodistributorsandtravelretailcustomersinEurope,Middle-EastandAmericas.

3. Share of losses from associates and joint ventures accounted for using the equity method

FY2021 FY2020€ ’000 € ’000

L’Occitane,Inc.(FebruaryandMarch2021) (4,036) –L’OccitaneMiddleEast (99) –

Total (4,136) –

4. Deconsolidation of L’Occitane, Inc.

FY2021 FY2020€ ’000 € ’000

DerecognitionoftheassetsandliabilitiesofL’Occitane,Inc.attheir carryingamounts 2,727 –Currencytranslationdifferencepreviouslyrecognisedin othercomprehensiveincome 3,029 –

NetgainfromdeconsolidationofL’Occitane,Inc. 5,756 –

—7—

5. Operating profit

Operatingprofitisarrivedatafterchargingthefollowing:

FY2021 FY2020€ ’000 € ’000

Employeebenefitexpenses* 371,992 445,466Rentandoccupancy** 89,229 116,119Rawmaterialsandconsumablesused 208,968 194,219Changeininventoriesoffinishedgoodsandworkinprogress (18,495) 10,987Advertisingcosts 167,182 167,399Auditor’sremuneration 1,798 1,712Professionalfees 160,115 155,811Depreciation,amortisationandimpairment*** 190,701 200,810Transportationexpenses 76,060 68,232Otherexpenses 58,309 95,563

Totalcostofsales,distributionexpenses,marketingexpenses, researchanddevelopmentexpensesandgeneraland administrativeexpenses 1,305,859 1,456,318

* included€21.0milliongrantsandsubsidies from localgovernmentsdue toCOVID-19crisisand€10.9millionemployeeterminationbenefitsfromtheglobalrestructuringplan

** included€10.5millionrentconcessionsduetoCOVID-19crisis

*** includedamortizationofright-of-useassetsunderIFRS16

6. Finance costs, net

FY2021 FY2020€ ’000 € ’000

Interestoncashandcashequivalents 2,847 2,614

Financeincome 2,847 2,614

Interestexpenseonborrowings (7,707) (8,774)Notionalinterestandfinanceexpensesforleaseliabilities (11,533) (14,032)Unwindingofdiscountonfinancialliabilities (1,946) (120)Impairmentoffinancialassets – (1,855)

Financecosts (21,186) (24,781)

Financecosts,net (18,339) (22,167)

—8—

7. Taxation

Thecomponentsofincometaxexpenseareasfollows:

FY2021 FY2020€ ’000 € ’000

Currentincometax (44,227) (37,943)Deferredincometax 2,328 (7,357)

Total income tax expense (41,899) (45,300)

Reconciliationbetween the reported income taxexpenseand the theoreticalamount thatwouldariseusingastandardtaxrateisasfollows:

Profitbeforeincometaxandshareofprofitfromjoint venturesaccountedforusingtheequitymethod 203,071 160,540

Incometaxcalculatedatcorporatetaxrate(Luxembourg tax rate of 24.94% as at 31 March 2021 and 31 March 2020) (50,646) (40,039)Effectofdifferenttaxratesinforeigncountries 19,228 9,965Changesintaxrates (79) (518)Effectofunrecognisedtaxassets (2,819) (6,428)Expensesnotdeductiblefortaxationpurposes (5,072) (6,389)Provisionfortaxrisks – (274)Effectofunremittedtaxearnings (2,509) (1,520)Minimumtaxpayments (2) (97)

Income tax expense (41,899) (45,300)

8. Earnings per share

Thecalculationofbasic anddilutedearningsper share isbasedon theprofit attributable to equityownersof theCompanyof€154.6million forFY2021 (€116.3million forFY2020)and theweightedaveragenumberof shares inissueof1,466,677,921(basic)and1,470,779,165(diluted)fortheyearended31March2021and1,461,732,521(basic)and1,464,509,877(diluted)fortheyearended31March2020.

9. Dividends

AttheBoardmeetingheldon28June2021,theBoardrecommendedadistributionofgrossfinaldividendof€0.03687per share for a total amountof €54.1millionor 35.0%of thenet profit attributable to the equityownersof theCompany.

Theamountof theproposed finaldividend isbasedon1,467,388,221shares in issueexcluding9,576,670 treasurysharesasat28June2021.

10. Inventories, net

Inventories,netconsistofthefollowingitems:

As at 31 March 2021 2020€ ’000 € ’000

Rawmaterialsandsupplies 25,037 28,692Finishedgoodsandworkinprogress 189,815 186,936

Inventories,gross 214,852 215,628Less:allowance (15,992) (11,662)

Inventories, net 198,860 203,966

—9—

11. Trade receivables, net

Ageinganalysisoftradereceivablesfromduedateattherespectivebalancesheetdateisasfollows:

As at 31 March 2021 2020€ ’000 € ’000

Currentandpastduewithin3months 132,102 129,257Pastduefrom3to6months 1,472 2,020Pastduefrom6to12months 1,032 282Pastdueover12months 733 12

Trade receivables, net 135,339 131,571

TheGroup’ssalestoendcustomersareretailsalesandnocredittermsaregrantedtotheendcustomers.ForcustomersintheSell-indistributionchannel,salesaremadewithcredittermsgenerallyfrom60to90days.

12. Trade payables

Ageinganalysisoftradepayablesfromduedateattherespectivebalancesheetdateisasfollows:

As at 31 March 2021 2020€ ’000 € ’000

Currentandpastduewithin3months 156,259 144,761Pastduefrom3to6months 1,639 733Pastduefrom6to12months 2,555 497Pastdueover12months 1,205 3

Trade payables 161,658 145,994

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MANAGEMENT DISCUSSION & ANALYSIS

Summary:

Reported (1) Management (2) ReportedFY2021 FY2021 FY2020

€ million € million € millionor % or % or %

Netsales 1,537.8 1,550.9 1,644.1Operatingprofit 220.2 211.6 187.3Profitfortheyear 157.0 n/a 115.2

Grossprofitmargin 83.0% 83.1% 81.6%Operatingprofitmargin 14.3% 13.6% 11.4%Netprofitmargin 10.2% n/a 7.0%Netcashinflowfromoperations(3) 429.5 n/a 369.5

(1) ReportedFY2021— sales and operating expenses ofL’Occitane, Inc. in February andMarch 2021were notconsolidatedbutinsteadtreatedasassociateundertheequitymethod,duetotheChapter11proceedings.

(2) ManagementFY2021—assumingL’Occitane,Inc.remainedpartof theGroupanditsresults inFebruaryandMarch2021wereconsolidated into theGroup’s results.Themanagementbelieves that thismanagementversionprovidesabetterviewofthefinancialperformanceinFY2021andisthusmorecomparabletothereportedresultsofFY2020.

(3) includingimpactofIFRS16.

Definitions:

Comparable Storesmeansexistingretailstoreswhichhavebeenopenedbeforethestartofthepreviousfinancialyear,includingCompanyownede-commercewebsites.

Non-comparable Stores & othersmeansallstoresthatarenotComparableStores,i.e.storesopened,closedandrenovatedduring thepreviousor thecurrent financialperiodunderdiscussion, togetherwithother sales frommarketplaces,mail-orders,servicesandLimeLife.

Comparable Store SalesmeansnetsalesfromComparableStoresduring thefinancialperiodunderdiscussion.Unlessotherwiseindicated,discussionofComparableStoreSalesexcludesforeigncurrencytranslationeffects.

Non-comparable Store SalesmeansnetsalesfromNon-comparableStoreSalesduringthefinancialperiodunderdiscussion.Non-comparableStoreSalesalso includesales froma limitednumberofpromotionalcampaignsusuallyheldat temporarycommonareasof shoppingmalls.Unlessotherwise indicated,discussionofNon-comparableStoreSalesexcludesforeigncurrencytranslationeffects.

Same Store Sales Growth representsacomparisonbetweenComparableStoreSales for two financialperiods.Unlessotherwiseindicated,discussionofSameStoreSalesGrowthexcludesforeigncurrencytranslationeffects.

Overall Growthmeans the totalworldwidenet salesgrowth for the financialperiod(s)presentedexcludingforeigncurrencytranslationeffects.

REVENUE ANALYSIS

TheGroup’sreportednetsaleswere€1,537.8millioninFY2021,representingadecreaseof6.5%ascomparedtoFY2020.

Partofthesalesdecrease,intheamountof€13.1millionor0.9%oftheoverallsales,isexplainedsolelybytheaccountingeffectofthedeconsolidationofL’Occitane,Inc.inFebruaryandMarch2021.

