Yeah, thanks very much, and good morning, ladies and gentlemen. Welcome to our full year 2020 financial results presentation. Today's conference call will be hosted by Yves Müller, CFO HUGO BOSS and spokesperson of the Managing Board. Before we get started, I would like to point out that all revenue-related growth rates will be discussed on a currency-adjusted basis unless otherwise specified. Let me also remind you that during the Q&A session, we kindly ask you to limit your questions to a maximum of two to allow everybody to ask his or her questions. Let's get started, and over to you, Yves. Thank you, Christian, and good morning, ladies and gentlemen. Also from my side, a very warm welcome to all of you. The focus of today's presentation will be on the following three broader topics. First and foremost, I will guide you through our 2020 operational and financial performance with particular emphasis on the fourth quarter and elaborate in detail on the implications of COVID-19 on our business. I will also spend a considerable amount of time to discuss some of our strategic initiatives that we have implemented recently in order to return to growth as quickly as possible. Last but not certainly least, I will outline our top and bottom line expectations for the full year 2021, notwithstanding that the environment we are operating in remains uncertain as we speak. Let's begin with some general remarks on fiscal year 2020, which has been without a doubt, an exceptional and challenging year for all of us. If anything, the COVID-19 pandemic has demonstrated how vulnerable everyday life is and how important it is not to take the status quo or existing standards for granted. Instead, to win over the consumer, even in such unprecedented times, which ultimately matters, is to act truly customer-centric and to have a strong and flexible organization in place, which allows us to react quickly to a changing market environment. In this context, I am particularly proud of the high dedication, resilience, and agility of our almost 14,000 employees worldwide. Thanks to their tremendous efforts and great commitment, HUGO BOSS has not only overcome the challenges associated with the pandemic but also laid important foundations for the long-term success of our company. Throughout the entire year, one of our key priorities was the protection of our financial stability and flexibility, in particular as the environment we are operating in was highly fragile. Consequently, at an early stage of the pandemic, we took a very close look at any measure that would allow us to secure additional cash flow, something I will get to in a second. We have also put particular emphasis on driving the gradual recovery of our global business by exploiting all sales opportunities, be it from a brand, market, or channel perspective. In particular, during the third quarter, our business was able to recover strongly, supported by a temporary fading of the pandemic during summer. Lastly, and equally as important, we have never lost sight when it comes to executing our strategic initiatives to ensure we return even stronger after the pandemic. In this context, we also succeeded in further increasing the desirability of our two brands, BOSS and HUGO, and in aligning our diverse product range even better with the needs and wishes of our customers. I will outline the most recent progress along our strategic initiatives in the second part of my presentation. Before that, however, allow me to first recap on the financial and operational developments in 2020. Thanks to our healthy balance sheet structure, we were well prepared to cope with the financial challenges associated with the pandemic. In addition, and as outlined to you back in May, we implemented comprehensive measures aimed at protecting cash flow in fiscal year 2020. Executing these measures was the top priority last year, and I am pleased to report that we even exceeded our initial target of cash savings of around EUR 600 million by around EUR 150 million. Starting with operating expenses, where we realized substantial cost savings throughout the year, primarily reflecting personnel expense and rental savings, as well as a generally more cautious marketing approach. While this brings the total of OpEx savings to around EUR 200 million in 2020, it also means that we substantially overachieved our initial plans of at least EUR 150 million in cost savings. Secondly, we adjusted our capital expenditure by postponing all non-essential retail and IT investments. As we continued this strict approach also in the final quarter of 2020, CapEx for the full year ultimately totaled EUR 80 million, well below our initial target of around EUR 150 million. This, in turn, means that we freed up additional cash of around EUR 70 million versus our original CapEx budget. Thirdly, we have put strong emphasis on protecting our inventory position during the pandemic. A generally more cautious approach with regard to never out-of-stock merchandise, an immediate adjustment of our own production to the lower demand, and most importantly, a significant cutback on merchandise inflow enabled us to protect cash flow by around EUR 300 million in the full year 2020. Consequently, we outperformed our initial target of reducing the merchandise inflow by some EUR 100 million. This achievement is directly reflected in our inventory position, which, in line with our projections, ended the year only slightly above the 2019 level, despite renewed lockdowns in Q4. Lastly, and as you are all aware of, we suspended the dividend payment for fiscal year 2019, except for the legal minimum dividend of EUR 0.04 per share. The retention of net profit has strengthened our financial flexibility by almost EUR 190 million in 2020. Overall, our relentless focus on executing these four measures, together with a temporary reduction in income tax payments, yielded a positive free cash flow of EUR 164 million. Equally as important, our financial flexibility remains fundamentally sound. This is also reflected by a revolving syndicated loan totaling EUR 633 million, which was only utilized in the amount of EUR 105 million at the end of December. As of today, we have not drawn any of the additional EUR 275 million of credit commitments that we secured during the course of the year. At EUR 141 million, net financial debt, excluding the effect of IFRS 16, was only slightly up versus the prior year period. With this, let's now take a closer look at the operational development of our business in the context of the pandemic. Starting with our brick-and-mortar business, where widespread temporary store closures in the light of global lockdowns put a significant strain on our performance, particularly during the second and fourth quarter of fiscal year 2020. Following a global store opening rate of only 50% in the second quarter, Q3 was marked by a substantial uptick in store reopenings, resulting in a store opening rate of around 95% between July and September. In the light of renewed lockdowns towards the end of the year, however, this rate came down to 85% in the