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Commencer pagination 1 !!! Investor Presentation September 2020 DISCLAIMER This presentation does not constitute an offer of securities for sale in the United States of America or any other jurisdiction. Certain information contained in

  1. Commencer pagination à 1 !!! Investor Presentation September 2020

  2. DISCLAIMER This presentation does not constitute an offer of securities for sale in the United States of America or any other jurisdiction. Certain information contained in this document may include projections and forecasts. They express objectives based on current assessments and estimates of the Group’s executive management which are subject to numerous factors, risks and uncertainties. Consequently, reported figures and assessments may differ significantly from projected figures. The following factors among others set out in the URD (Universal Registration Document) filed with the French Financial Markets Authority (Autorité des Marchés Financiers - AMF) on March 26, 2020 which is available on Kering’s website at www.kering.com may cause actual figures to differ materially from projected figures: any unfavourable development affecting consumer spending in the activities of the Group in France and abroad, notably for products and services sold by our Luxury brands, the events, crises, fears, and resulting costs of complying with environmental, health and safety regulations and all other regulations with which Group companies are required to comply; the competitive situation on each of our markets; exchange rate and other risks related to international activities; risks arising from current or future litigation. Kering gives no commitment to updating and/or revising and/or commenting any projections and forecasts, or their impact on the results and perspectives of the Group, which may be contained in this presentation. The information contained in this document has been selected by the Group’s executive management to present Kering’s first-half 2020 results. This document has not been independently verified. Kering makes no representation or undertaking as to the accuracy or completeness of such information. None of the Kering or any of its affiliates representatives shall bear any liability (in negligence or otherwise) for any loss arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. IN NO WAY DOES KERING ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED IN THIS PRESENTATION. INFORMATION IN THIS PRESENTATION, INCLUDING FORECAST FINANCIAL INFORMATION, SHOULD NOT BE CONSIDERED AS ADVICE OR A RECOMMENDATION TO INVESTORS OR POTENTIAL INVESTORS IN RELATION TO HOLDING, PURCHASING OR SELLING SECURITIES OR OTHER FINANCIAL PRODUCTS OR INSTRUMENTS AND DOES NOT TAKE INTO ACCOUNT YOUR PARTICULAR INVESTMENT OBJECTIVES, FINANCIAL SITUATION OR NEEDS. BEFORE ACTING ON ANY INFORMATION YOU SHOULD CONSIDER THE APPROPRIATENESS OF THE INFORMATION HAVING REGARD TO THESE MATTERS, ANY RELEVANT OFFER DOCUMENT AND IN PARTICULAR, YOU SHOULD SEEK INDEPENDENT FINANCIAL ADVICE. ALL SECURITIES AND FINANCIAL PRODUCT OR INSTRUMENT TRANSACTIONS INVOLVE RISKS, WHICH INCLUDE (AMONG OTHERS) THE RISK OF ADVERSE OR UNANTICIPATED MARKET, FINANCIAL OR POLITICAL DEVELOPMENTS AND, IN INTERNATIONAL TRANSACTIONS, CURRENCY RISK. READERS ARE ADVISED TO REVIEW THE COMPANY'S REFERENCE DOCUMENT AND THE COMPANY'S APPLICABLE AMF FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISION. 2

  3. GROUP STRATEGY OVERVIEW

  4. A UNIQUE GROWTH & PERFORMANCE MODEL RESPONSIBLE, INNOVATIVE, ORGANIC GROWTH QUALITY OF EXECUTION & VALUE CREATION CREATIVITY - SUSTAINABILITY - LONG-TERM FINANCIAL PERFORMANCE GROWTH PLATFORM COMPETITIVE ADVANTAGE 4

  5. 2015 TO 2019: CREATING VALUE THROUGH ORGANIC GROWTH 2015 2019 x2.1 €7,660m €15,884m REVENUE +20% CAGR x3.1 €1,528m €4,778m RECURRING +33% CAGR OPERATING INCOME 19.9% >+10pt 30.1% RECURRING OPERATING MARGIN 2015 data adjusted for 2019 scope 5

  6. 2015 TO 2019: CREATING VALUE THROUGH ORGANIC GROWTH FROM 2015… …TO 2019 40% retail 40% retail Number of DOS Number of DOS Gucci Gucci €9.6bn €3.9bn YSL BV €2.0bn €1.2bn BV €1.3bn YSL €1.0bn BAL BAL 150 DOS 150 DOS AMQ Pomellato Pomellato Boucheron Boucheron Brioni Qeelin AMQ Qeelin Brioni Retail as % of revenue Retail as % of revenue 6

