Multinational consumer plays keen on China

A1 It is really exciting to see China accomplish its first centenary-related goal, which is a very remarkable achievement.

We see that in the past decades, the government forged ahead in the practice of revolution, construction and reform, which greatly enhanced the attractiveness and creativity of the Chinese economy, helping facilitate high-quality opening-up and economic development. We can also see that China has embarked on a path of poverty alleviation, following a people-centered philosophy and a series of other measures that concentrate efforts on guaranteeing basic needs to improve people's livelihoods.

A2 China is going to start a new journey toward realization for its second centenary goal, from high-quality economic and social development to people's well-being and the enhancement of people's sense of gain, happiness and security. Every step forward is encouraging foreign companies like Tapestry to strengthen our confidence and determination to deepen our roots in the Chinese market.

To ensure that we stay relevant in such a dynamic market, we are accelerating our localization processes, actively promoting consumer upgrades and digital innovation and embracing change. When we look at China, we feel we are only just beginning and want to contribute to the country as it grows. We look forward to writing more wonderful "China stories" and resonating with the Chinese market for common prosperity.

A3 We see that China's economic development model is now more focused on "quality "growth that is highly inclusive, bringing tangible benefits and providing incremental certainty and confidence to the market. The new development pattern encourages us to keep upholding the concept of innovation, enhance the localization potential of our brands and create more value for Chinese consumers.

The reform of the business environment further enhances the attractiveness and creativity of the Chinese economy, contributing to high-quality development. This also makes the Chinese market one of the most dynamic and influential in the world.

We will try our best to fully respond to Chinese consumers' aspirations for better and higher quality and more personalized lives.

A4 We see that China continues to expand and open up in areas such as the digital economy and the internet, and further deepen the liberalization of trade and investment, while facilitating reforms and innovation. With the expansion of China's opening in the digital economy, Tapestry will keep focusing on leading with a digital-first mindset.

As China is bound to enter a stage of sustainable development during its 14th Five-Year Plan period (2021-25), we firmly believe that being a sustainable company will make Tapestry grow even stronger. We aim to create a modern luxury company of the future that balances true fashion authority with meaningful, positive change.

A5 The booming and rapid development of the duty-free market in Hainan has been a wonder to behold. We have all witnessed the tremendous injection of growth and vitality this has brought to the market. We look forward to working with more partners in the growing market, thus jointly promoting the consumption upgrade and creating more value.