fourth quarter, reflecting closed doors in key European markets and also in Canada. On average, we had to cope with 20% of our global store network being closed on average in the 2020 fiscal year. Beyond temporary store closures, our global business was also impacted by comprehensive social distancing measures throughout most of 2020. In addition, persisting international travel restrictions led to a very soft business with international tourists. While these implications inevitably weighed on our brick-and-mortar business, it is also more important that our own online business recorded strong double-digit growth throughout the year 2020, with revenues up 33% in Q4 and 49% in the full year. As expected, growth in Q4 came in somewhat lower as compared to previous quarters, reflecting a more difficult comparison base following the conversion of our Zalando business into the concession model, as well as the rollout of HUGO BOSS to new geographies in summer 2019. With Q4 representing our 13th consecutive quarter of double-digit growth, our own online business was able to cross the EUR 200 million mark for the first time in our company's history. This, in turn, propelled the share of our own online business to 11% of group sales more than twice as much as back in 2019. This brings me to our geographies, and first of all, to Europe, by far our largest region, and home to almost 600 own retail points of sale. With an average of around 25% of our stores closed in Q4 and also throughout the year, Europe was particularly impacted by the pandemic. In addition, comprehensive social distancing measures as well as low tourist flows in light of international travel restrictions, put an additional strain on the region's overall sales development. Consequently, sales were down 32% in Q4 and 31% in the full year, with all major markets, including the U.K., Germany, and France, posting low to mid double-digit sales declines. Markets in Southern Europe, such as Italy and Spain, were hit comparatively stronger, reflecting long-lasting temporary store closures, as well as a higher dependency on international tourism. Let's now move over to the Americas, where the gradual business recovery, which started towards the end of the second quarter, continued in Q4. Thanks to sequential improvements in our U.S. business, the region's sales decline was limited to 28% in the final quarter of 2020 after recording a decline of 82% in Q2 and 41% in Q3. For the year as a whole, this translates into a sales decline of 42%. Also in the fourth quarter, sales in the U.S. continued to be impacted by ongoing traffic declines in both retail and wholesale, largely reflecting the lack of international tourism, as well as lower commuting in and around important metropolitan areas such as New York City, Chicago, L.A., or San Francisco. At the same time, we have been observing a rebound in local spending, benefiting our destination states like Florida and Texas, but also in smaller urban shopping centers. To further drive the recovery of our business in the U.S., we are resolutely working on optimizing our product assortment and thus our brand perception in the market. On this, our casual wear business in the U.S. market will experience a strong push in 2021, supported by a significantly higher share of product allocations at all points of sale and benefiting from our most recent collaborations with the NBA and with Russell Athletic. Something I will get to in a few minutes. In Asia Pacific too, we successfully continued our gradual business recovery in Q4. Another quarter of strong double-digit growth in mainland China paved the way for regional sales to remain only slightly below the prior year's level, as reflected by a 3% decline in the fourth quarter. For the full year, sales in Asia Pacific were down 20%. Speaking of mainland China, ongoing strong momentum in both brick-and-mortar retail as well as online led to sales growth of 24% in Q4, reflecting a very successful Chinese Golden Week, as well as a strong year-end finish. This in turn allowed the strategically important market to grow 5% in fiscal year 2020. Apart from mainland China, also some of the region's smaller markets such as Australia and Japan recorded sequential improvements in the fourth quarter, each posting revenue declines in the low teens only. On the other hand, business in markets such as Hong Kong and Macau remained difficult in Q4, reflecting particularly weak demand in light of the absence of tourism. To conclude my remarks on the top line, let's take a quick look at the sales performance by brand. Unsurprisingly, casual wear proved to be more resilient than formal wear throughout 2020, reflecting the global trend towards a more casual lifestyle, which has experienced a further strong boost during the pandemic. While both brands, BOSS and HUGO, recorded sales declines in 2020, down 32% and 27% respectively, I am all the more encouraged that HUGO'S casual wear offering was able to return to growth in the final quarter of the year. Speaking of casual wear, this product category now accounts for more than half of overall group net sales. On the other hand, the share of formal wear has come down further in 2020, representing only 25% of our business. Now, make no mistake, formal wear is and will remain an important part of our business, and we are fully committed to dominating this segment also in the years to come. As such, it goes without saying that we will continue to innovate and modernize formal wear. At the same time, we are also committed to fully exploiting the huge opportunities that come along with casualization, as it is our goal to offer our customer the best product assortment for any type of wearing occasion 24/7. We will therefore continue to push the casualization of our business model across all brands, genders, and wearing occasions with our initiatives in 2021 yielding to that ambition. To complete the picture of the fourth quarter, group sales declined by 26% in Q4. However, even in the light of the overall sales decline, I am pleased to report that we were able to record an operating profit also in the fourth quarter with EBIT amounting to EUR 30 million. This achievement was once again driven by tight cost control as well as the successful execution of our various cost-saving measures, and despite the fact that the implications of the pandemic weighed strongly on our gross margin development in Q4. The latter totaled to 61.4% in the fourth quarter, representing a decline of 530 basis points. This development is mainly related to increased markdown activity as compared to the prior year period, as well as to some negative inventory valuation effects. In addition, higher freight costs weighed on gross margin development in Q4. On the other hand, we continued to make strong strides in executing our various cost-saving measures, resulting in an overall decline in operating expenses of 19% in Q4. This development was mainly due to a 23% decline in selling and distribution expenses as we realized additional rent and payroll savings in own retail with the magnitude of