At this time I would like to turn the conference over to Armelle Poulou, Group Chief Financial Officer. Please go ahead, madam. Good evening to all of you, and welcome to Kering's Revenue Call for the first quarter of 2024. Let's start on slide four. As we pre-announced last month, Kering had revenue of EUR 4.5 billion in the quarter, down 11% reported and 10% comparable. The bridge between comparable and reported revenue includes a 2 percentage point positive scope impact from Creed's consolidation and a 3 percentage point negative from FX. Our Q1 performance reflects the well-flagged normalization of the growth in our sector, amplified by our own long-term strategic decision to elevate our houses, notably in terms of distribution as we scale down wholesale. We told you that we were expecting a year of two halves, with growth back-end loaded, but the start of the year has obviously been far softer than we had anticipated, especially at Gucci. Retail trends were affected by weak in-store traffic across our houses and across main regions apart from Japan. The drop in wholesale, for its part, reflects both the rationalization strategy and this channel's difficulties in the U.S. By region, retail trends in Western Europe, North America, and Japan turn out to be pretty much in line with Q4, as we had commented during our earnings calls in February. In Asia-Pacific, on a more demanding comp base, market conditions prove challenging and volatile, with differences across brands. In this environment, we remain focused on the implementation of our long-term strategy and prioritize the investments in our houses to nurture desirability and exclusivity. Turning to slide five, a quick review of the breakdown of revenue by segment and region. Both Saint Laurent and the other houses posted a 6% comparable decline in the quarter. Bottega Veneta and the Kering Eyewear and corporate segment were up 2% and 9% comparable, respectively. Taking these four segments together, their revenue was down 2% comparable, very much in line with the trend in Q4 last year, even a touch better. Conversely, Gucci had a very challenging quarter, down 18% comparable. At group level, all regions gained share in our revenue mix at the expense of Asia-Pacific, whose weight dropped to 34% of the total. On slide six, let's move to revenue by channel and region. Retail accounted for 74% of the total, as the consolidation of Creed and the steady growth of Kering Eyewear, both predominantly wholesale businesses, led to a slight decrease of retail in the revenue mix. In the quarter, retail declined 11% comparable on a broadly stable store network, with only 10 net units added. Gucci slightly reduced its store count. In Western Europe, retail was down 9%. Neither local demand nor tourism spending was supportive, although there were clear contrasts by brand and country. North America remained in negative territory, down 11%. Here also, with diverging trends across brands and price positioning, the higher-end segment performed somewhat better. Japan was up 16%. The market is propelled by strong tourism spending from China and other Asian countries, which represented 39% of revenue in Q1. To counter the persisting weakness of the yen, our houses implemented some price increases, but tourists can still take advantage of the attractive price differential. Asia-Pacific declined 19%, mostly driven by Greater China. Korea was still negative but showed signs of improvement on the undemanding comp base. The Chinese cluster spent close to 28% outside of its domestic market in the quarter. About four-fifths of this spending remained in Asia, including Japan. The increase in overseas spending was not enough to offset the domestic drop, and revenue from the cluster was down close to 20%, here again with significant disparities across brands. Finally, the rest of the world was up 6%, driven by the Middle East. Wholesale and other revenue were down 7% comparable, on dynamics you are familiar with. As we had anticipated, wholesale revenue from our luxury houses dropped 20%. This was mitigated by very solid performances at Kering Eyewear and in royalties, up 8% and 16%, respectively. Let's now review our houses, starting with Gucci on slide seven. Q1 revenue was down 21% reported and 18% comparable. Retail was down 19%. The bulk of the decrease came from weak traffic, with the main drag coming from Asia-Pacific. To a lesser extent, average tickets, impacted by the regional and product mix, also contributed to the decline. By product category, the decline was more pronounced in leather goods, while ready-to-wear, especially women's, was up in all regions but Asia-Pacific. The introduction of the new collections, starting with early pieces from the fashion show and followed by additional developments, was ramped up in selected stores according to plan from mid-February on, then gradually expanded to a broader network from March onwards. On average, new collections represented less than 7% of sales in the quarter. Market reception was very encouraging, from the new iteration of the Jackie handbag to the Signoria line, as well as the Re-Web model in shoes. In women's ready-to-wear, emblematic designs in outerwear, nightwear, and coats sold well. Introduction of newness is instrumental to generate interest and nurture brand desirability. It will allow to fuel carryover sales in the short term