Thank you. It's Louise Singlehurst from Goldman Sachs. Thank you very much for all the information so far this morning, and it's absolutely great to go through the history and the journey, particularly from 2015. I wonder, Marco, if I can ask you a question about the fashion shows and the cadence that we've seen, and just winding back to 2020, 2021, the decision process behind that was taken by the team to reduce the number of shows to two. Was that much more of a thought that there'd be a compression for the industry in terms of fashion shows? Was it cost containment, or was it supply chain driven? Then when we look forward now to the four this year and five next year, is that just what we should be expecting going forward in terms of the brand engagement? Does that mean more new content on a more regular cadence? I've got one follow-up as well. Yeah. I gonna answer because you asked me, but then I will try to ask the team to answer as well to the question. I think in 2020 we were kind of obliged to have the two shows, just two shows. It's very difficult as well to manage the two shows because, I mean, the number of product and SKUs that you need to develop and in two, just twice a year is immense. Managing the cadence of the deliveries in different drops and to maintain the attention and tone of voice in the shops is not as easy because it's much easier as well to contact the client to say, "You know, the fashion show is arrived, come over," instead of having a drop of the same collection. That is take like more time. The reason of going back to the five fashion show that I think is gonna be the future of the cadence for Gucci for the years to come is twofolds. The first one, you know, to create this kind of normal cadence going back with like our competitors, with drops at the same time, and I mean, the share of voice, and the tone of voice at the same time. Also to spread out a little bit the weight of the development across the year in terms of development of product and attention, the creativity of both on the product development and of the creative side. I think it's gonna benefit in many instances to go back. Again, the decision in 2020 and 2021 was very much derived by the fact that, again, in Italy we were suffering a lot versus France, for example, that they didn't close. There was great difficulty for Alessandro to work with the product development, great difficulty deliveries, and that for the reason we decided to split and to do the show when we could. Now that we are able to fulfill the strategy at full, we want to go back. As well, we go back to five shows because strategically we want to push the men much more than in the past because, I mean, at a certain point, as you remember, we were doing quiet shows. The men and women together, so we did like February and September, while now we want to really focus both in terms of collection and in terms of communication that's gonna be granular on the different genders. To me, that is a great opportunity for the brand going forward. I had one other second question, if I may. Just on the 41% margin target and going forward, is the message here about, you've got the size, you've got the scale, this is about the huge growth opportunity, keep to the 41% and so you can invest much more in that customer engagement, that activity, activations. Is that the message that we should be taking away today? The 41% is coming from the fact, I mean, there's the investment that we are doing in on the brand of course, especially in 2021 and 2022 where we are elevating the perception, it's important for us at the beginning to reinforce the message, to deliver the message to the consumers. Then it depends on how fast this message gonna be understood and how fast this new category that we are pushing are gonna be arrive at full potential or higher growth. The level of communication spending will change accordingly, going forward. The 41%+ is a kind of an indication, because it's something that of course is not easy to define today. I really believe that with the EUR 15 billion, the possibility to, you know, to leverage is there. Hi, it's John Guy from Jefferies. Well, first of all, Marco, congratulations, you know, on doing a fantastic job with the team over the course of the last few years. The reinvention, you know, worked extremely well. I guess I'm curious to know how the aesthetic has really moved on from the reinvention. It feels like it hasn't necessarily moved on and evolved maybe as much as some other brands. I'm curious to get a sense of, you know, how you're going to evolve the aesthetic of the brand going forward. Maybe make the brand more inclusive because to me it's starting to feel maybe a little bit too exclusive. If you're not part of a Hollywood jet set or part of the circus or somewhere, you know, you're not gonna wear Gucci. It feels to me like it's become maybe too exclusive, so I'd be interested to get your view around that. Maybe how Maria's move into the merchandising side now is going to complement the way that you think about the brand and that aesthetic going forward. Thank you. Thank you. The change in aesthetic is coming in the sense that the elevation strategy, the elevation that we started with Aria, certainly is different from the past. Love Parade and Exquisite continue this kind of evolution. In Exquisite, for example, that was only men show more or less. I mean, the way in which the critic defined the collection was a sartorial streetwear. That is a unique positioning, I must say. Well, it is true what you're saying, in saying that the perception you could have externally that we have pushed a little bit, a lot, if you want, on the fashion side, and that the reason why we are both moving now on delivering a message both