both effects being quite comparable. Marketing spendings, on the other side, came in broadly in line with the prior year level, thus significantly higher than the previous quarter, reflecting our various initiatives towards year-end. While we recorded some reversals of impairments in the magnitude of EUR 50 million directly related to the COVID-triggered impairments that we posted back in Q2, we also had to account for one-time expenses in Q4, mainly related to severance payments and the streamlining of internal processes. Both effects broadly compensated for each other with a net effect being more or less neutral. From a full-year perspective, and in the light of the implications of COVID-19 on our business. We ended fiscal year 2020 with a sales decline of 31% to EUR 1.95 billion. Our gross margin amounted to 61% and was thus down 400 basis points, largely due to the aforementioned increased markdown activity as well as inventory valuation effects. Operating expenses declined a strong 14% in 2020, reflecting our fast, determined, and focused approach around cost management. This has become particularly visible in the area of selling and distribution expenses, which recorded an underlying improvement of 16%. In doing so, we partly compensated for the decline in sales as well as the lower gross margin. As a consequence, underlying EBIT amounted to minus EUR 126 million, or including the impact from store impairments, to minus EUR 236 million. Ladies and gentlemen, that concludes my review of fiscal year 2020. Let me now spend a few minutes on the progress we have made along our strategic priorities implemented over the last several months. Pushing ahead with the further execution of these strategic initiatives is absolutely crucial in order to lay the foundation for a successful 2021. In this context, we will resolutely exploit sales opportunities globally and create brand heat for BOSS and HUGO. Starting with mainland China, where we successfully carried the strong momentum of last year into 2021. In this context, I'm particularly encouraged by a strong performance around Chinese New Year, which has been a tremendous success for BOSS in particular. During the six holidays, momentum has further accelerated, both online as well as in our stores, reflecting substantial improvements in traffic and conversion, as well as a strong sell-through of our special BOSS capsule dedicated to the Year of the Ox. Chinese New Year was yet more proof positive for our strong capabilities to successfully execute regional events in combination with the activation of local brand ambassadors. We will continue to pursue this strategy also going forward in order to maintain double-digit like-to-like growth in the future, but also sustainably lift brand awareness and relevance vis-à-vis Chinese consumer. Our strong positioning in mainland China provides a great foundation for exploiting the full potential of this market. In order to further fuel our momentum and to best meet increasing local demand, we will upsize existing store location and push for new openings. Shanghai is a prime example in this regard, as we are about to prepare for the opening of a new flagship store in the second half of the year. We will also continue to push our online growth trajectory in China by building our very strong momentum at leading local online platforms. Speaking about online, we are equally confident that our global online business will continue its strong double-digit growth trajectory in the years to come. As you are all aware, we have set ourself the target of growing online sales to more than EUR 400 million by the end of 2022, and we are well on track to achieve this target. After having surpassed the EUR 200 million mark in 2020, we are absolutely confident that by the end of this year, we will reach the next milestone and cross the EUR 300 million mark. Further rolling out our digital offerings across the globe remains at the top of our agenda. As we build on our strong online platform and the successful partnership with Global-e, hugoboss.com will tap several new markets in 2021. Already during the first half of the year, we will add another 12 countries, including markets such as South Korea, Russia, and Turkey, with many more scheduled for later this year. In addition to the geographical expansion of our dot com business, we will further elaborate and elevate the online shopping experience in 2021 by strengthening personal services such as personal live chat and style advice, or seamless integrating social media functionality such as WeChat or WhatsApp. From a brand perspective, our one and only focus is on elevating the desirability of our brands in the long run. On this front, we have made substantial progress over the last several months as we are in the midst of launching several exclusive brand and product initiatives, all clearly focused on boosting our casual wear business and winning over younger generations through our strong focus on social media. Speaking of social media, throughout 2020, we have witnessed significant improvements in our social media metrics on the most important platforms, first and foremost on Instagram. I'm particularly pleased that both BOSS and HUGO have not only seen a further rise in the number of followers, but also a clear uplift in community engagement, as reflected in the average number of likes per post having more than doubled year-over-year. Also on TikTok, where we launched very successfully last year, BOSS is enjoying strong momentum as reflected by high community engagement and a steadily growing crowd of fans. All this is proof positive for the success of our evolved digital and social marketing approach and clearly demonstrates that our strong focus on inspiring and relevant content tailored to the needs of our social community is paying off. With this, let's now take a quick look at what's in the pipeline for BOSS and HUGO in 2021. Starting with Chris Hemsworth, who was named first global brand ambassador for BOSS Menswear in early January. Starting this year, the 37-year-old Australian will be the face of our major global campaigns, thereby further increasing the relevance of BOSS and giving a strong boost to our important casual wear business. In addition to his career as an actor, Chris is also a dedicated environmentalist. In this context, he will star in an upcoming global campaign dedicated to our BOSS Responsible Collection, thus further increasing global awareness for our sustainable product offering. The month of February saw the introduction of our second BOSS Menswear capsule co-created by Anthony Joshua. With a clear focus on athleisure, the new capsule was recently launched at a digital live event at our Regent Street store in London, supported by singer and superstar Ellie Goulding. The close and very successful collaboration with AJ will pick up further momentum in the coming months as the boxing champion will star as the face of our upcoming Father's Day campaign on social media, thus providing further tailwind for our growing sportswear business. Our new and exciting