and, more importantly, enrich the offer and build future growth pillars over time. The debut of Ancora was marked by a host of communication initiatives, clienteling, and in-store activation across regions. Gucci also continued to invest in campaigns on iconic products, from the Horsebit 1953 loafer to the Valigeria lines, with fresh luggage size providing impetus for a new wave of visuals. Let's take a look at the rest of the group, which had a rather resilient quarter overall, starting with Saint Laurent on slide eight. The house comparable sales were 6% lower. Retail was down less than 4% against a very solid Q1 last year. Sales were stable in Western Europe and up sharply in Japan, on booming demand from tourists. In North America, the relative withdrawal of aspirational customers continued to weigh on Saint Laurent's performance. In all these regions, trends improved sequentially. Asia, starting with Greater China, was impacted by depressed traffic and the challenging business environment. Across all markets, Saint Laurent's affirmation of its legitimacy with high-end customers continues to make progress. The house is deepening relationships with existing clients and recruiting new customers to the brand through targeted retail strategies. Shoes and leather goods proved resistant, notably thanks to the success of new collections. Wholesale was down 25%. In addition to implementing our strategy, we remain particularly selective when it comes to U.S. partners. In the coming quarters, Saint Laurent will work on enriching its offering across all price points, broadening the appeal of its men's line and further enhancing quality, particularly in leather goods. A new website, ad campaigns, and high visibility at the Cannes Film Festival should all support the house's image and positioning. Turning to slide nine, Bottega Veneta delivered a very good performance in the quarter, particularly in its stores. Retail revenue was up 9% in comparable terms. Women's handbags achieved strong double-digit growth. The house did exceptionally well in North America and the Middle East, boosted by local clients, while tourists supported growth in Western Europe, and the Asia-Pacific region was resilient. Bottega Veneta's appeal with high-spending clients, leveraging its ultra-hand positioning, was reflected in a sharp increase in average tickets. Its conversion rate was also up in the quarter. The house Winter 2024 collection, presented in late February, received wide acclaim and was ranked among the season's top shows by the leading fashion authority. During the quarter, Bottega Veneta opened its new store in the Galleria Vittorio Emanuele. Wholesale was down 25% in the quarter, as we continue to implement our selective strategy. All in all, Bottega's solid performance confirms the success of an elevation strategy we are carefully nurturing and executing over time. The house's strong momentum since the beginning of the year should be extended in the coming quarters, fueled by major initiatives to establish its presence and visibility for the long term, notably in the all-important China market. On slide 10, a summary of the performance of the other houses. In total, revenue was down 7% reported and 6% comparable, dragged down by wholesale, down 25%. Retail posted 3% comparable growth. Starting with our soft luxury houses, Balenciaga retail trends improved sequentially in Western Europe and Japan, while North America recovered, up double digits on easy comps. In Asia-Pacific, the house showed good resilience. Balenciaga enjoyed solid momentum in ready-to-wear and successfully launched Rodeo, a new handbag line in the higher-end segment. The Oscar ceremony provided the opportunity for Balenciaga to showcase its rich heritage and know-how, recreating an original gown from 1951, as you see on this picture. At Alexander McQueen, the highlight of the quarter was the new brand campaign, followed by the inaugural show of the new creative direction. Initial products will progressively hit the stores through drops, starting from July. Leveraging these changes, Kering decided to initiate an in-depth organizational review and reset at Alexander McQueen. Brioni posted very healthy growth across regions, driven by both bespoke services and leisurewear. For jewelry, it's another quarter of double-digit growth. The performance of Boucheron stands out, especially in Japan and Asia-Pacific. Growth was fueled by its iconic jewelry lines, Quatre, celebrating its 20th anniversary, as well as Serpent Bohème. Pomellato enjoyed robust momentum in retail, also driven by Japan and Asia-Pacific. Very recently, the brand launched Pom Pom Dot, a colorful reversible collection. And finally, Qeelin continued to strengthen its presence in its domestic market and in Japan with the opening of four stores. Let's conclude this review with Kering Eyewear and Corporate on slide 11. Revenue was EUR 536 million, up 24% reported and 9% comparable. Kering Eyewear's revenue stood at EUR 463 million, up 8% comparable. A strong start to the year across key brands, in both optical and sunglasses frames. Europe and Asia-Pacific were the main regions contributing to the performance. An important focus was put on Maui Jim, with investments in branding together with a global communication campaign and the launch of a new collection. Kering Beauté benefited from Creed's consolidation, which