  7. AN ENSEMBLE OF COMPLEMENTARY HOUSES UNITED BY A POWERFUL CULTURE STEADY GROWTH ENTERING A NEW GROWTH PHASE • Leverage full brand potential • In-depth work on brand equity, product offering, distribution network, supply chain • Sustaining high level of operating margins • Investments required in short term • Substantial FCF generation, normative Capex level • Significant operating leverage in medium term SCALING UP RELAUNCH UNDERWAY • Offering and distribution optimization • Untapped markets, expanded distribution networks, broadened product offering • Brand equity investment • Opex & Capex investments • Gradual recovery of profitability • Margins to increase in short / medium term 7

  8. KERING IS WELL POSITIONED TO LEVERAGE THE NEW LUXURY ENVIRONMENT YOUNG AND GLOBAL NUMEROUS OMNICHANNEL A DEMAND-DRIVEN CONSUMERS TOUCHPOINTS AS A MUST SUPPLY CHAIN INCREASED DEMAND NEW TECHNOLOGIES FOR TRANSPARENCY Leading sustainability Balancing Seamless experience Agility to meet commitments scale and across channels instant requests personalization and geographies 8

  9. KERING IS WELL POSITIONED TO LEVERAGE THE NEW LUXURY ENVIRONMENT YOUNG AND GLOBAL NUMEROUS CONSUMERS INCREASED TOUCHPOINTS DEMAND FOR TRANSPARENCY NEW TECHNOLOGIES • Strong sustainability , climate change & • Creativity expressed across all touchpoints biodiversity commitments • Increase brand visibility, nurture desirability and • Diversity & inclusion core values client engagement on relevant platforms & networks • Caring about community, suppliers & employees • Adapted marketing & comms strategy, social • New collections : Gucci “Off the grid” commerce • Sustainable innovation & new business models • Asset digitalization - Virtual Showrooms & shows • Millennials & Gen-Z unabated appetite for luxury - Design, prototyping, content • New & immersive experiences : live streaming, virtual fitting • AI programs: product recommendation, … 9

  10. KERING IS WELL POSITIONED TO LEVERAGE THE NEW LUXURY ENVIRONMENT OMNICHANNEL A DEMAND-DRIVEN AS A MUST SUPPLY CHAIN • Online acceleration & e-commerce • AI powered models to improve short-term internalization forecast and long-term planning - AMQ first brand successfully migrated to • Logistics transformation program in house platform (July 2020), opening of - New regional US warehouse operating, China e-comm website for AMQ and YSL successful initial go-lives in new central • Localized demand: leveraging data & tech Italian warehouse. Roadmap confirmed (CRM) to better know & engage with clients with slight timeline reshaping - Further personalize experience along - Improved time to market, inventory customer journey, multiple clienteling availability and flexibility (region to region, activations channel to channel) - Client advisors empowerment to offer the - Adapting to new collections agenda & best of physical & digital: development of structure distant sales, client service support & visio • IT backbone investments ongoing as planned app pilot • Distribution reassessment (retail footprint, selectivity offline & online, virtual concessions) 10

  11. LONG-TERM FINANCIAL PRIORITIES STRONG SUSTAIN … AT SOLID BALANCED CASH FLOW ORGANIC PROFITABILITY CAPITAL GROWTH… LEVEL GENERATION ALLOCATION • Optimize Working Capital • Creative brands • Invest for growth: • Consistent dividend resonating with products, stores, policy • Pursue Group customers client experience and investments with engagement, talents, • Ability to seize M&A Capex-to-sales ratio • Further market share digital and omnichannel opportunities at c.6% gains capabilities, communications • Agile in returning • Continued optimization of • Unleash potential additional cash of our Houses according • Operating leverage ROCE to shareholders to their maturity level thanks to optimization of cost base relative to scale 11

  12. KERING IN 2020 • Group scale & scope • Ensemble of leading creative brands to capture WE ENTERED the new consumer 2020 IN TOP POSITIONING • Digital initiatives, innovation & growth platforms • Deep-rooted culture of sustainability & responsibility • Agility, responsiveness, adaptation WE ARE • Balancing profitability protection WEATHERING & investment priorities THE CRISIS • Healthy financial situation • Clear vision, strategy & model WE ARE DETERMINED • Ability to speed up implementation and seize AND CONFIDENT opportunities 12

  13. ANALYSIS OF H1 2020 RESULTS

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