partnership with the NBA points in exactly the same direction. Only a couple of weeks ago, we successfully launched the first jointly created BOSS x NBA capsule. With a strong focus on street style, the logo-inspired collection will help us strengthen our casual wear positioning in the U.S. market. With the three times NBA champion, Draymond Green, as the face of the campaign, we are creating additional buzz on social media. Already today, after three weeks on the shelf, I am proud to say that this is about to become the most successful capsule that we ever have launched in the U.S. After little more than three weeks on the shelf, initial sell-throughs of the collection has significantly exceeded our own expectations. The next exciting collaboration is just around the corner. In less than two weeks from now, we will launch the first casual wear collection co-created by BOSS and iconic American sportswear pioneer Russell Athletic. Containing several unisex pieces and strongly focusing on street style, the highly anticipated capsule will launch with a huge global campaign created by publisher and creative agency Highsnobiety. On March 24th, we will host an exclusive digital event at boss.com and relevant social media channels, after which the collection will be immediately available for purchase. Let me be very clear. Our collaboration with Russell Athletic represents a huge opportunity to substantially increase the relevance of our casual wear business on a global level and in the important U.S. market in particular. It will be by far the largest capsule collection ever created for our Boss brand and instantly available across the globe. Moving over to Hugo, which will launch an exciting new music platform tomorrow called HUGO Louder. Young and globally engaged individuals will share uplifting and emotional content with HUGO'S international community, touching on today's most important issues, ranging from diversity over female empowerment to sustainability. Following a digital and social first approach, the 360-degree activation campaign will focus on 12 music talents that will raise their voices for change, while at the same time promoting HUGO'S core product range as well as selected drops of statement pieces co-created by these musicians. Simultaneously, HUGO continues its successful partnership with its global ambassador, Liam Payne. While the co-created capsule collections keep resonating greatly with the brand's younger customers in the important contemporary fashion segment, they also strongly emphasize our growing ambitions with regards to sustainability. In this context, the latest capsule directly supports the Cotton Made in Africa initiative, thereby addressing elevated customer expectations in terms of sustainability. Our strong commitment to sustainability is becoming increasingly visible in our collections and thus also for the consumer. Not only did we successfully launch the first vegan BOSS suit last year, we also launched a traceable wool collection enabling our customer to seamlessly track the entire supply chain. We are consistently expanding the overall share of sustainable products in our brand's collection. In this context, we are particularly proud that for the upcoming fall/winter 2021 season, the share of products made from sustainable materials at both BOSS and HUGO will more or less double to a level of around 25% as compared to the prior year season. In this context, I am pleased to see that our many initiatives around sustainability and the progress we are making on the front is also being rewarded externally. We are particularly proud that for the fourth consecutive year, we were included in the Dow Jones Sustainability World Index and for the first time in the Dow Jones Sustainability Index Europe. Based on the Dow Jones criteria, HUGO BOSS is one of the three most sustainable companies in the global apparel industry. Through our ongoing strong commitment to sustainability, we will ensure that we best meet growing customer expectations in the years to come, while at the same time creating added value for the environment and society. Ladies and gentlemen, the further relentless execution of our strategic initiatives will be crucial to return to sales and profit growth as quickly as possible. Together with the expected improvement in the global retail environment, this makes us absolutely confident when it comes to the recovery path of our business in 2021. Nevertheless, and in the light of persisting lockdowns and temporary store closures, our business, in particular in Europe, continues to be severely impacted by the pandemic as we speak. With an average of around 30% of our global store network being closed so far in Q1, we expect the first quarter in particularly to still be affected by the pandemic. Therefore, we project Q1 sales to decline by up to 20% year-over-year. This development, together with ongoing gross margin headwinds in the short term, reflecting the COVID triggered promotional environment, is most likely going to weigh on the bottom line development for the first quarter. Starting with the second quarter, however, I have every confidence that both our top and bottom line will show a sequential improvement throughout the year. In particular, we forecast group sales in 2021 to be well above the prior year level. This increase will be supported by the anticipated progress along the vaccination campaigns, the easing of social distancing measures, as well as an uptick in international tourism. Most importantly, however, our conviction is based on our strong pipeline of product and marketing initiatives planned for 2021. As well as the very positive feedback we have received from our wholesale partners following the recently accomplished order intake for the upcoming fall/winter 2021 season. As we maintain our approach towards tight cost control, with particular focus on retail expenses, we expect EBIT in 2021 to improve strongly versus the prior year levels and are clearly committed to returning to positive territories in 2021, starting with the second quarter. To ensure ongoing strong cash flow generation also in 2021, we will continue to execute our measures aiming at protecting cash flow. Therefore, in addition to tightly managing operating expenses, we are carefully reviewing merchandise inflow as well as CapEx efficiency for the year. To conclude, we will also propose to the AGM the suspension of the dividend payments for fiscal year 2020, except for the legal minimum dividend of EUR 0.04 per share. While this decision is far from easy for us, we consider it to be imperative to further strengthen our financial stability and flexibility in fiscal year 2021. Now, before I come to the end of my prepared remarks, allow me to officially welcome Oliver Timm as new Chief Sales Officer of HUGO BOSS. Oliver joined us already at the beginning of January and has taken over responsibility of our global sales activity. He looks back over more than 20 years of extensive expertise in the fashion industry and has a proven track record in driving digitization across the marketplace. Amongst