15

Boutique portfolio included some high loss leading boutiques Sales and profitability per store

Rome Bergdorf1

St Moritz Geneva

Gstaad Las Vegas

Harrods Porto Cervo Paris

Profitability (Net Result 2012F, %)

60

40

20

0

-20

-40

Sales (CHFm in 2012F)

35 30 25 15 20 10 5 0

Tokyo St. Barth

London

New York

Classic Boutique Shopping hot spot Seasonal Shop Flagship

1. Taking into account full cost allocation Source: de Grisogono internal data; BCG analysis

Loss leading boutiques

Channel