Dear Madam, Dear Sir, Dear Investor,

In a climate of high inflation and a slowdown in demand affecting all e-commerce players, the pursuit of our multi-channel strategy, active inventory management and ongoing optimization of our advertising expenses enabled us to maintain our B2C revenue. This resilience is due to the significant growth recorded by our points of sale and our own brands, such as JB Martin, Pellet and GBB. These tangible results, despite the inflationary context which limits the frequency of purchases, illustrate the relevance of our commercial strategy aimed at offering a wide choice of fashion items, one of the widest in Europe, while maintaining our DNA as a footwear specialist. They also reflect the Group's focus on customer service excellence, evidenced by a Trustpilot score of which is among the highest in the industry across all our priority markets.

The year 2023 promises to be a challenging one given the still uncertain environment, but our roadmap remains clear: continue to develop our online business in France and Europe, increase the market share of our proprietary brands and expand the network of Spartoo retail outlets across France to strengthen our brand awareness. We remain committed to adapting our purchasing, vigilant about our inventory levels and agile in optimizing our cash flows.

Boris Saragaglia, Spartoo's co-founder, Chairman and Chief Executive Officer