— 11 —

IntheannouncementoftheCompanydated26January2021,theGroupdisclosedthatitssubsidiaryintheUS,L’Occitane,Inc.,hadcommencedavoluntarycaseunderChapter11oftheUSBankruptcyCode.Thesubsidiaryisnowinrelevantproceedingsanditsreorganisationiswellunderway.EventhoughtheUSoperationscontinueasusual, theGroupisrequiredtodeconsolidateL’Occitane,Inc.fromthedateoffilinguntil thecompletionofproceedings, inaccordancewith IFRS.However, for thepurposeofpropercomparison, the related salesofL’Occitane,Inc.remainincludedintheGroup’srevenueanalysisinthisannouncement.

Excluding theaccountingeffectof thedeconsolidationofL’Occitane, Inc, theGroup’snetsaleswere€1,550.9millioninFY2021,representingaslightdecreaseof1.7%atconstantratesoradecreaseof1.1%onalike-for-likebasis (includingsalesofL’Occitane, Inc. inFebruaryandMarch2021andexcludingELEMIS’ssales inMarch 2019 of FY2020) as compared toFY2020.TheCOVID-19 pandemic and its restrictivemeasurescontinued to impact the business operations and retail traffic significantly in some of the keymarkets,particularly in thefirsthalfofFY2021.Salesmomentumstrengthenedin thesecondhalfofFY2021anddrovesalesbacktogrowth.Onlinechannelsperformedverywellthroughouttheyear.China,TaiwanandRussiawereparticularlyresilient,recordinggrowthatconstantratesof36.0%,15.5%and6.1%respectively.

TheCompany’stotalnumberofretaillocationsreducedfrom3,486asat31March2020to3,088asat31March2021,adecreaseof398or11.4%.Thenumberofownretailstoresdecreasedfrom1,608asat31March2020to1,523 as at 31March2021, representing anet decreaseof 85or 5.3%.TheCompany strategically closedunderperformingstoresduringFY2021,including25shopsintheUSundertheChapter11reorganisationplan.At theendofMarch2021, thebreakdownof the1,523ownstoresbybrandandchangeover lastyearwereasfollows:L’OccitaneenProvence(1,389;-54),L’OccitaneauBrésil(64;-26),Melvita(50;-10),Erborian(15;-)andELEMIS(5;+5).Thenumberofnon-ownstoresdecreasedby313or16.7%,mainlyduetodecreaseintravelretail,distributionandfranchiselocations.

Performance by Brand

Thefollowingtablepresentsthenetsalesandnetsalesgrowthbybrandfortheperiodsindicated,includingsalesofL’Occitane,Inc.inFebruaryandMarch2021:

FY2021 FY2020

Growth atreported

rates

Growth atconstant

rates€ ’000 % € ’000 % % %

L’OccitaneenProvence 1,207,505 77.9 1,295,188 78.8 (6.8) (3.1)ELEMIS(1) 158,910 10.2 165,809 10.1 (4.2) (0.8)LimeLife 102,155 6.6 84,790 5.2 20.5 25.7Others(2) 82,313 5.3 98,296 5.9 (16.3) (8.8)

Total (3) 1,550,883 100.0 1,644,083 100.0 (5.7) (1.7)

(1) ELEMIS’ssalesinFY2020includedMarch2019.Excludingthismonth,salesgrowthatconstantrateswouldbe+5.8%inFY2021.

(2) OthersincludethebrandsMelvita,Erborian,andL’OccitaneauBrésil.

(3) ExcludingELEMIS’ssalesinMarch2019ofFY2020,theGroup’soveralllike-for-likesalesgrowthwouldbe-1.1%inFY2021.

L’OccitaneenProvenceaccounted for77.9%of theGroup’s total sales.Salesmomentumof thebrandstartedslowinthefirsthalfofFY2021amidrestrictivemeasuresrelatedtoCOVID-19.Theretailbusinesswasaffectedheavily,particularly inEuropeand theAmericas.ThesecondhalfofFY2021sawsignificant improvement insalesmomentumandpostedsalesgrowth, thanks to the sustainedperformanceofonlinechannelsacross theworldandoutstandingcontribution fromAsia.China,KoreaandTaiwanwereparticularly strong.Salesendedtheyearwithadeclineof3.1%atconstantrates.

— 12 —

ELEMISaccounted for10.2%of theGroup’s total salesand recordedslightdeclineof0.8%atconstant rates.However,ELEMIS’ssalesinFY2020includedMarch2019.Excludingthismonth,salesgrowthatconstantrateswouldbe5.8%inFY2021.OnlineandTVchannelsperformedverywell,andcoveredmorethanthelossofsalestocruiseshipsandwholesalebusiness.DuringFY2021,thebrandsuccessfullyenteredChinaandRussia,mainlythroughwholesalechains.

LimeLifepostedsalesgrowthof25.7%atconstant rates forFY2021,withstrongsalesmomentum throughouttheyear.Theencouraging resultsweresupportedbyanewly-launchedmobileapplication,newandseasonableproducts,aswellassuccessfulbeautyguidesrecruitmentoperations.

TheotherbrandsfinishedFY2021withasalesdeclineof8.8%atconstantrates.Salesmomentumwasdisruptedby theCOVID-19outbreaksimilar toL’OccitaneenProvence inFY2021,withsluggish retailandwholesalesales in the firsthalfandpositiveperformance in thesecondhalf.Among theotherbrands,Erborian remainedrobustandposteddouble-digitgrowthfortheyear.

Performance by Geographic Area

Thefollowingtablepresentsthenetsalesandnetsalesgrowthbygeographicareafortheperiodsindicated:

FY2021 FY2020

Growth at reported

rates

Growth at constant

rates

Contribution to Overall Growth at

constant rates

€ ’000 % € ’000 % % % %

Japan 215,273 13.8 231,870 14.1 (7.2) (4.4) (36.6)HongKong(1) 94,589 6.1 124,822 7.6 (24.2) (20.2) (89.5)China 263,642 17.0 197,159 11.9 33.7 36.0 252.7Taiwan 47,464 3.1 41,074 2.5 15.6 15.5 22.7France 86,688 5.6 104,148 6.3 (16.8) (16.8) (62.1)UnitedKingdom 154,444 10.0 160,835 9.8 (4.0) (2.1) (11.8)UnitedStates 258,552 16.7 295,786 18.0 (12.6) (8.0) (83.9)Brazil 34,453 2.2 57,591 3.5 (40.2) (15.9) (32.6)Russia 50,966 3.3 58,642 3.6 (13.1) 6.1 12.7Othergeographicareas(2) 344,812 22.2 372,156 22.7 (7.3) (5.4) (71.6)

Total 1,550,883 100.0 1,644,083 100.0 (5.7) (1.7) (100.0)

(1) IncludessalesinMacauandtodistributorsandtravelretailcustomersinAsia.

(2) IncludessalesfromLuxembourg.

—13—

The following table provides a breakdown, bygeographic area, of the number of own retail stores, theircontributionpercentage toOverallGrowthandSameStoreSalesGrowth forFY2021compared to the sameperiodlastyear:

Own Retail Stores % contribution to Overall Growth (1) (2)

31 March 2021

Net openings YTD

31 March 2021

31 March 2020

Net openings YTD

31 March 2020

Non-comparable

StoresComparable

Stores Total Stores

Same Store Sales Growth

% (2)

Japan(3) 157 (6) 163 9 (20.1) (12.1) (32.2) (1.9)HongKong(4) 33 (2) 35 (1) (9.6) (12.1) (21.7) (17.0)China 198 (5) 203 13 25.6 76.9 102.5 20.3Taiwan 53 (2) 55 2 10.8 16.3 27.2 17.9France(5) 85 (2) 87 1 4.5 (43.0) (38.5) (22.1)UnitedKingdom 70 (2) 72 (2) (5.8) 18.0 12.2 8.4UnitedStates 147 (25) 172 (12) (54.0) (35.9) (90.0) (8.7)Brazil(6) 176 (23) 199 17 (8.8) (12.5) (21.4) (9.6)Russia(7) 112 – 112 5 0.5 0.9 1.4 0.6Othergeographicareas(8) 492 (18) 510 4 (27.1) (30.0) (57.1) (4.5)

Total (9) 1,523 (85) 1,608 36 (84.1) (33.6) (117.6) (1.1)

(1) RepresentspercentageofoverallnetsalesgrowthattributabletoNon-comparableStores,ComparableStoresandTotalStoresforthegeographicareaandperiodindicated.

(2) Excludesforeigncurrencytranslationeffects.

(3) Includes35and31Melvitastoresasat31March2020and31March2021respectively.

(4) Includes3L’Occitanestores inMacauand10Melvita stores inHongKongasat31March2020and2L’OccitanestoresinMacau,8Melvitastoresand3ELEMISstoresinHongKongasat31March2021.

(5) Includes7Melvitaand2Erborianstoresasat31March2020and5Melvitaand2Erborianstoresasat31March2021.

(6) Includes90and64L’OccitaneauBrésilstoresasat31March2020and31March2021respectively.