posted a performance in line with our plans, thanks to both iconic bestsellers and its most recent launches. After the success of Carmina, launched last year, Creed added a new line to its feminine fragrance offer, Queen of Silk, whose global rollout will take place in the second quarter. The teams are readying the introduction of Bottega Veneta first fragrance, scheduled in the second half. Before getting to the question-and-answer session, I would like to reiterate the determination and commitment of every one of us to overcome the current challenges and build the conditions for sustainable growth. We knew 2024 was not going to be an easy year under the best of circumstances. For reasons that have largely to do with the China market and with the strategic realignment of our houses, the first half of the year is already proving even tougher than we expected. Regardless of the environment, we have decided to continue investing in our brands. But we are even more selective, even more demanding, when it comes to assessing the return on every investment we make in products, in stores, in communications. This being said, while we are ready to take far-reaching initiatives, we will not compromise with the protection and development of our brands for the long term and their ability to rebound, even if it entails short-term pain. As a result, operating the leverage and our continuing investments, even conducted cautiously and intelligently, will definitely impact our full-year EBIT at a time where our top line is under pressure. At the year-end, we have indicated that we expected the EBIT decline to be particularly marked in the first half. As you have seen in the release, on the basis of top-line trends, we estimate that the year-on-year EBIT decline in the first half could be in a range of 40%-45%. Now, Claire and I are ready to take your questions. Ladies and gentlemen, we will now begin the question-and-answer session. If you wish to ask a question, please press star one on your telephone 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 star and two key. Please ask your question as distinctly as possible and put on mute all devices apart from the phone you are using to ask your question. The first question is from Aurélie Husson- Dumoutier of HSBC. Please go ahead. Yes. Thank you very much. Good evening, everyone. I have three questions, please, all on Gucci. The first one is, could you come back on the phasing of the new collection being displayed in stores from the 7% that you mentioned in Q1? Is a return to growth as of Q3, which is what the consensus currently expects, realistic considering this phasing? My second question, still on the growth at Gucci, what do you think of the -6% organic that the consensus expects for Gucci in full year 2024? And my last question is on margin. If my calculations are correct, you expect an operating margin of circa 24%-25% for Gucci in H1. And my question relates to H2 and whether we can keep the assumption of 30% that you initially had for full year 2024, assuming a modest phase growth. It is just to make sure that we are all on the same page when it comes to H2. Thank you very much. Thank you, Aurélie, for your question. So I'm first going to answer your question on the ramp-up of Sabato De Sarno collection. So as you know, it's a gradual ramp-up of the new collection. It has started as planned in Q1, and it will continue in Q2 with additional pieces from the Fashion Show collections and early deliveries of the main collections. That will allow to offer a wider range of assortments and also more for men's. In Q2, the new collection should move from around 20% in April to slightly more than 30% in June. So all in all, it should make an average of 25% of sales in Q2. And by Q3, Q4, offer in store will be all designed by Sabato De Sarno. For your second question, yes. So maybe I'm going to answer your second question, which is about Q3. As we said, we are expecting better trends in H2 than in H1. Regarding your third question on margin on Gucci, I will probably answer more largely on the group. And so you're asking for H2. So maybe, as you know, we are expecting better trend in H1 than in H2. We have just announced how we are expecting the EBIT to be in H1. At group level, we expect to improve the EBIT margin sequentially in H2 versus H1 in a range of 100-150 basis points. Thank you. That's very clear. Maybe on the second question and on the fact that I was asking on what do you think of the -6% organic growth that the consensus expects for the full year and whether you feel it's maybe a bit too pessimistic? Do you have any comment on that? Hello, Aurélie. It's Claire. I mean, we don't usually comment that much on consensus. I think we start from the base in Q1. To be honest, I'm sure there are going to be some questions about current trading in Q2, but I think it's already fair to say that we don't assume much better trends in Q2 so far. So to make -6% for the full year, it's pretty stretched. Okay. Thank you. Thank you very much. Thank you. Thank you very much. The next question is from Antoine Belge of BNP Paribas Exane. Please go ahead. Yes. Hello. Good evening. It's Antoine at BNP. Three questions. First of all, I'd like to come back on this notion of the ramp-up. When you mentioned that from Q3, all products will be from Sabato, can you confirm that it's 100% of the newness? And