on men and women. Dividing the communication, the collection. As well, the decision that we took, that is not as an easy one, as you can imagine, to split the responsibility between fashion shows from a design standpoint and communication campaign and the collection. Having Maria Cristina working directly with the design director of the collection to develop the collection and also to give a message that is more for, I mean, creating this kind of possibility or more timeless perception of the brand. That is what you were referring to, in a way. Of course, it's our responsibility then to make sure that in our shops, this kind of offering collection is properly displayed, and you have the possibility to wear something that is not too maximalist. I think the way in which we are developing the collection and what I saw in the last few showrooms is going back to an aesthetic that is less so in your face, more subtle, still branded, because, I mean, Gucci needs to maintain a kind of differentiation. It's we are going that direction, and I think developing the pillars of timeless is not just about the product, but also the perception of the brand as a sustainable, long-term value that you buy. Even if you buy hat, it's because you buy hat of Gucci because it's gonna last probably more than other hats. It's not just a matter of icons or product in itself, but also the perception we wanna deliver. That is coming both from collection, representation of the collection in the shops, and also the communication campaign that gonna evolve. We are gonna launch men-only communication campaign, travel communication campaign. We've become more granular going forward in terms of allocation of investment, in terms of communication. Thank you. Thank you. Zuzanna Pusz, UBS. I have two questions. Maybe the first one is more general on the creative direction of the brand. I mean, how do you think about managing that in the future, just, you know, to make sure the brand doesn't rely too much on Alessandro? You know, how do you manage the succession? I'm asking this because it does feel like some of your peers, they try to maybe have several creative directors for different divisions. I was just curious to have your take on that. Maybe secondly, the question on China, not on current trading, of course. Maybe just to hear your assessment of the situation, what has maybe, you know, gone not according to your plan that the brand has been maybe doing slightly weaker compared to peers in the region? Obviously, I know that their management change is coming right now. You know, what do you think was the problem in the past, and what can we expect now going forward? Thank you. In terms of Alessandro, there's nobody, I think, in the entire world that knows the archival Gucci like Alessandro. If there is someone in love with the timeless piece and timeless part and heritage part of the brand, it's Alessandro. Let's remember that Alessandro was part of this journey much before I decided to appoint him as Creative Director. We decided together to give a fashion angle in 2015 in order to make sure that we differentiated ourselves from the competition, and we centered that on gender fluidity. We wanted to be extremely clear on the message that we wanted to deliver. Alessandro took that, did that amazingly well. To me, Alessandro is not, you know, replaceable because, I mean, the creativity of Alessandro is impressive, is amazing, still extremely positive in the way in which he's delivering the shows. I mean, recently, Cosmogonie has been viewed more or less 10x of any other shows in during the cruise. 10x. So there's no lack of attractiveness, of curiosity versus the creativity of Alessandro versus the brand whatsoever. So I think that, to balance your question is that we decided to split in the design team between the fashion shows and this creativity and the possibility of Alessandro to blend both creativity and the timeless and heritage part with the collection development. That's where the, you know, the merchandising role is gonna become more important as, I mean, different from the past. That already for me is the way forward. It is not under discussion in any way to take out Alessandro from any responsibility. It's true that versus other brands or competition, Alessandro is managing both genders, men and women. I think at this size of the company, I don't think nobody really mastered how to really create an organization. We think that the way in which we decide to go is the right one, and I think it depends as well from the people that you have in the company. I think person like Alessandro are unique. We need to do organization as well according to tailor the organization according to the person that you have in the organization. As for China, in the first five years of this journey, we were very much trying to make sure that demand was fulfilled. We didn't really, as I tried to explain and to present during the presentation, create this possibility of connectivity, pampering clients, because in 2015, we really cut any link with any customers in the past, especially with the older generation with high spending power. We started the journey of elevation in 2019, but when the COVID arrived, we needed to accelerate everything. It was like a shock for us because, I mean, we were going that direction, but not at the pace that we were obliged to do because of the COVID. We started then to create the structure, to create events. The high-end offer that is extremely important, especially in this period for the polarization of consumption between high-end and low-end. We didn't have the offer, we didn't have high watches at that time. We didn't have high jewelry. We didn't have exotics. We created the people and the team in the company