(7) Includes11Erborianstoresasat31March2020and31March2021.

(8) Include8Melvitaand2Erborianstoresasat31March2020and6Melvita,2Erborianand2ELEMISstoresasat31March2021.

(9) Include60Melvita,90L’OccitaneauBrésiland15Erborianstoresasat31March2020and50Melvita,64L’OccitaneauBrésil,15Erborianand5ELEMISstoresasat31March2021.

Japan

Japan’snet sales forFY2021were€215.3million, adecreaseof7.2%ascompared toFY2020.Atconstantexchangerates,thedeclinewas4.4%.Retailtrafficwasimpactedbyrestrictivemeasuresandstateofemergencyordersduringtheyear.Yet,L’OccitaneenProvencewasresilientandpostedlowsingle-digitdecline,thankstomid-double-digitgrowthinonlinechannels.Melvitapostedalowdouble-digitdecline,duepartlytolowtrafficand partly to tradingwith fewer stores.A total of 6 storeswere closed duringFY2021, comprising of 2L’OccitaneenProvenceand4Melvitastores.

—14—

Hong Kong

HongKong’snetsalesforFY2021were€94.6million,adecreaseof24.2%ascomparedtoFY2020.Atconstantexchangerates,thedeclinewas20.2%.HongKong’sretailbusinesswasmainlyaffectedbyrestrictivemeasures,aplungeintouristtrafficandstoreclosures.Duringtheyear,theGroupclosed3L’OccitaneenProvenceand2Melvitastoresandopened3ELEMIScounters.ThetravelretailbusinessinAsiawaschallengedunderthesharpdropininternationalandregionalairtraffic.However,saleswerepositiveindomesticoffshoreislands,suchasHainan,JejuandOkinawa.TherateofdeclineinsalesofHongKongretailandtravelretailwasaboutthesamefortheyear.

China

China’snetsalesforFY2021were€263.6million,anincreaseof33.7%ascomparedtoFY2020,propellingittobecomethelargestmarketoftheGroup.Atconstantexchangerates,thegrowthwas36.0%,contributingmosttoOverallGrowth.Bothonlineandofflinechannelsperformedverywell,thankstoattractiveproductofferingsandsuccessfulmarketingcampaigns.Handcare,bodycareandtoiletryproductsweredrivingthegrowth.Samestoresalesgrowthreached20.3%andonlinechannelspostedmid-double-digitgrowthfortheyear.ELEMISrolledoutasplannedandpenetratedSephora’sentirestorenetworkinChinabytheendoftheyear.

Taiwan

Taiwan’snetsalesforFY2021were€47.5million,an increaseof15.6%at reportedratesor15.5%atconstantexchange rates as compared toFY2020.SameStoreSalesGrowth recorded17.9%.Taiwanwasoneof theGroup’smostresilientmarkets.Theencouraginggrowthwasdrivenmainlybyfaceandhandcareranges.

France

France’snet sales forFY2021were€86.7million, adecreaseof16.8%as compared toFY2020.Amid thedisruptionsof theCOVID-19restrictivemeasures, retail trafficwas themosthampered,especially in theshopsin touristareas.Onlinechannels,on theotherhand,postedhighdouble-digitgrowth throughout theyear.BothL’OccitaneenProvenceandMelvitapostedmid-tohigh-teenssalesdeclinewhileErborianwasresilientandhadflatgrowthascomparedtoFY2020.

United Kingdom

TheUnitedKingdom’snetsales forFY2021were€154.4million,adecreaseof4.0%ascompared toFY2020.Atconstantexchangerates,thedeclinewas2.1%.Retailchannelswereseriouslyimpactedbymultipleroundsofnational lockdownsduring theyear.L’OccitaneenProvencewasparticularly impacted.Despite strongonlineandTVchannels,L’OccitaneenProvenceendedtheyearwithahighsingle-digitdecline.ELEMISwasimpactedin the same intensity in the firsthalfof theyear.Yet, thanks to successfulmarketingcampaigns,ELEMISachieveda strongsecondhalfandwasable tooffset thedecline in its spaandwholesalechannels.ELEMISendedtheyearwithlowsingle-digitgrowth,thankstotheamazinggrowthofover100%inonlinechannels.

United States

TheUnitedStates’netsalesforFY2021were€258.6million,adecreaseof12.6%ascomparedtoFY2020.Atconstantexchange rates, thedeclinewas8.0%.The reportednet sales forFY2021were€242.1million,afterdeconsolidating the sales inFebruaryandMarch2021 inaccordancewith IFRS requirements, following theChapter11 filing.The restrictivemeasurespostedchallenges to retailoperations.Retail saleswereaffectedbystoreclosures, shorteropeninghoursandasignificantdrop in footfall.L’OccitaneenProvenceended theyearwithhigh-teensdropinsales.ELEMISpostedadeclineofaround20%,duemainlytothesharpdeclineincruiseshipandwholesalebusiness.SalesofLimeLiferemaineddynamicthroughouttheyear,recordingmorethan20%growth.This strongperformancewas fueledbysuccessful recruitmentoperations, releaseofnewproductsandthelaunchofanewmobileapplication.

—15—

Brazil

Brazil’snet sales forFY2021were€34.5million,adecreaseof40.2%ascompared toFY2020.Atconstantexchangerates,thedeclinewas15.9%.BothL’OccitaneenProvenceandL’OccitaneauBrésilwereaffectedbythe restrictivemeasures, storeclosuresduringweekendsand lowretail traffic. Inaddition,duringFY2021,23storeswereclosedpermanently,whichweremostlyunderperformingkiosksofL’OccitaneauBrésil.

Russia

Russia’snet sales forFY2021were€51.0million,adecreaseof13.1%ascompared toFY2020.Atconstantexchangerates,itachievedgrowthof6.1%,contributedbydouble-digitgrowthofErborianduringtheyear.Bothonline andoffline channelspostedgoodgrowth.L’Occitane enProvencewasmore affectedby restrictivemeasures.Duringtheyear,theGroupalsosuccessfullylaunchedELEMIS,mainlythroughwholesalechains.

Other geographic areas

Othergeographicareas’net sales forFY2021were€344.8million,adecreaseof5.4%atconstantexchangerates.CountrieswithstrongpositivecontributionwereKorea,Malaysia,ThailandandCanada,allposting low-tomid-double-digitgrowthfortheyear.

PROFITABILITY ANALYSIS

COST OF SALES AND GROSS PROFIT

Thereportedcostofsalesdecreasedby13.9%,or€42.1million,to€260.7millioninFY2021.Thegrossprofitmarginincreasedto83.0%,anincreaseof1.4pointsascomparedtoFY2020.Theimprovementisattributabletothefollowingfactors:

• favourable channel, product and countrymix effects for 1.5 points,mainly contributed by a higherproportionofonlinechannelsandcountriesinAsiawhichhavehighergrossmargin;

• priceincreasesandlowerdiscountsfor0.2points;and

• loweruseofminiproductsandpouches(“MPPs”)for0.1points,inparticularinthetravelretailchannel.

Theincreaseingrossprofitmarginwaspartlyoffsetby:

• obsolescenceandinventorydepreciationfor0.2points;

• unfavourableexchangeratesfor0.1points;and

• higherfreightdutiesandotherfactorsforanother0.1points.

DISTRIBUTION EXPENSES

The reporteddistributionexpensesdecreasedby13.0%,or€99.4million, to€666.2million inFY2021.Asapercentagetonetsales,distributionexpensesdecreasedby3.3pointsto43.3%.Thisimprovementisattributabletoacombinationof:

• favourablebrandandchannelmixfor3.8pointsasonlinechannelshavelowerdistributioncosts;

• rent,headcount,travellingandothercostscuttinginresponsetoCOVID-19for2.4points;

• governmentsubsidiesandgrantsfor1.9points;and

• foreignexchange(“FX”),one-offandothersfor0.2points.

Thisimprovementwaspartlyoffsetby:

• lowerleverageinpersonnelcosts,rentsandfixed-assetdepreciationfor5.0points.

—16—

MARKETING EXPENSES

The reportedmarketing expenses increasedby3.5%,or €7.2million, to €213.8million inFY2021.As apercentageofnetsales,marketingexpensesincreasedby1.3pointsto13.9%.Theincreaseisattributableto:

• unfavourablechannelmixasa resultof rapidgrowth inonlinechannels,whichhavehighermarketingstructuralcoststhanbrick-and-mortarchannels,partlyoffsetbyfavourablebrandmix,for0.6points;

• higher investment in digitalmarketing, online search and socialmedia to accelerate online sales,particularlyinJapan,Korea,France,ChinaandtheUKfor0.4points;

• ELEMIS’sinvestmentsininternationalmarketingstructureandonlinemarketingindevelopedmarketsfor0.4points;

• deleverage,unfavourableFXimpactandothersforanother0.2points;and

• higherusageofsamplesandpromotionaltoolsfor0.2points.

