L'Occitane International S A : Unaudited Quarterly Update for the Period Ended 30 September 2019

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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)

UNAUDITED QUARTERLY UPDATE

FOR THE PERIOD ENDED 30 SEPTEMBER 2019

L'Occitane International S.A. (the ''Company'') is pleased to present the unaudited 2019/2020 (''FY2020'') trading update of the Company and its subsidiaries (the ''Group'') for the three months ended 30 September 2019 (''FY2020 Q2'') and six months ended 30 September 2019 (''FY2020 H1''). This announcement is made pursuant to Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) and Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

Highlights

. In FY2020 Q2, the Group's net sales grew by 25.5% at reported rates and 21.7% at constant exchange rates.

. In FY2020 H1, the Group's net sales grew by 22.1% at reported rates and 19.0% at constant exchange rates.

. All brands posted encouraging growth at constant exchange rates in FY2020 Q2 - L'Occitane en Provence (+7.2%), LimeLife (+5.2%), Other brands (+10.1%), and ELEMIS (over +30%, unaudited).

. All geographic areas posted growth in local currency in FY2020 Q2, led by the UK (+220.1%), the US (+33.7%), China (+17.0%) and Russia (+14.4%).

. Sales momentum of L'Occitane en Provence further accelerated in FY2020 Q2, contributed by continuous success of the Immortelle Reset serum, successful product launches and dynamic retail, market place and web partner channels.

Performance by Business Segment

The following tables provide a breakdown of the net sales and net sales growth by business segment for the periods indicated:

	FY2020			FY2019			Growth at	Growth at
	Q2			Q2			reported rates	constant rates
	€'000	%	€'000	%	%		%
Sell-out	238,963			63.8	215,139			72.0	11.1		7.2
Sell-in	135,702			36.2	83,480			28.0	62.6		59.1
Total	374,665			100.0	298,619			100.0	25.5		21.7
	FY2020			FY2019			Growth at	Growth at
	H1			H1			reported rates	constant rates
	€'000	%	€'000	%	%		%
Sell-out	480,936			66.1	435,924			73.2	10.3		7.1
Sell-in	246,221			33.9	159,461			26.8	54.4		51.5
Total	727,157			100.0	595,385			100.0	22.1		19.0

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Performance by Brand

The following tables present the net sales and net sales growth by brand for the periods indicated:

	FY2020			FY2019			Growth at	Growth at
	Q2			Q2			reported rates	constant rates
	€'000	%	€'000	%	%		%
L'Occitane en Provence	287,492			76.7	259,953			87.1	10.6		7.2
ELEMIS(1)	43,693			11.7	-	-	n/a	n/a
LimeLife	19,962			5.3	18,124			6.1	10.1		5.2
Others(2)	23,518			6.3	20,542			6.9	14.5		10.1
Total	374,665			100.0	298,619			100.0	25.5		21.7
	FY2020			FY2019			Growth at	Growth at
	H1			H1			reported rates	constant rates
	€'000	%	€'000	%	%		%
L'Occitane en Provence	554,889			76.3	511,454			85.9	8.5		5.7
ELEMIS(1)	84,207			11.6	-	-	n/a	n/a
LimeLife	40,702			5.6	41,049			6.9	(0.8)	(5.9)
Others(2)	47,359			6.5	42,882			7.2	10.4		7.6
Total	727,157			100.0	595,385			100.0	22.1		19.0

1. ELEMIS was acquired on 1 March 2019 but its sales and profits have not been consolidated by the Group until April 2019. ELEMIS's sales in March 2019 were then reported together in the first quarter ended 30 June 2019.
2. Others include the emerging brands Melvita, Erborian and L'Occitane au Brésil.

Performance by Geographic Area

The following tables present the net sales and net sales growth by geographic area for the periods indicated:

															Contribution
															to Overall
	FY2020			FY2019			Growth at	Growth at	Growth at
	Q2			Q2			reported rates	constant rates	constant rates
	€'000	%		€'000	%		%		%	%
Japan	53,027			14.2	47,598		15.9	11.4	2.4	1.7
Hong Kong(1)	34,437			9.2	30,765		10.3	11.9	6.3	3.0
China	40,922			10.9	34,517		11.6	18.6	17.0	9.0
Taiwan	7,812			2.1	7,237		2.4	7.9	4.7	0.5
France	24,882			6.6	22,487		7.5	10.6	10.6	3.7
United Kingdom(2)	40,922			10.9	12,892		4.3	217.4	220.1	43.7
United States	65,535			17.5	46,732		15.6	40.2	33.7	24.3
Brazil	12,524			3.3	11,242		3.8	11.4	6.4	1.1
Russia	11,763			3.1	9,677		3.2	21.6	14.4	2.1
Other geographic areas(3)	82,843			22.1	75,472		25.3	9.8	9.2	10.7
Total	374,665			100.0	298,619		100.0	25.5	21.7	100.0

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Performance by Geographic Area (cont'd)

															Contribution
															to Overall
	FY2020			FY2019			Growth at	Growth at	Growth at
	H1			H1			reported rates	constant rates	constant rates
	€'000	%		€'000	%		%		%	%
Japan	107,255			14.7	96,164		16.2	11.5	4.2	3.6
Hong Kong(1)	58,298			8.0	58,436		9.8	(0.2)	(5.6)	(2.9)
China	76,653			10.5	67,845		11.4	13.0	12.7	7.6
Taiwan	15,067			2.1	14,360		2.4	4.9	2.5	0.3
France	48,657			6.7	45,450		7.6	7.1	7.1	2.8
United Kingdom(2)	76,810			10.6	23,173		3.9	231.5	234.7	48.1
United States	133,555			18.4	100,367		16.9	33.1	26.0	23.1
Brazil	26,457			3.6	23,869		4.0	10.8	10.2	2.2
Russia	22,370			3.1	18,614		3.1	20.2	15.3	2.5
Other geographic areas(3)	162,036			22.3	147,107		24.7	10.1	9.8	12.7
Total	727,157			100.0	595,385		100.0	22.1	19.0	100.0

1. Includes sales in Macau and to distributors and travel retail customers in Asia.
2. Growth in the UK included contribution from ELEMIS.
3. Includes sales from Luxembourg.