Oliver's top priorities will be the implementation of a best-in-class omni-channel environment for HUGO BOSS, designed to offer a seamless, perfectly matched brand experience to our customers. Together with his support and expertise, we will go after our many global sales opportunities and execute them resolutely in the years to come. In less than three months from now, our managing board will finally be complete as Daniel Grieder will take over his role as the future CEO of HUGO BOSS on June 1. Together with Daniel, the entire managing board is looking forward to entering a new era of HUGO BOSS. In this context, it's our firm ambition to provide you with a strategic update on our journey for the next several years, at some point in the second half of 2021. Now, ladies and gentlemen, this concludes my prepared remarks for today, and with this, I am happy to take your questions. Thank you. Ladies and gentlemen, we now begin the question and answer session. As a reminder, if you wish to ask a question, please press star one on your telephone keypad and wait for your name to be announced. Please stand by while we compile the Q&A queue. This will only take a few moments. If you wish to cancel your request, please press the hash key. Once again, please press star one if you wish to ask a question. We are now taking our first question from the line of Edouard Aubin from Morgan Stanley. Yeah. Good morning, everyone, Yves and Christian. Congratulations, by the way, on the cost control in 2020. It's very impressive. I guess I'll stick to two questions as required. The first question is on Asia ex China, which was down a solid double digit. I know you mentioned earlier that clearly there was some impact in Hong Kong and Macau from tourism. Could you please provide a bit more color on what happened there, by geography? That would be helpful. On your guidance for 2021, you talked about sales well above 2020 and an improvement clearly in the EBIT margin. The consensus is currently looking for around 18% growth in 2021 versus 2020. Does it qualify as well above? The margin, people are expecting more or less that it's going to be half of what it was in 2019 pre-COVID. If you'd kind of make sense. Again, I don't need exact figures, but just some color on that. That would be helpful. Thank you. Yes. Hello, Edouard. Good morning. Thank you for your questions and your interest. First of all, covering the first question regarding Asia. Clearly, I think, in mainland China, we have now a proven record and have seen double-digit growth in Q3 and Q4. Of course, somehow supported by domestic demand because the Chinese could not travel at all. I want to make the point that clearly we have seen that this acceleration somehow prevails in the first quarter. Mainland China really remains very strong. Coming to the other regions, actually, regarding other relevant markets such as Japan and Australia, we clearly saw a kind of gradual improvement over the quarters and actually over the weeks. You could clearly see week by week that we could experience a gradual improvement. Clearly, as you know, especially Australia, they are very restrictive with new infection rates, so they go immediately into a lockdown. There are some lockdown situations there as well as in Japan. They have still a high level of infection rates. Although the majority of stores were open, they were operating on lower opening hours. I can clearly say that this was somehow improving over the time. Hong Kong and Macau is a different thing. As you know, the Chinese government was only lifting the regulations in Q4 for Macau so that some of the regions could travel to Macau. For example, in Hong Kong, both markets are clearly depressed for the moment because Chinese tourism is clearly missing in those markets. Regarding 2021, I think, in my speech, I tried to be pretty explicit regarding the expectations for Q1. As you can imagine, I think with a store closure rate of 30%, overall globally, I think Q1 will be a difficult quarter. As we were saying, we expect that the net sales decline in Q1 will be up to 20%. Still, we also expect, in Q1, that the gross margin will be somewhat affected by markdowns. We have to overall consider this for Q1. On the other side, Edouard, I clearly have to say that we have every confidence that, starting with Q2, that the development will somehow improve. I will try to explain it. You see already, like we pointed out in the speech, that once the countries are back to normal, like mainland China, where the new infection rates are clearly under control, you see a big pickup of demand in our business. Countries like, for example, in the Middle East, where the vaccinations are already well advanced, you see that the business is clearly picking up. This gives me confidence once the new infections rates are under control or the vaccination goes through the population, that the business will improve. We will see now over the last weeks that as well, the Americas are clearly improving with this regard. This somehow fuels my confidence for starting with Q2, that the business will improve. On top of this, we try to be very explicit that we have in terms of product and marketing initiatives, our pipeline is really filled up. We are very much convinced that we're right in the middle of the taste, that we want to push the casualization, and that we have seen a very good order intake, including these things. Clearly for the fall/winter 2021 order intake, our order intake was clearly above our own expectations. This is from our side, improved positive and therefore overall for the year, we remain very confident that we will see a strong improvement in our net sales development. Okay. Thank you. Thank you. Our next question comes from the line of Jürgen Kolb from Kepler Cheuvreux. Yes. Thank you very much. Two questions from my side. First of all, you mentioned that in those markets that have been opening up or where you see, obviously, vaccinations are improving, you're seeing an uptick. Maybe you could elaborate a little bit more in detail. Are you seeing a specific shift in fashion demand? Are consumers trending towards, as some expected, really towards these event dressings again? Or do you see a special pattern of consumers ordering? Secondly, you mentioned also the project to go and to deepen this omni-channel project. What do you think and where do you think you have to add additional functions? Or what do you have to do in addition to what you already have in order to get a fully fledged omni-channel business model? Thank you. Thank you very much, Jürgen and good morning from our side. For the first questions you are asking in those countries where you already see somehow an improving demand, where it is coming from. I would say it's really twofold. In China, you can really see that you experience a kind of pent-up demand because during lockdown periods, clearly all the family festivals, like weddings or all these things, were somehow postponed. You really can see with this regards, when it comes to special occasions, that you see a kind of pent-up