This increasewaspartlyoffsetbysavings in travellingexpensesand internationalmarketingseminars, lowerCRMspending in the retailchannelandgovernment subsidies related toCOVID-19 restrictivemeasures foratotalof0.5points.

RESEARCH & DEVELOPMENT EXPENSES

Thereportedresearchanddevelopment(“R&D”)expensesdecreasedby18.1%,or€3.9million,to€17.4millioninFY2021.Asapercentagetonetsales,R&Dexpensesdecreasedby0.2pointsto1.1%.

ThelowerR&Dexpenseswereduetosavingsandrestructuringatsomeofoursmallerbrands,areclassificationtootherexpensescategoriesandcostcutting in reaction to theCOVID-19.At thesame time,wecontinued toinvestinthedevelopmentofourfastestgrowingbrandsincludingELEMIS.

GENERAL AND ADMINISTRATIVE EXPENSES

The reportedgeneralandadministrativeexpensesdecreasedby7.6%,or€12.1million, to€147.8million inFY2021.Asapercentageofnetsales,generalandadministrativeexpensesdecreasedby0.1pointsto9.6%.Theimprovementisattributableto:

• areductionincosts,consumables,travellingandheadcountinresponsetoCOVID-19for0.7points;and

• COVID-19grants,subsidiesandfurloughschemesofferedbylocalgovernmentsfor0.5points.

Theimprovementwasmostlyoffsetby:

• increaseinincentivesfor0.6points;

• lowerleveragefor0.2points;

• investinELEMIS’sinternationalteam,managementandlong-termincentivefor0.2points;and

• ITinvestment,FXandothersfor0.1points.

SHARE OF (LOSSES) FROM ASSOCIATES AND JOINT VENTURES ACCOUNTED FOR USING THE EQUITY METHOD

Totallossesof€4.1millioninFY2021fromassociatesandjointventuresaccountedforusingtheequitymethodweremainlyfromL’Occitane,Inc.foralossof€4.0millioninFebruaryandMarch2021andfromL’OccitaneMiddleEastforalossof€0.1million.

—17—

On26January2021, theGroup’s subsidiary in theUS,L’Occitane, Inc. commencedavoluntarycaseunderChapter11of theUSBankruptcyCode.Even though theGroupstillowns100%ofL’Occitane, Inc.,basedonthe legal restrictionsapplicable toChapter11proceedings, theoperationalactivitiesofL’Occitane, Inc. aremanagedthroughmotionsthatmustbevalidatedbythecourt.Motionsgrantedbythecourt toL’Occitane,Inc.tooperate thebusinesscanbeoverturnedby thesamecourt.Consequently, theGroupno longercontrols therelevantactivities.TheexclusivecontrolofL’Occitane Inc.was lostas soonasbankruptcyproceedingswerefiled.L’Occitane, Inc.must thereforebedeconsolidatedat thedateof filingof theproceedingswith thecourt.Subsequently to thederecognitionof theassetsand liabilitiesofL’Occitane, Inc., theGroup’s investment inL’Occitane,Inc.isrecordedusingtheequitymethod.

DECONSOLIDATION OF L’OCCITANE, INC.

Thegainof€5.8million from thedeconsolidationofL’Occitane, Inc.wasmainly fromderecognitionof theassets and liabilitiesofL’Occitane, Inc. at their carryingamountsof€2.7million togetherwitha currencytranslationdifferenceof€3.0million.

When theChapter11proceedingsarecompletewitha finalcourtdecision, theGroupwillgainbackexclusivecontrolofL’Occitane,Inc.andtheentitywillbere-consolidated.

RESTRUCTURING COSTS

The restructuringexpensesweremainlycomposedof€10.9million forone-off retrenchmentcostsunder theglobalrestructuringplanand€2.3millionforprofessionalfeesrelatingtoChapter11proceedings.

OPERATING PROFIT

Operatingprofitincreasedby17.6%,or€33.0million,to€220.2million.Theoperatingmarginimprovedby2.9pointsofnetsalesto14.3%.Theimprovementisexplainedbythefactorsbelow:

• costreductionunderproactivemanagementoftheCOVID-19crisisfor5.6points, includingsavingsfromreorganisationsandcuttingnon-essential expenses, aswell asgrantsandsubsidies received from localgovernments;

• favourablechannel,brandandproductmixes for4.9points,asa resultof sharp increase inproportionofonlinechannels(marketplace,webpartnerandowne-commerce),whichhavehigherprofitability;and

• gainsfromdeconsolidatingL’Occitane,Inc.afteritsChapter11proceedingsfor0.4points.

Theimprovementwaspartlyoffsetbythefollowing:

• lower leverageandefficiencyon rentaland retailpersonnelcostsandothers,mainly from the impactofCOVID-19for5.3points;

• enhancedinvestmentsindigitalmarketing,ITaswellasinternationalstructureandmarketingofELEMISforatotalof1.4points;

• one-offretrenchmentcostsundertheglobalrestructuringplanandChapter11costsatheadquartersfor0.9points;and

• otherfactorsfor0.4points.

—18—

The following table summarises the impactof theaccounting treatmentofL’Occitane, Inc.on theGroup’soveralloperatingprofitmargin.

Reported (1) Management (2) ReportedFY2021 FY2021 FY2020

€ ‘M % to sales €’M % to sales €’M % to sales

Sales 1,537.8 1,550.9 1,644.1Costofsales (260.7) -17.0% (261.6) -16.9% (302.9) -18.4%Gross profit 1,277.1 83.0% 1,289.2 83.1% 1,341.2 81.6%

Distributionexpenses (666.2) -43.3% (675.7) -43.6% (765.6) -46.6%Marketingexpenses (213.8) -13.9% (216.2) -13.9% (206.6) -12.6%Researchand developmentexpenses (17.4) -1.1% (17.4) -1.1% (21.3) -1.3%Generaland administrativeexpenses (147.8) -9.6% (151.0) -9.7% (160.0) -9.7%Shareofprofit/(loss)from associatesandjointventures accountedforusingthe equitymethod (4.1) -0.3% (0.1) 0.0% – 0.0%Othergains/(losses),net (0.1) 0.0% (0.4) 0.0% (0.5) 0.0%DeconsolidationofL’Occitane Inc. 5.8 0.4% – 0.0% – 0.0%Restructuringexpenses (13.2) -0.9% (16.9) -1.1% – 0.0%

Operating profit 220.2 14.3% 211.6 13.6% 187.2 11.4%

(1) ReportedFY2021— sales and operating expenses ofL’Occitane, Inc. in February andMarch 2021were notconsolidatedbutinsteadtreatedasassociateundertheequitymethod,duetotheChapter11proceedings.

(2) ManagementFY2021—assumingL’Occitane,Inc.remainedpartof theGroupanditsresults inFebruaryandMarch2021wereconsolidated into theGroup’s results.Themanagementbelieves that thismanagementversionprovidesatruerviewofthefinancialperformanceinFY2021andisthusmorecomparabletothereportedresultsofFY2020.

FINANCE COSTS, NET

Net finance costswere €18.4million in FY2021,which consisted of interest incomes on cash and cashequivalentsof€2.8millionandthefollowingexpenseitems:

• IFRS16leaseliabilitiesrelatedinterestandfinanceexpensesof€11.5million;

• interestexpenses related tobankborrowing,overdraftsandcurrentaccountwithnon-controlling interestsandrelatedpartiesof€7.6million;and

• unwindingdiscountoncertainfinancialliabilitiesandothersof€2.1million.

Ascompared toFY2020,net interestexpensesdecreasedby€3.8million,mainlyexplainedby lower IFRS16relatedinterestexpensesaswellaslowerinterestexpensesrelatedtobankloansandborrowing.

FOREIGN CURRENCY GAINS/LOSSES

Netforeigncurrencylossesamountedto€3.0millioninFY2021(FY2020:netlossesof€4.6million)andwerecomprisedof€5.5million realised losses,€2.2millionunrealisedgainsand€0.3milliongains related to IFRS16.

The realised lossesweremainly related to intercompany tradeand financingarrangementsatgroup level.Thelossesmainlyarose from tradeand financingarrangements inBritishpoundandChineseyuan.Theunrealisedgainsweremainly related to intercompany receivablesatgroup level,denominated inBritishpoundandSwissfranc.

—19—

INCOME TAX EXPENSE

Theeffective tax ratedecreased from28.2% inFY2020 to21.1% inFY2021, adecreaseof7.1points,dueprimarilytoone-timeeffectsforatotalof4.2points.

Theone-timeeffectscomprisedofthefollowing:

• unfavourableeffects lastyear for1.8pointsduenotably toachange in treatmentof theamortisationofLimeLife’sgoodwill;and

• reimbursementinFY2021oftaxpaidinexcessinthepastfinancialyears,andotherone-timeeffects,for2.4points.