The following table provides a breakdown, by geographic area, of the number of own retail stores, their contribution percentage to overall growth and same store sales growth for FY2020 H1 compared to the same period last year:

			Own Retail Stores				% contribution to Overall Growth(1)(2)
			Net openings			Net openings	Non-					Same Store
			YTD			YTD	comparable	Comparable	Total	Sales Growth
	30 Sep 2019		30 Sep 2019	30 Sep 2018		30 Sep 2018	Stores	Stores	Stores	%(2)
Japan(3)	161	7	151	7	2.7		(0.2)	2.6		(0.3)
Hong Kong(4)	36		-	34		-	(0.8)	(1.7)	(2.5)	(19.0)
China(5)	194	4	194	(3)	(0.2)	2.1	1.9		5.7
Taiwan	52	(1)	51	(1)	0.3		0.1	0.4		1.9
France(6)	87	1	82		-	0.7		1.2	1.8		6.7
United Kingdom	72	(2)	74		-	6.2		0.4	6.6		2.7
United States	178	(6)	190	(6)	4.3		(1.5)	2.8		(4.0)
Brazil(7)	186	4	164	(2)	1.7		0.1	1.8		1.0
Russia(8)	110	3	104	1	0.6		0.4	1.1		4.1
Other geographic areas(9)	517		11	511	4	1.5		3.4	5.0		5.4
Total(10)
1,593		21	1,555		-	17.0		4.5	21.5		1.7

1. Represents percentage of overall net sales growth attributable toNon-comparable Stores, Comparable Stores and Total Stores for the geographic area and period indicated.
2. Excludes foreign currency translation effects.
3. Includes 34 and 35 Melvita stores as at 30 September 2018 and 30 September 2019 respectively.
4. Includes 3 L'Occitane stores in Macau and 8 Melvita stores in Hong Kong as at 30 September 2018 and 3 L'Occitane stores in Macau and 10 Melvita stores in Hong Kong as at 30 September 2019.
5. Includes 5 Melvita stores as at 30 September 2018.
6. Includes 4 Melvita and 1 Erborian stores as at 30 September 2018 and 7 Melvita and 2 Erborian stores as at 30 September 2019.
7. Includes 75 and 84 L'Occitane au Brésil stores as at 30 September 2018 and 30 September 2019 respectively.
8. Includes 8 and 11 Erborian stores as at 30 September 2018 and 30 September 2019 respectively.
9. Include 5 Melvita and 2 Erborian stores as at 30 September 2018 and 9 Melvita and 2 Erborian stores as at 30 September 2019.
10. Include 56 Melvita, 75 L'Occitane au Brésil and 11 Erborian stores as at 30 September 2018 and 61 Melvita, 84 L'Occitane au Brésil and 15 Erborian stores as at 30 September 2019.

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In FY2020 H1, the Group's net sales grew by 22.1% at reported rates and 19.0% at constant exchange rates. The encouraging performance was due to decent growth in FY2020 Q2 across all brands and all key geographic areas. Major channels recorded growth as well, with key contributions from retail, marketplace, web partners and wholesale sales. In FY2020 H1, sales of the Group's Web Sell-out channels grew by 40.8% (including ELEMIS) at constant exchange rates, equivalent to 16.2% of the total Sell-out sales. Excluding ELEMIS, sales of the Group's Web Sell-out channels grew by 17.0% at constant exchange rates, equivalent to 13.8% of the total Sell-out sales.

L'Occitane en Provence sales in FY2020 Q2 were dynamic, thanks to the continuous global success of Immortelle Reset serum and attractive new product offers (such as the Herbae and limited edition Cherry Blossom ranges). ELEMIS performed well in FY2020 Q2 with accelerated sales and contributed most to the Group's overall growth. Unaudited sales growth was over 30% in FY2020 Q2 and exceeded expectations. LimeLife turned to growth in FY2020 Q2 after a slow Q1, as a result of new launches and fading out of the high base impact from the rebranding exercise last year. Other brands continued to perform well with good momentum. Erborian performed particularly well with more than 40% growth in FY2020 Q2 at constant rates.

In terms of geographic areas, the fastest-growing market was the UK with more than 200% growth, mainly contributed by ELEMIS. Excluding ELEMIS, growth in the UK was 10.8% in local currency. The US grew 26.0% in FY2020 H1, mainly contributed by ELEMIS. Excluding ELEMIS, growth in the US was -5.1%, resulted from the closure of 12 L'Occitane en Provence stores as well as the high base impact of LimeLife. China, Brazil and Russia all posted double-digit growth in FY2020 H1.

By Order of the Board

L'Occitane International S.A.

Reinold Geiger

Chairman

Hong Kong, 22 October 2019

As at the date of this announcement, the executive directors of the Company are Mr. Reinold Geiger (Chairman and Chief Executive Officer), Mr. André Hoffmann (Vice-Chairman), Mr. Silvain Desjonquères (Group Managing Director), Mr. Thomas Levilion (Group Deputy General Manager, Finance and Administration) and Mr. Karl Guénard (Company Secretary), the non-executive director of the Company is Mr. Martial Lopez and the independent non-executive directors of the Company are Mrs. Valérie Bernis, Mr. Charles Mark Broadley, Mr. Pierre Milet and Mr. Jackson Chik Sum Ng.

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.

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