demand. This is relevant for the market now, like Middle East as well. On the other side, what we experience is after these fierce lockdowns, I think people are having the feeling, the consumer sentiment, they want to go out and they want to shop. I think there is a kind of positive attitude towards this. They come out of a period where they were sitting at home, now they really want to enjoy life again. This comes actually with a positive consumer sentiment and therefore we see in those markets, really that demand is clearly picking up. Coming back to your second questions. I think, omni-channel activities. What you know is that very often in the majority of our markets where we have our own website, we really try to connect our website with the brick-and-mortar retail. I think that's clear, still there are more countries. We have today more countries with own website and not connected to brick-and-mortar. There are projects running in order to connect the offline retail landscape with online in order to ensure that you have processes like order from stores and click and collect. On top of this, with big marketplaces, we are working on project like Connected Retail together with marketplaces. I think this is in the field of Oliver Timm, where we see another sales opportunities somehow to connect those platforms and marketplaces with the physical retail. The third initiatives clearly goes into the processes like shipping from stores. There are platforms like Farfetch and other things where you can do ship from store in order to leverage your own brick-and-mortar retail environment. These are the activities, the projects that are ongoing in order to ensure a kind of seamless experience. Okay. Very good. Just with respect to the orders, and I fully understand that the occasion dressing is picking up, but in terms of a more broader fashion picture, have you noticed any kind of a special collection, special products that are selling specifically well, maybe less jeans, more chinos, a little bit more? Anything that you've seen or learned there? Just curiosity. Well, overall, like jerseys, denims, sneakers, these categories are really performing nicely. On top of this, like I said, you have this kind of pent-up demand in those special occasions. As well, people, if they go for the dinner party, they wear smart casual items as well from our product assortment. Really, I can say it's really broad based. Very good. Okay, [Non-English content]. Best of luck and good luck especially then for the rebound in Q2. Thank you very much. Our next question comes from the line of Chiara Battistini from JP Morgan. Hello. Hi. Thank you for taking my question. Firstly, I was just wondering, looking beyond 2020, 2021, sorry, that is still negatively impacted by the lockdowns. I was just wondering, how are you thinking about the recovery and the return to 2019 levels going forward? When do you think that will be achieved? Is it going to be 2022 or is it a longer-term story? Linked to that more broadly, if you could comment on how you see the broader market for formal wear evolving as we come out of the pandemic. Are you factoring in a meaningful catch-up spend on that segment or rather ongoing shrinking versus 2019 levels, given these ongoing casualization trends? Are you assuming those casualization trends to basically stay and continue or normalize to some extent as we come out? Sorry if I've missed the answer, but on Edouard's question, are you then comfortable with consensus as it stands for 2021 as of now? Would you have any comments on that, please? Thank you. Good morning, Chiara, from our side. Thank you very much for your questions. Perhaps starting with your third question. Usually we have the policy that we actually don't comment on any consensus because there are some different consensus out in the market. Actually, we don't comment on this, and I try to make it kind of qualitative statements on this. Coming to your first questions, where you were talking about 2022 and beyond, I clearly have to say that, of course, we are working on the fastest recovery possible. I think, please take in mind that Daniel Grieder will join on 1st of June, and that we are preparing a kind of strategic agenda for the years to come. This will be a five-years plan that we will present in the second half of this year. We will do it as fast as possible to give the whole capital market clarity on this. With regards to your formal wear question, I think what we have seen is, I think you have to be aware is what is the size of our business. What we have seen during the pandemic is clearly the kind of casualization trend and the pandemic, of course, pushed this kind of casualization trend. By the end of 2020, you can say like 25% of our business is formal wear, 50% is casual wear, and 25% is shoes, accessories, bodywear, and hosiery. This is how our business divided. We have seen in the years 2020 over 2019, that the share of formal wear decreased at around 10 percentage points. Clearly, I think there is an overall inherent trend in terms of trend towards more casualization. Clearly what we can see now in the markets that some markets are really recovering and we see kind of pent-up demand for even formal wear as well. I think there is a long-term trend and there will be a kind of short medium trend going against this overall long-term trend. Thank you. I'm sorry, just a follow-up on this latter point. I was pleasingly surprised that by your comment on Hugo casual wear actually being positive in Q4. Would you be able to share more color on that, especially on a regional basis, please? Well, actually, this Hugo casual wear was especially very successful in the European market when it comes to logo casual wear jersey products. That was really driving it, plus sneakers, track suits, and these kind of product areas. Great. Thank you very much. Our next question comes from the line of Thomas Chauvet from Citi. Good morning, Yves, Christian. Two questions, please. Coming back to the 2021 outlook, specifically cost inflation. If we adjust 2020 cost base for the EUR 110 million store impairment charge and a few other one-offs, you had a total cost base of around EUR 1.3 billion, if I'm not mistaken. Consensus for the year, EBIT is EUR 145 million. That seems to imply OpEx given the gross margin assumptions, OpEx up 1%-2% max. I know there are a lot of moving parts, your ongoing cost efficiency program as well. As a CFO in a year where you guide for strong revenue growth, does that kind of cost inflation make sense to you? Could you provide more details on which cost lines might pull much stronger than your single-digit? I'm thinking A&P, you just alluded to it. Secondly, on the shareholding structure, if I recap what happened over the last 15, 18 months or so, we have now the Marzotto family at 15%. Mike Ashley's Frasers Group raised their stake to 15% earlier this year. That's 30% combined. If we focus just on Frasers, they refer to the stake as a strategic position. I think that's one of your top 10 wholesale accounts globally. What type of dialogue have you