PR Newswire/Les Echos/

Clichy, January 21, 2009

Full year 2008: Sales of EUR969.4M

In the framework of the realignment of the Etam brand, the Group has taken the
strategic decision to discontinue its ready-to-wear business in Belgium and
Italy and to stop the joint-venture company EFF in India. Given the change in
scope, sales for the Etam Group amount to the following*:

In millions of EUR  Q4-08 %  Change % Change  2008 % Change % Change
                                      lfl (1)                 lfl (1)
Group sales         269.9    +7.8%    -0.9%   969.4   -0.7%   -5.1%

By country	
Scope excluding  
China            203.6     +0.7%    -4.7%   780.8   +0.3%   -5.6%               
        
    France       175.9     +0.9%    -4.1%   664.8   -0.5%   -5.2%
    Other(2)      27.7     -0.3%    -8.3%   116.0   +5.0%   -7.7%
China             66.3	  +37.5%   +28.2%   188.6   -4.3%   -1.3%

By brand
Etam Europe	156.1	   +2.8%    -3.8%   590.8   +0.7%   -6.0%
      1.2.3	 47.5	   -5.4%    -7.8%   190.0   -1.2%   -4.5%
      China	 66.3	  +37.5%   +28.2%   188.6   -4.3%   -1.3%

(1) Change on a "like for like" basis and at constant exchange rates
(2) Other European countries

* Sales of discontinued businesses amounted to EUR5.8M for the 4th quarter and
EUR24.9M for the full year 2008 and were realized through 92 sales out ets (in
comp iance w th IFRS 5).

I - Sales in the fourth quarter of 2008

In the 4th quarter of 2008, Group sales were EUR269.9M, an increase of +7.8%
after taking into account a favorable exchange rate impact of +EUR10.9M, mainly
due to the appreciation of the yuan versus the euro. On a comparable basis and
at constant exchange rates (like-for-like), sales decreased slightly by -0.9%.

Sales excluding China were EUR203.6M, an increase of +0.7%. On a comparable
basis and at constant exchange rates, sales decreased by -4.7%.

- The Etam brand in Europe reported growth of +2.8%, supported by the opening of
22 retail outlets in the period. Sales restated on a comparable basis and at
constant exchange rates decreased by only -3.8% thanks to various commercial
initiatives which, for the most part, offset the difficult market environment.
- Sales for the 123 brand decreased by -5.4% and by -7.8% on a comparable basis
and at constant exchange rates, due to the decrease in traffic at sales outlets
as well as the brand's determination to maintain sales margins.

Sales in China were EUR66.3M, a strong increase of +37.5% of which +EUR10.9M was
due to a favorable exchange rate impact. On a comparable basis and at constant
exchange rates, sales increased by +28.2%. In the 4th quarter of 2007, sales on
a comparable basis and at constant exchange rates decreased by -16.7%.

Etam Développement
Société en commandite par actions au capital de 18.123.075 euros - 
R.C.S.PARIS 308 382 035
Siège social : 67/73, rue de Rivoli, 75001 Paris - France
Adresse postale : 57-59, rue Henri Barbusse, 92110 Clichy - France

II - Sales for the full year 2008

Sales in 2008 amounted to EUR969.4M, a slight decrease of -0.7% compared to
2007. That amount includes a favorable exchange rate impact of +EUR7.1M mainly
due to the appreciation of the yuan versus the euro. On a comparable basis and
at constant exchange rates (like-for-like), sales decreased by -5.1%.

Sales excluding China were stable at EUR780.8M on an actual basis (+0.3%) and
declined by -5.6% on a comparable basis and at constant exchange rates.

As of December 31, 2008, the export business, which is included in sales figures
for France, increased by + 12.9% through the opening of additional retail
surfaces, mainly under the Etam brand name.

Sales in China of EUR188.5M decreased by -4.3% or -1.3% on a comparable basis
and at constant exchange rates.

III - Sales network development 

As of December 31, 2008, the Etam Group included 3,291 sales outlets:

- Excluding China, the Group opened 60 additional sales outlets for a total of
1,160. Those openings are broken down as follows:

* By brand: 53 shops for Etam, 1 shop for 1.2.3 and 6 shops for Undiz.
* By geographic region: 31 shops in France, 12 shops in Spain, 9 shops in
Belgium, 6 shops in Germany and 2 shops in Poland.

- The sales network in China included 2,131 sales outlets.

A worldwide distributor of women's' ready-to wear clothing, lingerie and
accessories 3,291 sales outlets as of 12.31.2008

The Etam Group will release its 2008 full year results on April 15, 2009 after
the close of the Paris stock exchange.

Information for analysts and investors: www.etamdeveloppement.fr
Tel.: 01 55 90 72 79

Etam Développement	
Société en commandite par actions au capital de 18.123.075 euros - 
R.C.S.PARIS 308 382 035
Siège social : 67/73, rue de Rivoli, 75001 Paris - France
Adresse postale : 57-59, rue Henri Barbusse, 92110 Clichy - France
                      
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