in order to make sure that these events were done in the best possible way. Again, my take about China is certainly there was a lack of, you know, preparation for the company. I mean, I tell you, it was not easy the first five years just to fulfill the demand and to make sure the supply chain was able to fulfill the demand of such a huge growth. The other side, there was a problem with execution because the strategy that we set is the same strategy that we have in U.S. or we have in Europe that is performing well. I really believe it is a matter of finding the people that we are working on it. The brand and the brand equity that we have in China is extremely strong, and I think the decision we took are going the right direction. Of course that would depend on us. We're gonna take time to understand what's happening, et cetera. I mean, we are on top of it, especially from a corporate standpoint, to make sure that China, as you can imagine, is our big objective. Hi, Marco. Edouard Aubin from Morgan Stanley. Sorry, I have to follow up on China. You know, as you said, I mean, what's interesting with Gucci is that in terms of regional performance, you had one of the biggest divergence between your performance in the U.S. and your performance in China over the past two years. One of the theory, and I'd be curious to have your view, is that in China you have some kind of uber-premiumization of the luxury space, meaning that if you look at the top of the pyramid, you know, the Hermès, Chanel, Dior, you know, it's outperforming even more in China than in other geography, and maybe it has played against Gucci. Obviously, your strategy to elevate the brand would kind of address that. Do you agree that, you know, it's a trend we are seeing in China which might have impacted you negatively? That's number one. My second question is on the management team in China. Why is it so difficult to recruit local talent, and what are you know, doing to address that? It's not difficult to recruit the right talents. I thought I did the right choice in appointing the guy coming from Korea because we have the, I mean, a structure in China that need a leader. They needed a leader. Gianfilippo Testa was doing an amazing job. When I decided to move him to Europe to make him grow and to have internal mobility inside the structure, I mean, we decided to put Karim because, I mean, from a competence standpoint, it was great. He was doing an excellent job in Korea. It was not a matter of not looking for the right people. In fact, when we decided to move, we scouted and appointed immediately the guy that is taking a little bit of time for the usual non-compete and clause that you have in this industry. It is not easy. Actually, I'm regularly interviewing people on different positions in China, and I tell you, I mean, the level of attraction that this brand has versus the people, for many reasons, values, inclusivity, self-expression, are extremely strong and we are a brand of choice for many people. It's just for us deciding who to go for. I don't see an issue for us, especially for Gucci. The first question was about? Sorry. The specific dynamics of the Chinese market and, you know, the premiumization. Certainly, I mean, the brands that you mentioned, they were outpacing the Gucci performance because of this polarization of the spending. As well for the fact that, I mean, these brands were pampering clients for 20 years, 25 years. The coherence of the strategy that they did in 25 years certainly not comparable to the one of Gucci that went through some waves, I mean, in the past. When in 2015 we decided to change the aesthetic, we alienated completely any kind of previous customer. In China, we are reflecting in terms of segmentation of age, more or less the population. The level of Millennials and Gen Z that we have in China is slightly higher but versus the worldwide average. We need to work in order to create this kind of link with the clients. The activity that we are putting together that is not just contacting, but also creating the premises in terms of offer that you need to have in order to call these clients, to pamper them, to visit them in their house or doing brand experience and all the rest. That is the reason why we pushed starting end of 2019, beginning of 2020 on all the exotics, on all the high-end jewelry, high-end watches, all these kind of activities. We started launching, as you saw, the three icon lines, Bamboo, Diana, Jackie, that in terms of price points are at much higher versus the previous one that we launched in 2015, 2016, GG, Marmont, Dionysus, etc. It's a process. Of course, it take time because you, again, you don't become timeless in two seconds. You can leverage on the roots of the brand, on the legacy of the brand, but you need to communicate it. We started this separation as well as the communication strategy that we are gonna implement in the second semester of this year about genders, about timeless, about fashion, about everything, travel, everything that we saw, I saw during the presentation. Hi, good morning. Bilquis from JP Morgan Asset Management. One for Susan, please. In terms of the client adoption in the U.S.