had with them? Do you see potential for reinforced distribution agreements online and offline? Specific product lines for perhaps Frasers Sports Direct? Would it make sense for them to sit at the supervisory board alongside the Marzotto? What does Frasers really bring to the table? Is that a positive for you? Could you share some thoughts around that? Thanks. [Non-English content] Thomas, from our side. Thank you very much for your questions. Perhaps I start with the second one regarding the shareholder structure. Actually, Christian and myself, we are talking to the Frasers Group CFO and strategy division on a quarterly basis like to every other shareholder as well. I think we view this as an internal investor relations task to talk to them on a regular basis. We don't make big differences between other big shareholders from the institutional investor side. This is point one. Secondly, you're right. They're among our top 10 wholesale partners. We are growing the business with the Frasers Group. We have operationally a very good relationship. Regarding their shareholder, there are no interferences so far regarding these kind of commercial relationship. As I say, the relationship overall with Frasers Group is very constructive on the commercial side. Regarding the supervisory board, we have not seen any interest of the Frasers Group to get a supervisory board seat. This is as well communicated to the capital market. Coming to the first point, I think overall your estimations are not wrong that you are taking. Clearly, we want to have tight cost control, especially when it comes to Q1. I think we have to manage the fixed cost base, and we will resolutely focus on cost management as we speak. On the other side, we have to clearly observe how our business will recover over the next quarters to come. Therefore, of course, with coming with the recovery of the business, we will also invest into the brand, into the marketing activities, in order to support the growth of our business. Remaining focus on fixed costs and investing into the brand, into marketing activities from a kind of a variable cost basis. Thank you. Our next question comes from the line of Jörg Philipp Frey from Warburg Research. Hello, gentlemen. Actually, I would like to talk a bit also in Thomas' direction. Well, regarding the cost line, to address it on another angle, is there a figure that you can give us on the amount of clearly non-recurring cost savings that you had in 2020, like the impact of the short-term labor or rent forgiveness during the period where the stores were closed? To give a kind of offsetting positive amount, obviously, your impairment also lowered the regular depreciation base. Probably, you can give us some number on the permanent reduction of depreciation you had due to these measures. On the more operational side, I noted your comments on Russell Athletic with interest. Can you give us a kind of potential for this collaboration in terms of sales? I guess, predominantly we're talking about the U.S. at the start. How big will this become? What price points are we talking? Is this a premium pricing relative to your existing athleisure offering? Just a bit more color on that side, please. Yeah. [Non-English content], Frey. [Non-English content] from Hamburg. [Non-English content] to Hamburg. Thank you very much for your question. First of all, taking your first question regarding the cost base. Clearly, I think we set this to the capital market always, the majority of the cost savings that we generated in 2020 are not sustainable. They are one-off savings because of short-time work, because of rental leases and all this. On the other side, of course, there are a bunch of initiatives that were introduced in 2024 for some structural, clearly, as a rule of thumb, the majority of cost savings were one-off in 2020. Yeah. On top of this, yes, if you impair more, because we have a special impairment of this EUR 110 million, you can expect, of course, less depreciation in the periods to come. Of course, this has a kind of backswing effect for 2021 going further. That's sure. The second question was clearly the Russell Athletic. What we wanted to do with Russell Athletic, for us, it's a big event. We're going to launch this Russell Athletic on the 24th of March. This will be in the next two weeks. I think, apart from normal capsule, this has the net sales size of two to three times more than, for example, Porsche collections or Anthony Joshua collection, just to give you an indication. It's clearly in the double-digit million EUR amount of net sales potential with this regard. Clearly, it's all in the respective price ranges, competitive pricing, and focusing on the younger audience. I wanted to make sure that it's not only the products that we are selling, it's also a big marketing campaign that is behind this. We will have a kind of digital event, like I said. This will be transferred to macro influencers, to micro influencers. This will go viral into the social media, and I think this will be a big event, and we have seen already a kind of buzz around these products. Actually, personally, I'm wearing them too, so it's really great. Sounds good. Looking forward to that, and all the best. Thank you, sir. Our next question comes from the line of Thierry Cota from Société Générale. Yes, good morning, Yves and Christian. Two questions for me. First, on gross margin. You mentioned promotional impact in Q4 and in Q1. Can you give us a measure of that impact? Is it fair to assume around three points last quarter? Do you expect something similar this quarter, and going forward, do you expect that to vanish gradually for the year or to remain visible for some time? The second question, Yves, in your prepared remarks, you mentioned a focus on young clients. I was wondering whether you have any data on demographics that you can share, overall or by region, of where you stand today with the younger cohort versus one, two, or three years ago. Thank you. Good morning, Thierry. [Non-English content]. Thank you very much for your questions. The first question was dedicated to the gross margin. Clearly we had a gross margin decline in Q4 of 530 basis points. Out of this, 80% of this effect comes from markdowns and inventory devaluations. Half of the 80%, 40% is coming from markdowns, and the other 40% is coming from inventory devaluations. We didn't actually expect these kind of inventory devaluations to come when we talked during the course of the year, because as we always promised, we wanted to stay with our inventories on the same level like 2019. We almost achieved this, but we somehow conservatively said we have to assess our fall/winter collection as well because of the lockdown situation in Europe. That was the reason why we were booking inventory devaluation as a prudent accountant, so to speak. We did this. The other 20% in terms of gross margin was actually coming from higher freight costs because there were some turmoils in freight costs overall in the market because of the pandemic. These are the effects that somehow explain Q4. I think