if I'm not wrong, the newness is 1/3 of the offering. And also, could you elaborate a little bit on the bags? Because I think you mentioned that the initial feedback on products was more on ready-to-wear and shoes. So yeah, how is Sabato more going to influence bags? Because if I'm not mistaken, bags like the GG Marmont or Jackie, it's more about reinterpreting them than relaunching new ones. My second question relates to the margin in H1. So I understand you'd rather comment on the group rather than Gucci. You mentioned the leverage, but should we assume quite a significant hit on the gross margin as well? I think there is a 100 bps impact from foreign currencies. And I would assume that by now, there should be also some either inventory write-downs or impact from markdowns from products going into your outlets. On the final question, as Claire nicely offered to provide some figures on current trading, I understood that maybe on Gucci, there was no big improvement. But maybe can we have comments on other brands? And also maybe a sort of outlook by nationality, which one maybe started the second quarter a bit better and the one maybe deteriorating? Thank you. Thank you, Antoine. So on your first point, yes, I confirm that when I'm talking about the ramp-up of Sabato's selection, I'm talking newness. And you're right. The newness is about 1/3 of the offer. On your second question on handbags, it's true that the first drop of Sabato De Sarno was mostly in ready-to-wear and shoes. Handbags are going to progressively go and complete the offer, even if the Jackie Notte has had a good reception and actually help also sustain the sales of the Jackie in general. Regarding handbags, we are working on some new introduction progressively that will come in the offer. It's very important that we introduce newness because it's part of the attraction that is helping traffic in the stores. It's also going to be, in the long term, what is going to help the growth of the brand by building the future pillar of growth with new introduction. In the short term, in order to leverage on the new creativity momentum, we are, of course, progressively extending the offer in newness with essential products and styles that are immediately attributable to the new aesthetic. And we will distribute them to a broader network. We are also working, in the short term, on the handbag strategy to quickly refresh the offer, leveraging on novelties to generate interest and traffic, as I was saying, in the stores. About inventory, yeah, you had a question on the level of inventory and the gross margin. Okay. I take the inventory, and then I answer to you on the gross margin. On inventory, that's an area where we've done a lot of efforts recently in managing better the planning, the open-to-buy, and the supply chain in general. And we've been very cautious also with our objective of sell-through. And we are quite happy with the level of inventory at Gucci because the number of units is lower than the one we had in December. And we don't feel that we are very cautious and very effective in the way we manage inventory, inventory being the result also of all the process in the supply chain. Regarding margins, we had commented on margins during the February call. Regarding gross margin, the comments quite remain the same. As you know, we are increasing the quality of the products. We are doing some cleaning action and inventory. And as you mentioned, the effect of hedging will be less positive than last year. So all in all, all those elements may weigh on the gross margin. And we confirm an effect on the gross margin of 50 basis points, as we mentioned already in February for the group. Then you had the last question on the current trading. On current trading, as you know, we don't usually comment on current trading. But still, the first thing is, as you know, the comps base is not easy because you have the Easter this year that is a week earlier and the Ramadan that shifts 10 days. But to give you an idea, retail at group level is roughly in line with March trends. And March was a bit below the Q1 performance but not materially. If we look at it by region, we don't see any change in trends in APAC, including mainland China, which continues to face a difficult comps base in April. Japan keeps performing very well in line with Q1. For Western Europe and North America, it's a bit difficult to comment with volatility from one week to the other. Okay. Thank you very much. Just maybe a quick follow-up. So in H1, at least for the group, actually, there is not much more negative impact at gross margin. So it's pure deleverage with no intention on your side maybe to be cutting A&P that much. Yes. Our intention is to sustain the investment that we feel are very important for our brands in A&P, for instance. At the same time, conscious of the current context, we are very careful and cautious in the way we spend and we monitor our OpEx. So I'm talking at group level. But at group level, our OpEx increase this year should be around mid-single digit. Okay. Thank you very much. Thank you very much. The next question is from Chiara Battistini of JP Morgan. Please go ahead. Ms. Battistini, your line is open. Maybe you are muted. Please go ahead. Ms. Battistini, we cannot hear you. Can you unmute your line, please? Maybe we move on to the next question, and we take Chiara afterwards. The