- Oh. Try another one. All right. Hello? Okay. Hi, sorry. Bilquis from JP Morgan Asset Management. One for Susan, please. In terms of the step up that we've seen in luxury buying in the U.S., can you just give us a little bit more details as to what you know, has this been pent-up demand that the brands have been sort of fueling for the last 10 years, and suddenly with money in their pocket, the consumer has decided to take the leap and now are hooked? Or do you see this as a little bit of a, you know, you acquired a bunch of new customers during the pandemic, but some of them or half of them might wash out, and then you kind of have to rebuild the customer acquisition. If you could just give us some insight on that. Sure. I think that the acquisition of new customers that's been possible from 2015, but also even in the last couple of years, the opportunity to retain and elevate those clients has even exceeded our expectations, I would say. Even some of the clients that came new to the brand during the pandemic period, maybe because, as you said, for having the opportunity to shop luxury in a way that they hadn't before, I think largely because of the types of client relationships that we've been developing through the strong clienteling strategy that I talked about, we've had a very high penetration of those new customers stay with the brand and continue to grow with the brand. I think the other customers that we're starting to see that we're extremely excited about are those that are now in new markets where we are going to be expanding the brand presence. Obviously the changes in the last couple of years have allowed for the luxury landscape in the market to expand, and we've already opened in a couple of these new markets. Some of them pre-tested by us as we had points of department store concession business there before, or we saw a strong presence of our digital customers there. Going into these new markets, bringing the brand to these new markets, has also given us a chance to see acquisition of a new customer that has become a very loyal customer as well. Hi. Thomas Chauvet from Citi. Two questions, please. The first one on your customer demographics. I was curious to hear you on this younger cohort, you called it young millennials and Gen Z, 30% of sales, increasing in the next few years. Could you explain how they are responding to the product innovation, the creativity of Michele, not just on aspirational products, as you said, but also on this brand elevation strategy? And how do you feel about them in the next 12 months, as of course there's a bit of a pullback in economic conditions and inflation and equity and crypto markets have pulled back and I remember Jean-Marc at the Q1 call was sounding a bit more cautious about them, that cohort perhaps in the US. Secondly, on your financial targets, EUR 15 billion and 41%-42% EBIT margin. EUR 15 billion, that sounds like 7%-8% sales CAGR in the next whatever, five or six years. With pricing and retail expansion, that doesn't seem like a very punchy number. You know, maybe 4% or 5% max volume growth. How cautious are you on that target? Then is sales and margin, are they gonna be reached at the same time, or is it one before the other? Thank you. I mean, I didn't say any year there. I mean, it's an assumption, the fact of the 7%. As we did in the last three presentation, we set ambition, and we didn't say any specific target year. That because depends from many things, that as well external that I cannot control. This is the next first step that I said we set, and we feel confident to achieve it. Yeah. In terms of segmentation, I think I feel extremely happy to have this kind of conversation and link with the younger generation, because first of all, they're gonna you know, be our base for the future. Secondly, in most cases, they influence as well the purchasing power of the older generation. Depends, of course, what kind of aesthetic you're doing in order to do so. That's the reason why we are trying to you know, smooth a little bit the aesthetic and being more focused in terms of genders. Potentially, you are right in terms of there's gonna be economic slowdown or meltdown, whatever in the future. Probably they're gonna be the ones more affected. On the other side, we are really working very carefully in terms of aspirational categories, product categories, and also groundbreaking collaboration that is been the landmark of Alessandro from the very beginning, that we are really able to create curiosity and attractiveness in the brand on a regular basis that are gonna bring as well business on the collaboration, but also maintain this link with the generation that I think position Gucci in a unique way in the industry arena, and we want to keep that because this differentiation factor is something that is typical of Gucci and to me is a great added value. I don't want to in any way affect that, even if we go in elevation strategy. I think for the size that we have, we can really play the two pillars, as said, fashion and timeless, and from a segmentation standpoint, both on the younger kids, younger generation, and the mature, more mature one, but still remaining fashion and Gucci lover, you know, let's put it this way. Can I add one thing to that about the Americas market? I think this younger generation really believes that Gucci is a brand that they can belong to. I think that they are very intentional about their choices, their purchasing choices, and I think that they believe in a brand that they want to be associated with because of all that it represents. We're seeing an incredible loyalty from a younger generation, certainly in the Americas market, and I think that that is what's allowing us to have them stay with us and grow with us as they continue in their luxury development. Yes. Hi, it's Antoine Belge at BNP Paribas Exane. Two questions. First of all, I was a bit surprised to see in your presentation this notion that Gucci would be under-penetrated in travel. I thought it was actually quite the opposite. And also, some of your competitors, at least you're privately mentioning that the lack of tourism in Europe is like a blessing in disguise because it means that you have been sort of forced to be focusing more on the local consumer. I would have expected more, actually, focus on the local consumer rather than travel, but maybe you can clarify what I missed. My second question is more on the margin. 