Thedecrease ineffective tax ratewas furtherexplainedbya favourablecountrymixeffect for0.7pointsandlowertaxratesparticularlyinFranceandSwitzerlandfor2.2pointsofothereffects.

Note that thegoodwillsand trademarksofLimeLifeandELEMIS in theUSareamortised in theaccountingbooksof the localentitiesoveraperiodof15years.As theamortisation is taxdeductible, the local taxsavingwas valued at €5.4million inFY2021, or 2.7%of theGroup’s pre-tax income.However, in theGroup’sconsolidatedaccountinIFRS,goodwillsarenotamortised.Suchsavingisthusreversedbycorrespondingnon-cashdeferredtaxliabilities.

PROFIT FOR THE YEAR

Fortheaforementionedreasons,netprofitforFY2021was€157.0million,increasedby36.3%or€41.8millionascompared toFY2020.Basicanddilutedearningsper share inFY2021were€0.105and€0.105 respectively(FY2020:basic€0.080anddiluted€0.079), increasedby32.5%and32.4%respectively.Thenumbersofbasicand diluted shares used in the calculations of earnings per share in FY2021were 1,466,677,921 and1,470,779,165respectively(FY2020:basic1,461,732,521anddiluted1,464,509,877).

IMPACT OF COVID-19 PANDEMIC

SincethefourthquarterofFY2020,theCOVID-19pandemichasremainedaseriousthreattotheglobalbusinessenvironment inFY2021.Travelbans, lockdownsandshopclosureswereextended tomostofourkeymarketsandseriouslyaffectedourbusinessoperationsthroughouttheyear.TheGroup’sretailandtravelretailchannelswereparticularlyhamperedby the lowair traffic, intermittent lockdownsandshopclosures inmostof thekeymarkets.Asaresult,salesandprofitabilityoftheretailandtravelretailchannelsdroppedsignificantly.

However,theGroupproactivelyrespondedtothecrisisthroughre-directingresourcestoonlinechannelsandtokeymarketsinAsia,rationalisingtheretailnetworksinindividualcountries,cuttingnon-essentialexpensesanddelayingcapitalexpenditures.

AllofthefinancialimpactsarisingfromtheCOVID-19pandemichavebeenrecognisedintheincomestatementandessentiallyaffectedtherecurringoperatingincome.Inparticular,thecostsrelatedtothehealthmeasuresputinplace (purchasesofhandsanitiserand facemasks,exceptionalmeasures for regularlydisinfectingpremises,etc.)wereaccountedforasexpenses.Grantsandsubsidiesreceivedfromlocalgovernmentswereaccountedforasreductionstothecorrespondingexpenses.

TheGroup’snetsalesinFY2021endedwithaslightdecreaseof1.1%ascomparedtoFY2020onalike-for-likebasis.Onlinechannelswereparticularlystrongandpostedgrowthofmorethan69%.TheGroup’snetprofitforFY2021endedwitharecord€157.0million.

Given theunpredictabilityof the futuredevelopmentofCOVID-19, the impact to theGroup inFY2021 isnotindicativeoftheimpactforthefinancialyearending31March2022(“FY2022”).

— 20 —

BALANCE SHEET AND CASH-FLOW REVIEW

LIQUIDITY AND CAPITAL RESOURCES

Asat31March2021,theGrouphadcashandcashequivalentsof€421.2millionascomparedto€166.3millionasat31March2020.Thesharp increasewasmainlyexplainedby increase innetcash inflowfromoperatingactivities, contributedbya recordnetprofit.Asat31March2021, totalborrowings, including term loans,revolving facilities,bankborrowings, finance lease liabilities,andcurrentaccountswithminority shareholdersand relatedparties, amounted to€522.1million.As at 31March2021, the aggregate amount of undrawnborrowingfacilitieswas€433.0million.

SUMMARISED CASH-FLOW STATEMENT

For the year ended 31 March 2021 2020€ ’000 € ’000

Profitbeforetax,adjustedfornon-cashitems 421,201 385,810Changesinworkingcapital 36,316 18,013Incometaxpaid (28,006) (34,347)

Netcashinflowfromoperatingactivities 429,511 369,476Netcashoutflowforcapitalexpenditures (27,838) (67,455)

Free cash flow(1) 401,673 302,021

Netcash(outflow)frominvestmentinnewventuresandfinancialassets (50,585) (4,131)

Netcash(outflow)fromfinancingactivities (97,177) (275,399)

Effectofexchangeratechanges 963 (591)

Net increase/(decrease) in cash, cash equivalents and bank balances 254,874 21,900

(1) FreecashflowgeneratedforFY2021was€401.7million,ascomparedto€302.0millioninFY2020.IfexcludingtheIFRS16non-cash items,freecashflowgeneratedforFY2021andFY2020wouldbe€278.1and€170.5respectively.Theincreasewaspartlyduetohigherprofitbeforetaxandpartlyduetoreductionincapitalexpenditures.Improvementinworkingcapitalalsocontributedtothehigherfreecashflow.

CAPITAL EXPENDITURES

Netcashused incapitalexpenditureswas€27.8million inFY2021,ascompared to€67.5million inFY2020,representingadecreaseof€39.7million.The sharpdecreasewasmainly in retail storesand factory relatedcapitalexpenditures.ThecapitalexpendituresforFY2021wereprimarilyrelatedto:

• additionsof leasehold improvementsandother tangibleassets, related toELEMIS’swholesaleclientsandnewstoresofL’OccitaneenProvencefor€5.4million;

• minimalreplacementinmachineryandequipmentofthefactoryandwarehousingfacilitiesandR&Dforatotalof€7.0million;and

• additionofhardware, softwareanddevelopmentcosts for€14.5million, includingvariousenhancementprojectsone-commerce,CRMandomni-channelplatforms.

INVESTMENT IN NEW VENTURES, ASSOCIATES AND FINANCIAL ASSETS

Netcashoutflowfrominvestmentinnewventures,associatesandfinancialassetswas€50.6millioninFY2021,ascompared to€4.1million in lastyear.Theoutflow thisyearwasmainly for the investment inCapsum,acompanyspecializedinthedevelopmentofhigh-techprocessesappliedtobeautyproducts,andinajointventureintheMiddleEast.

— 21 —

FINANCING ACTIVITIES

Financingactivities inFY2021endedwithanet cashoutflowof€97.2million (FY2020:outflowof€275.4million).Netcashoutflowduringtheyearmainlyreflectedthefollowing:

• principalcomponentsofleasepaymentsof€121.8millionunderIFRS16;and

• paymentofdividendfor€32.6million.

Thiswaspartlyoffsetbythefollowing:

• netbankborrowingfor€47.0million;

• transferoutoftreasurysharestotheemployeesundertheshareoptionplansfor€8.2million;and

• transactionswithnon-controllinginterestsfor€2.0million.

INVENTORIES

Thefollowingtablesetsoutasummaryofaverageinventorydaysfortheperiodsindicated:

FY2021 FY2020

Averageinventoryturnoverdays(1) 282 245

(1) Averageinventoryturnoverdaysequals toaverageinventorydividedbycostofsalesandmultipliedby365.Averageinventoryequalstotheaverageofnetinventoryatthebeginningandendofagivenperiod.

Asat31March2021,inventoryvaluedecreasedby2.5%,or€5.1million,to€198.9millionascomparedto31March2020.Average inventory turnover increasedby37daysdue to theCOVID-19development,andpartlyduetohigherinventoryfortherapidgrowthanddevelopmentofELEMISandL’OccitaneenProvencetowardstheendofFY2021.Averageinventoryturnoverofrawmaterial&finishedgoodsandMPPsincreasedby43and5daysrespectively.Theincreasewaspartlyoffsetbyinventoryallowancefor7days,FXimpactfor4days.TheneteffectofthedeconsolidationofL’Occitane,Inc.includedabovewas5days.

TRADE RECEIVABLES

Thefollowingtablesetsoutasummaryofturnoverdaysoftradereceivablesfortheperiodsindicated:

FY2021 FY2020

Turnoverdaysoftradereceivables(1) 32 31

(1) Turnoverdaysof trade receivablesequals toaverage trade receivablesdividedbynet salesandmultipliedby365.Averagetradereceivablesequalstotheaverageofnettradereceivablesatthebeginningandendofagivenperiod.

Turnoverdaysof trade receivables increasedby1day to32days forFY2021ascompared toFY2020.TheincreasewasduemainlytothesalesdevelopmentstowardstheendofthefinancialyearinAsiaandatELEMIS,partlyoffsetbyFXimpact.