it's pretty obvious that the inventory devaluation will fade away in Q1, so to speak, because I think this was booked at the year-end. I think we should expect some markdowns as well in Q1 based on the lockdown situation, especially in Europe. You want to add something? Regarding younger generations. Clearly you can see that overall we have the youngest customers actually in China and in Europe. It's always the average and the most aged people are in the U.S. Clearly, we will be more explicit, perhaps with this regard, on our Investors Day in the second half of this year in order to show you where we're going to attack and what we want to communicate. Clearly, these measurements that we are taking, NBA, Chris Hemsworth, Russell Athletic, are clearly approaching the younger cohorts. You see already with the NBA that especially between 15 and 35, we see an increasing number of new customers coming in. This is somehow spectacular in terms of the achievements that we achieve. I think strategically, we need those younger cohorts for our business to get into first contact with our brand. Actually, now we see those initiatives and actually for the time being, China is the most advanced in terms of younger customers. Okay, great. Thank you very much. Our next question comes from the line of Volker Bosse from Baader Bank. Yeah. Hello, gentlemen. Volker Bosse, Baader Bank. Thanks for all the details and provided information so far. A quick one on the gross margin. Is it fair to assume, or is it also your best guess to be gross margin back to 2019 level at end of 2022? In fiscal year 2022, back to 2019 in gross margin. Is it a good guess for calculation? Second question is regarding the pre-orders. Good to hear that fall/winter are positive. Can you confirm that holds true for the formal wear as well as for the casual wear collection, the good pre-order momentum here? A final one, a quick one on CapEx for the current year, for 2021. What is your guidance or best guess? Thanks. [Non-English content]. Hello, Volker. Thank you very much for your questions. Perhaps I start with the CapEx. Your third question, perhaps to conclude the final year, we were saying we ended the year with EUR 80 million investment and the original budget was EUR 150 million, and we said that we'll be moderately growing. I think a good proxy is the middle between this 80 and 150 as a kind of proxy for you. Regarding the pre-order for the fall/winter, I can confirm that this refers to all product groups. Actually, we did a lot of efforts as well on the formal wear side as well when it comes to innovative products, having stretch performance materials in the formal wear sector. This was really well received by our wholesale partners. It really goes through different product groups. Regarding gross margin, actually, we don't disclose 2022 so far. When we will be back, let's do 2021 first. We are still assuming that we want to improve, of course, our margin in comparison to last year. Perfect. Thank you much. All the best. Actually, what we currently expect is that the margin will be between the 2019 and 2020 number in 2021. Okay, great. Thank you. All the best. Thanks. Thanks. Our next question comes from the line of Rogerio Fujimori from Stifel. Hi, Yves and Christian. I have two questions, one on wholesale and the other one on brand heat. On wholesale outlook, what should we expect in the first half given your order intake situation? On brand heat, with all your initiatives in the second half of last year, how do you assess the level of brand heat for BOSS today relative to your main premium apparel competitors when you look at your share of voice on social media? Thank you. Actually, regarding wholesale for the first half of the year, we are not disclosing this. Perhaps focusing on the brand heat issue. I think we, in my prepared remarks, try to be explicit. You can really see, in terms of social media, that the follower base overall is increasing low double digit, which is overall good. I think the most relevant thing is that the engagement in terms of what they're doing with the product, liking it, and watching the videos that we are providing and all these things, is somehow increasing. This is for us a kind of indicator, what we call actually in the industry, social listening. We try to observe how is our visibility on social media and especially on Instagram. We made big progress. Actually, by the way, on TikTok, we were under our peer group, one of the first ones who was engaged in TikTok. Actually, we saw here a tremendous increase. We are here under the top five brands. Understood. Thank you. Our next question comes from the line of Kathryn Parker from Jefferies. Good morning and thank you for taking my questions. I first wanted to ask about your online business and the relative sizing of hugoboss.com versus your e-concessions and whether you've planned the internalization of any more of your online wholesale accounts for this year. My second question was just on your retail store network. I can see that your shop-in-shops in the Americas have gone up by approximately 20 since Q3. I just wondered if this was reflective of any positive developments with your partners or if it's normal course of business in opening additional stores. Good morning, Kathryn. Thank you very much for your questions. Perhaps we start with your second questions regarding shop-in-shop in the U.S. What you can see here really is, I think, a very good underlying business. Far, we had a business, for example, with Macy's only being in eight shop-in-shop. Now we extended this to 25 shop-in-shops because Macy's, as a customer, they were really interested in our Hugo products as well because they have a kind of younger audience. I can clearly confirm that this is somehow business driven. On the other side, we converted Hudson's Bay, actually from a wholesale model to a shop-in-shop. That was the reason why the number of shop-in-shops is increasing. It's actually more a conversion than new business. Regarding your first question online, so hugoboss.com is now 60% of our online retail. The concession business is 40%. We were really growing like 49% overall in the year. Although we somehow a little bit decelerated in Q4 because of the higher comparison base, I'm really very confident of the development that we have seen in Q1 so far. We see a kind of re-acceleration in both parts, actually.com and the concession business. Clearly the business is picking up. Regarding the conversion from wholesale to concession, there are some minor players now to be converted still. For example, we are in talks with Breuninger, for example, as one of the German department stores to be converted and some partners in Russia. That is for so far. Thanks very much. Okay, ladies and gentlemen. I guess there is no further questions in the queue, so that completes our conference call for today. As always, if there's any further questions that are left, please do not hesitate to contact any member of the IR team. With that, thanks very much for your participation and speak to you soon. Bye-bye. Bye-bye.