next question is from Louise Singlehurst of Goldman Sachs. Please go ahead. Hi. Good afternoon. Thank you, Claire. Thanks for taking my questions. I'll stick to two, and I'll cheekily jump in ahead of Chiara on that one. I wonder if we could just take a step back on what's going on at Gucci. Obviously, we've got the new product coming in from Mr. De Sarno. We knew, and we always knew, it would be a slow buildup in terms of the proportion of the offer that comes through, which is new. But can you just talk about if there are any signs of improvement of traffic or interest coming back to the core Gucci lines, or is it just too early? And then my second question is related to the stores and whether you have plans for a bigger refurbishment program. Is it that the new content's coming in, but the stores still look quite similar to the consumer as we had before? I wonder if you can just tell us a little bit about what you're seeing in terms of traffic or interest in the new product. Thank you. Thank you, Louise, for your questions. On your first question, it's true that we have experienced low traffic across the board, and especially in Asia, which I think is something that happened across the luxury segment. It was much more true in Asia. Yes, we were anticipating the gradual ramp-up of Sabato De Sarno. I think what is important to mention is that the performance of carryover suffered from the weak in-store traffic, but also probably from an offer that needs to be enriched and regenerated. This is mostly true in the handbag category and, to some extent, in shoes. The carryover catalog has already been revised and cleaned to streamline the long tail of lower styles. We have further enriched but new style. Now, in the short term, we are working on accelerating some introduction to refresh the offer. At the same time, we hope also that having more newness in the store will also help traffic and sustain also the carryover at the same time. Thank you. Can I just ask, in terms of personnel changes? Obviously, there's been a huge amount of change over the past few months. In terms of the merchandising team, product development, is everyone in place now, or is there still a hiring program going forward? As you know, we are glad to welcome Stefano Cantino to Gucci's team. He's going to join Gucci in May. His focus is going to be on the communication, the product, the marketing. He will work closely with the communication, the merchandising team, and the design team. Thank you. Maybe, Louise, I'll take your question on the store network. So we don't have a new store concept for now. There is an ongoing beauty contest with some architects to find the best concept. There will not be really a new concept, which will be obviously a brand concept, allowed before end of next year or even early 2026. In the meantime, what Gucci is doing is to upgrade the existing stores. We take the opportunity of natural, I would say, refurb, which we have to do in any case every seven to eight years, to refurb. The concept you have in Monte Napoleone, in New Bond Street, you will see it more and more in some of our stores. Now, do we need to have new stores when you have new products? I would say yes and no. You remember, obviously, that when Alessandro Michele collection were hitting the shelves, most of the stores were still under the previous concept, the name Frida concept. And it didn't prevent the product from working out extremely well. So yes, it's better to have consistency. But at the same time, there is a natural, I would say, refurb program, which already will upgrade the network. Thank you for the color. The next question is from Édouard Aubin of Morgan Stanley. Please go ahead. Yeah. Good afternoon. And sorry, Chiara. I guess you're next. Just sorry to continue on Gucci. Apologies, but obviously, a key focus. Armelle, in terms of the operating leverage and the store rationalization, back of the envelope, it looks like your sales density will have gone down by about 30% between your peak of 2019 and this year. Obviously, a very negative scissor effect, which obviously is impacting your profitability, as you mentioned. The number of points of sales has increased quite a bit at the banner, at the brand, over the past five years, more than some of your kind of direct peers. Is the solution simply just to increase sales in order to increase sales density, or could you proceed to some rationalization of your store? I think you mentioned in your prepared remark that the number of stores was flattened down in Q1. That's question number one. Question two, sorry, but just to follow up on the inventory at the group level and at Gucci. Because I think that's quite important. So I get the point that you made, again, as you had made in February, that in terms of units, the number of the inventories are down while they are up in value. But in value terms, we calculate the number of inventory days as kind of doubled to 360 days over the past eight years. So it's much more than some of your peers. So there are also reports about some of your brands discounting either at wholesale or greater presence in outlets. So again, if you could just reiterate—sorry to come back on this topic—but that you're okay with your inventory level and that you're not budgeting more gross margin pressure today than you anticipated at the beginning of the year. And then just