TRADE PAYABLES

Thefollowingtablesetsoutasummaryofaveragetradepayablesdaysfortheperiodsindicated:

FY2021 FY2020

Turnoverdaysoftradepayables(1) 215 173

(1) Turnoverdaysof tradepayablesequals to theaverage tradepayablesdividedbycostof salesandmultipliedby365.Averagetradepayablesequalstotheaverageoftradepayablesatthebeginningandendofagivenperiod.

— 22 —

The increaseof42days in turnoverdaysof tradepayables inFY2021wasduemainly to reduction incostofsalesby13.9%.Intermsofexpensetype,theincreasesinturnoverdaysofaccruedexpensesandtradepayableswere27daysand17days respectively.FX impactandothersoffsetpartof the increase in turnoverdaysby2days.

BALANCE SHEET RATIOS

ReturnoncapitalemployedinFY2021was10.2%,anincreaseof3.3pointsascomparedtoFY2020,asaresultof an increase in net operating profit after tax by30.8%accompaniedby a decrease of 12.1% in capitalemployed.Thedecrease incapitalemployedwasmainlydue to lower fixedassetsat theendofFY2021afterrestrainingcapitalexpenditurespendingamidCOVID-19risks.

Thecapitalandreservesattributabletotheequityownersincreasedby€101.7millionforFY2021,duemainlytotheprofitsretainedfortheyear.ReturnonequityratioinFY2021improvedby2.3pointsto12.9%,comparedto10.6%inFY2020.

TheGroup’sgearingratioreducedfrom37.2%inFY2020to32.7%inFY2021.IftheimpactsofIFRS16wereexcluded,gearingratioinFY2021woulddecreaseto23.8%.

Reported ReportedFY2021 FY2020

ProfitabilityEBITDA(1) 407,975 383,517Netoperatingprofitaftertax(NOPAT)(2) 171,512 131,153Capitalemployed(3) 1,674,503 1,905,674Returnoncapitalemployed(ROCE)(4) 10.2% 6.9%Returnonequity(ROE)(5) 12.9% 10.6%

LiquidityCurrentratio(times)(6) 0.9 1.2Quickratio(times)(7) 0.7 0.7

Capital adequacyGearingratio(8) 32.7% 37.2%Debttoequityratio(9) 30.9% 62.1%

(1) Earningsbeforeinterest,taxes,depreciationandamortisation

(2) (Operatingprofit+foreigncurrencynetgainsorlosses)x(1–effectivetaxrate)

(3) Non-currentassets– (deferred tax liabilities+other financial liabilities+othernon-current liabilities)+workingcapital

(4) NOPAT/capitalemployed

(5) NetprofitattributabletoequityownersoftheCompany/shareholders’equityatyearendexcludingminorityinterest

(6) Currentassets/currentliabilities

(7) (Currentassets–inventories)/currentliabilities

(8) Totaldebt/totalassets

(9) Netdebt/(totalassets–totalliabilities)

—23—

FOREIGN EXCHANGE RISK MANAGEMENT

TheCompanyentersintoforwardexchangecontractsandcurrencyoptionstohedgeanticipatedtransactions,aswellas receivablesandpayablesnotdenominated in itspresentationcurrency, theEuro, forperiodsconsistentwithitsidentifiedexposures.Asat31March2021,theCompanyhadforeignexchangederivativesnetliabilitiesof€0.6millionintheformofforwardexchangecontracts(inaccordancewithfairmarketvaluationrequirementsunderIFRS).Thenotionalprincipalamountsofoutstandingforwardexchangederivativesasat31March2021wereprimarily saleofChineseyuan foranequivalentamountof€23.4million,USdollar for€10.4million,HongKongdollarfor€7.1million,Mexicanpesofor€3.6million,Russianrublefor€3.2million,Japaneseyenfor€2.8million,GreatBritishpoundfor€2.8millionandThaibahtfor€2.7million.

DIVIDENDS

AttheBoardmeetingheldon29June2020,theBoardrecommendedagrossdividenddistributionof€0.02228persharefora totalamountof€32.6millionor28.0%of thenetprofitattributable to theequityownersof theCompany.Theamountof the finaldividendwasbasedon1,461,732,521shares in issueasat29 June2020excluding15,232,370 treasuryshares.Theshareholdersof theCompany (the“Shareholders”)approved thisdividendatameetingheldon30September2020.Thedividendwasdulypaidon23October2020.

Despite the impactofCOVID-19onbusinessoperation, theGroup remained solid ingeneratingoperatingcashflow.InordertomaintainahealthycashpositionaswellastosharetheearningswiththeShareholders,theBoard ispleased to recommenda finaldividendof€0.03687per share (the“Final Dividend”),approximately165.5%of thedividend inFY2020,orapayout ratioofapproximately35.0%.The totalamountof theFinalDividendis€54.1million.

TheFinalDividend isbasedon1,467,388,221shares in issueasat28June2021excluding9,576,670 treasuryshares.

EVENTS SUBSEQUENT TO THE END OF FINANCIAL YEAR

TheCOVID-19crisisand thecorresponding restrictivemeasures, suchas travelbans,partial lockdowns,andstoreclosures in someof theGroup’skeymarketscontinue toaffectbusinessoperationsnotably inEurope.Given theunpredictabilityof the futuredevelopmentofCOVID-19, the impacton theGroup in the fiscalyearended31March2021isnotindicativeoftheimpactonitsfuturefinancialinformation.TheGroupwillcontinuetofollowtheapplicablehealthandhygienemeasuresandcloselymonitorthesituation.Theestimatedfinancialeffects,ifany,willbereflectedintheGroup’sfuturefinancialstatements.

On10May,2021,theGroupacquiredsecuritiesofCarbiosforatotalconsiderationof€10million.

On16June2021,theFY2021PGEbankborrowingof€50.1millionwaspaidoff.

STRATEGIC REVIEW

DuringayearmarkedbytheongoingchallengesfromtheCOVID-19pandemic,theGroupmanagedtodeliverastrongsetofresultsinFY2021,exceedingitsexpectationsintermsofbothsalesandprofitability.ThankstotheGroup’sagilityandadaptability ina socially-distantworld, thestrongsales recovery in thesecondhalfof theyearhelpedrecovermostofthegroundlostearlierintheyear,resultinginonlyaslightsalesdeclineinFY2021ascomparedtoFY2020.

Importantly,theGroupmadetremendousprogressinexpandingitsbottomline—recordinganoperatingmarginof14.3%withcontributionfromitsonlinechannels,excellentperformanceinkeymarketsinAsia,strongresultsfromitsnewerbrands,aswellasgreateroperationalefficiency.

ThisoutcomewasmadepossiblebytheGroup’scontinuedadherencetothefivepillarsofitsstrategyofbuildingtrust,sustainablegrowthandprofitability—namely,empoweringteams;executingfundamentalsespeciallyinaretailcontext;adoptinganomni-channel,mobileanddigitalapproach;engagingcustomers;andstrengtheningbrandcommitments.ThisstrategywillremainatthecoreoftheGroup’sdirectionasitseekstofurtherimproveitsfinancialperformanceinthecomingyears.

—24—

Online and omni-channel sales drove better profitability

InFY2021,salesthroughtheGroup’sonlinechannelsexpanded69.2%,andaccountedformorethanone-thirdoftheGroup’stotalsales.ThestrongonlinesalescompensatedformostofthesaleslostthroughtheGroup’sbrick-and-mortarstores,ofwhichmorethan75%wereshutteredatthepeakoftheCOVID-19pandemic.ThisshiftofsalesactivityfromofflinetoonlinechannelsalsocontributedtotheGroup’sexpandedprofitability inFY2021,withtheinherentlyhigher-marginonlinebusinesshelpingtooffsettheoperatingdeleverageofclosedstores.

TheGroup’sproactiveapproachtosocialsellingunderpinnedthesuccessfulpivottoonlinesales,enablingittomaintainandstrengthenitshumanapproachtobeautydespitetheneedforsocialdistance.InEurope,theGrouprolledout68social sellingprojects, includingpersonal shoppingconciergeservices, livestreamingandonlineconsultationservicestoadapttochangingcustomerbehaviour.Itwasclearthattheseinitiativesgainedtractionasthepandemicdeveloped,withpeakusagecorrelatedwithlockdownperiods.IntheUS,theGrouplaunchedapilotclientelingprogramthatallowedin-storebeautyadvisorstocommunicatedirectlywiththeircustomersviaSMSandsocialmedia.Meanwhile,SouthKoreahadoneofthehighestonlinesalesmixacrosstheGroup’skeymarkets,backedbyL’OCCITANEenProvence’sno.1position in thebeautycategoryon theKakaoGiftingplatform.

