The whole world is facing an unprecedented challenge from COVID-19. Not only is it the biggest, it is also a whole new kind of crisis since world war and it is clear that we are currently in a turning point in modern history. In this difficult time, it is important to wake up, confront reality and yet stay positive to overcome the crisis together. We are all in the same boat at Amorepacific as it is now passing through ever stormier seas.

 Together with you all, Amorepacific will weather the storm of the crisis. I promise that I will do my best to create a safe and pleasant workplace, come what may, but be sure to remember that much as I have a role to play in this, so do you all. Think of what you can do to protect other members that are also in the same boat. Look around and you will find millions of opportunities to make small changes, which can lead to a big difference. Build a strong team spirit. Teamwork is the key during the crisis. One person alone can start a business but as it grows, it will need more people, more departments and more organizations, but no matter how large it grows, it must always work as one team.
Southwest Airlines is one of the most admired airlines in the world and its operation is centered on the clear goal of on-time performance. Every employee in Southwest Airlines - including the captain, the flight attendants and the ground crew have their own duties to fulfill. Sometimes though, a flight may be delayed due to unavoidable circumstances. When this happens, the airline has to check the schedule, get another plane ready and quickly load all the bags. In such an urgent situation, employees do what has to be done even when it is not their given duty. The captain helps clean the plane and the flight attendants carry the load. They work as one team toward a shared goal.

 In Amorepacific, every member plays their part whether it is sales, marketing, production, research or support. In these busy, overwhelming and difficult times, however, all of us must work as one. The same goes for regional offices. Beyond the Korean HQ, Asian, APAC, North American and European offices must go above and beyond the call of duty and work closely together. Keep an open mind and respect one another, along with their thoughts and culture. This is how we can work as one team, Team AMORE.

 One thing I want to point out is the importance of sales capability. Sales capability is important for every business, particularly in advanced countries. Because they have mature markets and economies, business success depends on sales capability. Toyota, one of the world's largest automakers has many elements of success, but its sales capability underpins everything else. It has the ability to sell every type and style of car in any given situation through its exceptional sales capability. Sales capability is important for us, too, and for that, we will prepare and provide new training programs to strengthen our sales capability and thereby turn around sluggish sales and drive future growth.

 I'd like to extend my heartfelt gratitude to our members and their families in China as they continue to work hard to overcome the COVID-19 and prepare for the future. Thanks to their committed effort, Amorepacific China is getting through this difficult time without any health problems. We are finally seeing a light at the end of the long tunnel, which means that it is time to take on new chances. Amorepacific China has already started working to boost non-face-to-face sales in offline channels. Customer interactions are also increasing through e-commerce. At the corporate level, much effort is being put into digital transformation. HQ will provide full support to Amorepacific China and its members. In April, innisfree also celebrated its 8th anniversary in China. Take pride in what we have accomplished together and if we can combine our efforts once again, we will be able to seize new opportunities and accomplish something greater.

 Let's all take a moment to think about our business. The first quarter of 2020 was very difficult for all of us. It will be, of course, different from region to region, but the 2nd quarter is again likely to be difficult. To sum up our business, it is all about affordable small luxuries. People buy and use things that will make them happier. There will be many changes in the market and consumer behavior after the COVID-19. Governments will rush through stimulus packages and new policies in an effort to revive their economies, and it is also expected that customers will go on shopping sprees to make up for what they have missed out on during the pandemic. When this happens though, how should we approach our customers and with what products can we make them happy? Carefully observe how customers, markets and the whole world change and when new opportunities come knocking, so that we may act quickly in response.

 Lastly, I'd like to talk about our origin point. What is our lodestar? What is our reason for being? We are all Beauty Creators committed to changing the world and inspiring customers with beauty. We provide good service to customers in the way only we can, which in turn gives them a feeling of satisfaction and happiness. That's why customer centricity should be our origin point. We are facing difficulties today but perhaps we have brought these upon ourselves because we have strayed out of our customer centricity principle over the past few years. I now expect you to go back to the point of origin; put the customers first and work as one team whether you are in sales, marketing, research, production or support. Digital transformation is the demand of a new age and it requires our combined efforts. It is okay to fail but it is not okay to give up trying. Fail fast, learn fast and fix it fast! Try something new. If it works, keep pushing it forward. If it fails, fix it fast. This is the right way to work in this digital age.

 Amorepacific and I will join hands and work with you no matter what crisis or obstacle comes up. I'd like you to explore and make the most of every opportunity you find. Start small, act quickly and together create a turning point for Amorepacific, this year. Out of every crisis comes opportunity. As said by former British Prime Minister Winston Churchill, "Never waste a good crisis." Let us work as one team, Team AMORE and seize new opportunities. Thank you.