41% with EUR 15 billion. In 2019, you were doing 41% with just below EUR 10 billion. Especially also in the slide, you mentioned an opportunity to optimize the gross margin. I don't know what was the gross margin in 2019 and that 41% in 2020 whatever would be achieved with what type of gross margin. In a way, you probably are acknowledging that you were overearning back then. Which bucket of SG&A will change when that ambition will be reached? Thank you. Thank you. As for travel, you know, we are under-penetrated. We talk about travel. Because I mean, the definition of travel luggage in our industry is quite blurred because, I mean, sometimes you have bags that might be luggage and all the rest. Overall, we've talked about real travel, duffels, check-in luggage and all the rest. I mean, we didn't have the offer until 18 months ago. Under-penetrated is a euphemism. We didn't have the offer, didn't have the presentation. We started to do the presentation, started with the travel that we have, and we saw a spike in sales, so that is why we increased the offer. Because I think very much that, as explained at the beginning, Gucci is coming from there. We have all the, you know, capability to be credible and the expertise in terms of laboratories to create something unique and distinctive, so we can really gain market share in that specific context. Yeah. Just Marco, maybe just to clarify, it's travel as a product category, not as a channel. Yes. No, I understand that. Where I got that from. Sorry. Thank you. I think the 41% EBIT+ is a reference in the sense that, I mean, the way in which we are investing in Kering, that to me is extremely important, is gonna give us a great added value going forward in this zone, the logistics and the global that Jean-François started so many two years ago, three years ago. Susan explained what happened in the U.S. Shortening the time to market in terms of the warehouse capability is gonna improve the business quite dramatically and reduce, from my point of view, a lot inventory level. How much is gonna be reflected in the EBIT? We will see. As well the in. All the investments we are doing in terms of information systems, because I mean, Gucci, like most of the Kering brands, they are, you know, living today on a legacy system, and the change is gonna happen soon because we saw already some great improvement thanks to the investments we are doing. The investments are really a little bit impacting the profitability of Gucci because we're doing the investments, but we don't see the effect on the business yet. It's gonna happen in the next six, 12 months. I'm quite confident that, I mean, all the balance is gonna be in that direction. Thank you. This is Rogerio Fujimori from Stifel. Marco, I think in 2018, you said that streetwear, including sneakers, accounted for about 15% of the business back then. What's the situation today, and how do you see that this more accessible part of the business evolving in terms of depth and size within the collection given the brand elevation strategy? Thank you. I'm not sure if we disclosed the data. We got that time. We got that time. Okay. In terms of, you know, the aspirational part, I mean, the size of the business that we have in terms of shoes, I mean, I'm not talking about division of sneakers and formal side, but the shoes business in Gucci is extremely high. That is the way in which we really talk to the younger generation as well. As well as the product category, especially the sneakers one, where we put a lot of attention in maintaining threshold in terms of price point, because I mean, the shoes category, shoes product category is one of the more influenced by the level of price point. If there is a category where we put a lot of attention to avoid not to alienate the younger generation, is the shoes. The business is continuing to go extremely well. We launched recently Gucci Run, that is a new sneaker that is gonna be the advertising launch in July, if I remember well, Rogerio. Yeah, in July. We can count on that to support as well the business of sneakers going forward. Luca Solca from Bernstein. Thank you very much indeed, Marco, for your presentation. I would love to understand in more detail how the chief merchandising officer task is going to change going forward. When I compare what Jacopo was doing, if I understood correctly, he was taking ideas coming from creativity and structuring three layers of the collection. One which was more Fashion-intensive, an intermediate one, and then one which was more of a sprinkle of fashion content, more for the conservative consumer. How is Maria Cristina's task going to differ from what Jacopo was doing? I will ask the second question after that if okay. Well, first of all, the characteristic of Maria Cristina and Jacopo are very different. Because I'm telling you, Luca, because you know Jacopo as well, and you've been part of the discussion. I mean, Jacopo Venturini, when he joined Gucci in 2015, was managing women ready-to-wear merchandising at Valentino. That was his scope of work. We extended the scope of work in Gucci, taking over licensing, all the product, et cetera. It was a huge scope of work that was helped dramatically by Alessandro and by the team in order to support this kind of situation. The work of Jacopo was the one of trying to, you know, identify which were the themes, under the creativity of Alessandro to be developed at shop level, and did an amazing job in presenting it, shop level, shop concept, visual display, and all the rest. Maria Cristina has a background that is completely different because the expertise and the competence of Maria Cristina