Core brand resilient in key product segments and Asian markets

TheGroup’s corebrand,L’OCCITANEenProvenceprovedparticularly resilient inFY2021.Demand forproductssuchassoaps,andhandandbodymoisturisersspikedastheCOVID-19pandemicstimulatedheightenedawarenessofhygienearound theworld.At thesame time,keymarkets inAsia,especiallyChina,TaiwanandSouthKorea, stilldeliveredgrowth inFY2021.Anddespiteadifficultyear, theGroupwasable to lower thelevelofdiscountstoprotectitsbrandequityandprofitability,againevidentofthestrongpositioningofitscorebrand.

RidingonL’OCCITANEenProvence’s iconic status inpremiumbodyandhandcare, theGroup ran targetedcampaignsinkeymarketstocapturegrowth.Forexample,itsperformanceinSouthKoreainthesecondhalfoftheyearwasboostedbyanewSheaButtermarketingcampaignwithK-popsingerWendyfromtheRedVelvetgirl band. In addition to elevating its signatureSheaButter range, theGroupalso invested in thehair carecategory, seenasakeyopportunity inChinawhere thecategorysawstrongdouble-digitgrowth.Globally, theGrouprolledoutstrongfacecarecampaignsthroughoutFY2021,particularlyforitsImmortelle ResetrangewiththerecentlaunchoftheImmortelle Reset Triphase Essence,inlinewithitsongoingheroproductstrategywithafocusonfacecare.

Overall,ChinawasundisputedlytheGroup’sbest-performingmarketandoneofthefirstmarketstoemergefromCOVID-19. In the fourthquarterofFY2021,China’s retail salesgrewmore than50%,mainlycontributedbysuccessfulChineseNewYear andWomen’sDaypromotion campaigns, aswell as a lowbase inFY2020.Specifically,theGroupraneye-catchingphysicalroadshowsduringChineseNewYearthatencouragedproductsamplingandconversion. Inaddition to this recovery in theofflinechannel,onlinechannels remained robust,growingmore than45%in thesamequarter.Therecoveryofbothchannelscumulated intoan impressive36%growthinChina,whichsawitbecometheGroup’slargestmarketinFY2021.

Digital-first global expansion of ELEMIS validates multi-brand strategy

FY2021saw the rapidexpansionofELEMIS intonewmarketsunderadigital-first strategy,materialisingonsynergieswithL’OCCITANEenProvencewherepossible.Oneof thehighlightswasChina,whereELEMISlaunched inall269 storesof its exclusive retailpartner,Sephora.Since its launch in July2020,ELEMIS’sperformance inChinahasgone fromstrength to strengthand ishighlyprofitable.March2021was thebrand’sbest-performingmonthyetintermsofChinaretailsales,backedbytheintroductionoffivenewSKUs,includingtheUltraSmartanti-ageingline,thebrand’smostpremiumrange.

Elsewhere,ELEMIScontinued to rollout innewmarketsacrossAsia,Europeand theMiddleEast, includingRussia,Malaysia and Indonesia. It also launchedmore than adozen e-commercewebsites inkeymarketsincludingFrance,GermanyandItaly,aswellasHongKong,Taiwan,SingaporeandThailand.

—25—

DespiteELEMIS’sfruitfulprogressinnewmarkets,thebrandalsodeliveredstrongresultsinitsheritagemarketsoftheUSandtheUK,wherethemomentumacrossdigitalandhomeshoppingchannelsgreatlyoffsetitsseverelyimpactedbrick-and-mortarbusinesses.

ELEMIS’sresilientperformanceinFY2021underscoredthesoundnessoftheGroup’smulti-brandstrategy,withits leanandagilestructureenabling it toswiftlycutcostsearlyon in thepandemicandcontribute to itsstellaroperatingprofitmarginof25.7%.TheGroupalsocontinuedtodevelopeachoftheotherbrandsinitsportfoliothroughoutFY2021,furtherdiversifyingitsrevenuesources.InFY2021,L’OCCITANEenProvencecontributed78%oftheGroup’stotalsales,downfrom79%inFY2020.

LimeLifewas theGroup’s fastest-growingbrandand turnedprofitable inFY2021,benefiting from itsonline-onlyandsocialmedia-basedbusinessmodel.Thisdynamicperformancewas fuelledbysuccessful recruitmentoperationsintheUSandthereleaseofthenewproducts.

TheperformanceoftheGroup’semergingbrands,Melvita,L’OCCITANEauBrésilandErborianalsoimprovedasawholeasFY2021progressed.ThiswasmostlyledbyErborian,whichgrew14%inFY2021andmaintaineditsprofitability.L’OCCITANEauBrésilshowedsignsofa turnaroundtowardstheendof theyearbyfocusingonkeycustomergroups,recruitmentandthedevelopmentofnewchannels,withgrowthreturninginthefourthquarterofFY2021.Melvitacontinued to facechallenges,yet showedsales improvementquarterafterquarter.BothL’OCCITANEauBrésil andMelvita arewell advanced in their restructures and continued to closeunderperformingstoresduringtheyearastheyaimtoimproveprofitability.

Two major restructuring actions pave the way for greater operational efficiency

Inaddition todriving top-lineperformance, theGroupundertook twomajor restructuringactions inFY2021 toaccelerateits transformation,addressloss-makingareasandincreasetheefficiencyofits investments.Overthecomingyears,thiswillallowtheGrouptobecomeamuchmoreefficientandagileorganisation.

InOctober2020, theGroupannounceda reorganisation that led to the lossof approximately300positionsgloballyof its totalworkforceof9,000,mostly at its corporateoffices.Subsequently in January2021, theGroup’sUS subsidiary,L’Occitane, Inc., commenced a voluntaryChapter 11 case to accelerate its storerationalisationprocess.AsoftheendofFY2021,thecasewasprogressingwellandresultedinanetclosureof25underperformingstores.TheGroupexpectsa successfulChapter11case todeliver savingsofaround€9millionto€10milliononanannualbasisforthenextfourtofiveyears.

Unwavering resolve to addressing COVID-19 and long-term sustainability

ThroughoutFY2021, theGroupcontinuouslydonatedcareproducts to supporthealthcareworkers fighting thepandemicaround theworld.Likewise, theGroupstrengthened its supportof sheabutterproducers inBurkinaFaso tohelpprotect themfromCOVID-19.Asstores reopened, theGroup remainedcommitted toofferinga100%contactlessjourneytoprovidethehighestlevelofsafetytoitsstaffandcustomers,whilestillprovidingamemorableandfreshshoppingexperience.

Asagroupthat takesinspirationfromnatureandreliesonitsresources, theGrouphasidentifiedthreepriorityareason the sustainability front:deliverdramatic change tomitigate theclimate crisis;protect and restorecultivatedandnaturalbiodiversity; andempower all people inour communities.For example, through theGroup’s#NotJustSuppliersprogram,itiscontinuingtoboostsupplychainsustainabilityandensureitsindustrysuppliershavesoundethical, social,andenvironmentalbusinesspractices inplace.Theseeffortswere recentlyrecognisedbyEcoVadis,aproviderofoneoftheworld’smosttrustedbusinesssustainabilityratings.Meanwhile,theGroupcontinueditsglobalfighttominimiseplasticpollutionandcreateacirculareconomyforplasticasasignatoryoftheEllenMacArthurFoundation,whichhasseentheGrouppledgetohave100%ofitsbottlesmadeoutof100%recycledplasticand100%of itscompany-ownedstoresoffera recyclingserviceby2025.Togofurther ineliminatingsingle-useplastic, theGroup is set to install refill fountainsacross27countries in2021,witheachrefillsavingmorethan90%ofplasticcomparedtoclassicproducts.

Togetherwithnumerousother actionable initiatives, theGrouphas set anambitiousobjectiveof achievingcarbonneutralityatitstwoproductionsitesinFranceby2025,andacrosstheGroupby2030.

—26—

OUTLOOK

Heading intoFY2022, theglobal fightagainstCOVID-19 remainsaconcern.Asphysical stores inEurope re-opened followingnewwavesof infectionsearlier in2021, stores in severalAsianmarkets including Japan,TaiwanandMalaysia,havebeenforcedtocloseduetonewlocallockdowns.

However,theGroup’sperformanceshouldremainresilientasitcontinuestobenefitfromtheacceleratedshifttoonlinechannelsglobally,aswellasitsunparalleledself-care,skincareandhandcareimage.TheGroupexpectsitsonlinesalesanditssales inhigh-growthAsianmarkets toremainrobust,withitsbrandportfolio,especiallythecorebrandandELEMIS, todeliver strongprofitcontribution.As thecustomerevolves, theGroup isalsowellequippedtocontinuecreatingengagingcontentasitacceleratesitsdigitalandsustainabilityinitiatives.

Looking ahead, theGroupbelieves the inherent strengthof its brands, thedetermination and focusof itsmanagementteam,aswellasitstargetedinvestments,willfurtherstrengthenitsfoundationforfuturegrowthandprofitability.Byproactivelytakingstepstomaximisethefinancialefficiencyofitsbusiness,prioritiseitsomni-channelapproachandengagewithcustomers,theGroupisconfidentingeneratinggreatervalueforShareholdersinthelongterm.

AUDIT COMMITTEE

AsrequiredundertheRulesGoverningtheListingofSecuritiesonTheStockExchangeofHongKongLimited(the“Listing Rules”), theCompanyhasanAuditCommitteecomprisingof threenon-executiveDirectors, twoofwhomare independentnon-executiveDirectors.TheAuditCommittee togetherwithexternal auditorhasreviewedtheaccountingprinciplesandpracticesadoptedbytheGroupandhasalsodiscussedauditing,internalcontrolsand financial reportingmatters including the reviewof theconsolidated resultsand theconsolidatedfinancialstatementsoftheGroupforFY2021.ThisannualresultsannouncementisbasedontheGroup’sauditedconsolidatedfinancialstatementsfortheyearended31March2021.

CORPORATE GOVERNANCE

TheBoard reviews its corporategovernancepractices regularly inorder tomeet the risingexpectationsofShareholders, tocomplywith increasingly stringent regulatory requirementsand to fulfil its commitment toexcellence in corporate governance.TheBoard is committed tomaintaining a high standardof corporategovernancepracticesandbusinessethicsinthefirmbeliefthat theyareessentialformaintainingShareholders’return.

TheCompanyhascompliedwithallof thecodeprovisionsof theCorporateGovernanceCodeandCorporateGovernanceReport (the“CG Code”) setout inAppendix14 to theListingRules throughoutFY2021saveasdisclosedbelow:

CodeprovisionA.2.1oftheCGCodeprovidesthattherolesofchairmanandchiefexecutiveshouldbeseparateandshouldnotbeperformedbythesameindividual.

TheroleoftheChiefExecutiveOfficer(“CEO”)oftheGrouphasbeenassumedbyMr.ReinoldGeiger(“Mr. Geiger”), theChairmanof theBoard.Thisdeviation isdeemedappropriate as it is considered tobemoreefficient tohaveonesingleperson tobe theChairmanof theCompanyaswellas todischarge theexecutivefunctionsofaCEOanditprovidestheGroupwithstrongandconsistentleadership.TheBoardbelievesthatthebalanceofpowerandauthority isadequatelyensuredby theoperationsof theBoardwhichcompriseshighlyexperienced individuals.Thereare four independentnon-executiveDirectors in theBoard.Allof thempossessadequate independenceand therefore theBoardconsiders theCompanyhasachievedbalanceandprovidedsufficientprotectionof its interests.Moreover,Mr.Geiger isnotamemberofanyof thecommittees (AuditCommittee,NominationCommittee, andRemunerationCommittee) and each committee is composedof amajorityofindependentnon-executiveDirectors.Nevertheless,theBoardwillregularlyreviewthemanagementstructuretoensurethatitmeetsthebusinessdevelopmentrequirementsoftheGroup.

—27—

Furthermore,Mr.Geiger is supportedby theGroupManagingDirector,Mr.YvesBlouin (“Mr. Blouin”,appointedon14January2021).Mr.Geiger is responsible to theBoardand focusesonGroupstrategiesandBoard issues,ensuringacohesiveworking relationshipbetweenmembersof theBoardandmanagement.Mr.AndréHoffmann (“Mr. Hoffmann”),Vice-Chairmanof theBoard,works closelywithMr.Geiger on allimportantBoard issues.Mr.HoffmannandMr.Blouinhave full executive responsibilities in thebusinessdirections andoperational efficiencyof the business units under their respective responsibilities and areaccountabletoMr.Geiger.

CodeprovisionF.1.3of theCGCodeprovides that thecompanysecretaryshould report to theChairmanandCEO.

Mr.KarlGuénard(“Mr. Guénard”),companysecretaryoftheCompany,isbasedinLuxembourgandreportstoMr.ThomasLevilion(“Mr. Levilion”),anExecutiveDirectorandtheGroup’sDeputyGeneralManagerwhoseprimary responsibility is tooversee theGroup’s finance functionsworldwide.TheCompanybelieves this isappropriatebecausebothMr.GuénardandMr.Levilionworkclosely togetheronaday-to-daybasis includingdealingwithmattersrelatingtocorporategovernanceandotherBoard-relatedmatters.

DIRECTORS’ SECURITIES TRANSACTIONS

TheCompanyhasadopted theModelCode forSecuritiesTransactionsby theDirectorsofListed Issuers (the“Model Code”)setoutinAppendix10totheListingRulesasthecodeofconductfordealinginthesecuritiesoftheCompanybytheDirectors.HavingmadespecificenquiryofallDirectors,theyhaveconfirmedthattheyhavecompliedwiththeModelCodeduringFY2021.

PURCHASE, SALE OR REDEMPTION OF THE COMPANY’S LISTED SECURITIES

DuringFY2021,theCompanytransferredoutoftreasuryatotalof4,945,400Sharesheldintreasurypursuanttotheemployees’freeshareplansandshareoptionplansoftheCompany.TheCompanyheld10,286,970sharesintreasuryon31March2021.Saveasdisclosedabove,neither theCompanynor its subsidiarieshaspurchased,redeemedorsoldanyoftheCompany’slistedsecuritiesduringFY2021.

CLOSURE OF REGISTER OF MEMBERS

The registerofmembersof theCompanywillbeclosed fromFriday,24September2021 toWednesday,29September2021,bothdaysinclusive,duringwhichperiodnosharetransferscanberegistered.TherecorddatetodeterminewhichShareholderswillbeeligibletoattendandvoteattheforthcomingannualgeneralmeetingoftheCompany (the“AGM”)willbeWednesday,29September2021 (the“AGM Record Date”).All transfersaccompaniedbytherelevantsharecertificate(s)mustbelodgedwiththeCompany’sHongKongShareRegistrar,ComputershareHongKong InvestorServicesLimited,atShops1712–1716,17thFloor,HopewellCentre,183Queen’sRoadEast,Wanchai,HongKongnotlaterthan4:30p.m.onThursday,23September2021.

SubjecttotheShareholdersapprovingtherecommendedFinalDividend,ifany,attheAGM,suchFinalDividendwillbepayableonFriday,22October2021toShareholderswhosenamesappearontheregisterofmembersonTuesday,12October2021 (the“Dividend Record Date”).Todetermineeligibility for theFinalDividend, theregisterofmembersoftheCompanywillbeclosedfromThursday,7October2021toTuesday,12October2021,bothdaysinclusive,duringwhichperiodnosharescanberegistered.InordertobeentitledtoreceivetheFinalDividend,alltransfersaccompaniedbytherelevantsharecertificate(s)mustbelodgedwiththeCompany’sHongKongShareRegistrar,ComputershareHongKong InvestorServicesLimited,atShops1712–1716,17thFloor,HopewellCentre,183Queen’sRoadEast,Wanchai,HongKongnot later than4:30p.m.onWednesday,6October2021.

PUBLICATION OF FINAL RESULTS AND FY2021 ANNUAL REPORT

The final resultsannouncementof theCompany ispublishedon thewebsitesofTheStockExchangeofHongKongLimited(the“Hong Kong Stock Exchange”)(www.hkexnews.hk)andtheCompany(group.loccitane.com).TheannualreportwillbedispatchedtotheShareholdersandwillbeavailableonthewebsitesoftheHongKongStockExchange(www.hkexnews.hk)andtheCompany(group.loccitane.com)induecourse.

—28—

ANNUAL GENERAL MEETING

TheAGMwillbeheldon29September2021.AnoticeconveningtheAGMwillbepublishedonthewebsitesoftheHongKongStockExchange (www.hkexnews.hk) and theCompany (group.loccitane.com) andwill bedispatchedtotheShareholdersinduecourse.

BOARD OF DIRECTORS

Asatthedateofthisannouncement,theDirectorsoftheCompanyare:

Executive DirectorsReinoldGeiger(Chairman and Chief Executive Officer)AndréHoffmann(Vice Chairman)YvesBlouin(Group Managing Director)ThomasLevilion(Group Deputy General Manager, Finance and Administration)KarlGuénard(Company Secretary)SéanHarrington(Chief Executive Officer of ELEMIS)

Non-executive DirectorMartialLopez

Independent Non-executive DirectorsValérieBernisCharlesMarkBroadleyPierreMiletJacksonChikSumNg

ByOrderoftheBoardL’Occitane International S.A.

Reinold GeigerChairman

Luxembourg,28June2021

Disclaimer

The financial information and certain other information presented in a number of tables have been rounded to the nearest whole number or the nearest decimal. Therefore, the sum of the numbers in a column may not conform exactly to the total figure given for that column. In addition, certain percentages presented in the tables reflect calculations based upon the underlying information prior to rounding and, accordingly, may not conform exactly to the percentages that would be derived if the relevant calculations were based upon the rounded numbers.