is she's been twice CEOs of a brand and dealing directly with creative directors, et cetera. She's gonna put at another level the link among the dots about product development, creativity, production, and developing which are the market opportunities. Maria Cristina is gonna Is the person for me that for the next journey is the one that we need for the level of authority, charisma, and expertise that's gonna bring all the activities and organizational change that I said earlier in terms of design team, design split, as you were mentioning, in terms of fashion shows and more the say the collection side at the maximum because of the expertise that she has. They're very different profile for me. In terms of role are more or less the same, but level of profile, they're very different. I think that is the right choice today in the company. Sure. Thank you very much. The second question, I appreciate that you presented the history of Gucci over time, and it seems that Gucci went through periods of very significant growth, then consolidation, and then significant growth under your leadership. The way I see it is that growth was coming typically when Gucci was exuberant and had a rather extreme idea, sexy under Tom and baroque under Alessandro. I'm wondering, what is it that you're telling us today? Are you going to open a new consolidation phase, or do you have enough exuberant ideas to drive strong growth going forward? That maybe reinterprets some of the questions we already had this morning. Thank you. I mean, consolidation is not the word that I prefer in the sense that, I mean it's not the way in which I manage the company. I think there's a huge opportunity for Gucci to develop together with this great fashion creativity in different product categories that we didn't explore in the past together with all the heritage part. The consolidation probably can be called the one that we experienced in the last two years because we needed to refocus the company at a different level organizational-wise and strategic-wise. I think the move that we did are gonna bring growth again soon. We saw in fact that the strategy is working in all the regions where these the foot on the ground or the activities is being done with the right execution, so the U.S., Europe, etc. I really believe that. I mean, I will not talk about the consolidation moment. I think what we decided to do in terms of strategy is gonna create the base for a sustainable growth for Gucci going forward. Maybe one last question. Thank you. Flavio Cereda from Jefferies. I have a question for Marco and a question regarding the U.S. Given the heritage of Gucci which you explained and, of course, the strength of the supply chain, now I guess it's a clear opportunity, but do you think that you're a little behind the curve in terms of leather goods and creating this iconic collection of bags that you probably should be further down the road in that category already? On the U.S., I was just wondering, you've correctly flagged the number of new customers that you attracted to the brand and how successful you were at doing that. Is the trick here to continue to bring new customers to the brand in order to hit your growth targets? Are you concerned that with, as we discussed, the economic slowdown or whatever and the elevation of the brand or the brand elevation process, that you might lose some of these customers and therefore you're ending in a bit of a spiral, if I know what you mean? I answer for the first one. I don't think we are late or we are behind the curve in the sense that it was a deliberate choice for a certain period of time at Gucci not to invest in archive pieces or archive icons. We decided to do so at the end of the first part of this journey in 2019. We launched the Horsebit and then the Jackie and all the rest. Of course, to make sure that this product becomes conceived an icon or timeless piece is gonna take time. I mean, the results that we are seeing are very comfortable. It's very much up to us now with the narrative, the presentation, in displaying the shop, the narrative that we're gonna explain to the customers is gonna build them in the future, both in terms of perception, but also in increasing price point of these icons. It's been a deliberate choice. I think. It was the right moment to do it. It is true that the pandemic accelerated certain consumption behavior that, of course, we didn't expect, so we were obliged to, you know, to accelerate ourselves. In a normal way of doing things, that was the right moment to do it. With respect to the question about the U.S. or the Americas, I think absolutely we are a brand that has the capacity to do both, to continuously acquire new clients. We're going to always speak through Alessandro's aesthetic, his creative vision, his collaborations, his collaborative spirit, to a much younger customer. We've always been a multigenerational brand, and we will continue to be that, I think, even more so as we continue to retain and elevate clients in the top segments. I think Marco articulated very clearly that this fashion and timeless strategy means that we're gonna play in both places, and we're gonna have strength in both places. We certainly anticipate that we will continue to be meaningful to a younger audience and to a new luxury customer, not just young, but a new luxury customer, but equally a more mature luxury customer who is responding much more to the elevation strategy, to the iconic products that we talked about, to the evolution of the handbag category, the luggage, the travel. Absolutely, I think we can be strong in both. Thank you. Thank you so much. Thank you, Marco. Thank you, Susan. Thank you all Gucci team. Now we have a break, and we'll be back at 2:00 P.M. Thank you.