lastly, sorry, just to come back on Gucci's margin, a few months or quarters ago, you had hinted or management had hinted that Mr. Palus had identified a number of potential operational improvements to implement at Gucci. Are these implements real, or is the fact that operating leverage is just so severe that they cannot really offset any of the improvements you intend to make at Gucci? Thank you. Thank you, Édouard. On your first question on the number of stores, I mean, we are not increasing the number of stores at the moment. But at the same time, we think it's very important that we have a good network and that this network is there for the future and for the long term. So we are not expanding, but we are not going to close that many stores. Of course, the store network is always reconsidered. We are doing refurbishment, relocations, making sure we are exactly in the good location at any moment. But it's not a question of expanding or decreasing the space for Gucci. Of course, the sales density is really a KPI that we are looking at. And we know that it's a very important one for us. But it's not by closing store. As we said, in the medium term, we will close some outlets or some stores if we consider that they are not sufficiently exclusive or not in a place that is sufficiently exclusive. But this is part of our strategy to make sure that we have the best distribution and that we are raising the exclusivity of our distribution. Your second question was on inventory. Yeah. On inventories, yes, it depends on how you look at it. You're referring to 2019. It's true that the level of inventory over that period increased quite a lot. This is why this is really a topic of focus in the company at the moment. As I was mentioning before, the first focus is really to make sure that we re-engineer the way we plan, produce, transport, and sell through in order that, at the end of the day, we have less leftovers. That's the work that is going on, and that is already showing some very good sign of improvement. Now, for the stock that we have at the moment, as we said already in the past, of course, we are going to be gradual. Our strategy is to reduce, in a very important way, the number of outlets going forward. At the same time, we are conscious of the situation at the moment. It will be a gradual work in order to manage that issue the best way possible. This last question was on operating leverage at Gucci. Yes, as you mentioned, in a challenging environment for the top line in Q1, and we don't expect a very much different trend in Q2, there is an effect, strong operational leverage, but for that, we are doing two things. First, I think it's important we are looking at our cost base in order to reduce any inefficiency that we have in the cost structure. At the same time, we don't want to compromise on some investment and spending that we think are very important for the reborn of Gucci. It means that, yes, there will be some effort on OpEx, but not to a point that it's going to offset the operational deleverage completely. You know that. Okay. Thank you. The next question is from Chiara Battistini of JP Morgan. Please go ahead. Miss Battistini, your line is open. Maybe your line is muted from your side. Well, we have to take Chiara when it works. I'm sorry. Can you move on to the next question? The next question is from Thomas Chauvet of Citi. Please go ahead. Good evening, Armelle and Claire. I have three questions, please. The first one on Gucci and the collection, could you comment perhaps on any initial feedback or the book you've had so far on Fall/Winter 2024 presented last February from your key wholesale partners? How do you think this collection, which was a bit different from Ancora, also would lead to improvements in brand heat and drive the store traffic you need? Secondly, coming back to the group EBIT guidance, I'm looking at your press release. I just want to confirm and just incorrectly. So down 40%-45% in the first half. And if I'm not mistaken, you're saying that it will be down about 15%, 1.5, in the full year in line with last year's decline. So that would imply, if we're just thinking absolute values rather than margins, about EUR 1.6 billion in the first half and EUR 2.4 billion in the second half. And so I'm trying to understand that H2 outlook. That would be EUR 2.4 billion, nearly up 20% year-on-year. It's quite above consensus expectation for the second half. I assume this kind of. Thomas, Thomas, Thomas, I stopped you. I think, yes, no, it's not what we I will come back on that point, okay? Okay. So maybe I misunderstood. You can elaborate on that full year guidance, then I probably misread the release. And finally, perhaps just on capital allocation, over the past years, you've invested a lot in various things, acquisitions with Creed & Beauty, the 30% stake in Valentino, some key real estate acquisitions in New York, Paris, Milan. Is it fair to consider you might want to mark a pause now to preserve the balance sheet, particularly in a year of cash flow pressure like this year? The press was commenting on Kering being one of the most suited candidates for Marcolin in eyewear. I mean, is it an asset that you have interest in? Thank you. Hello, Thomas. Yes, I'll take the first question. So first, on order book and wholesale, it's clear we have not delivered the collection to wholesale partners. So it's exclusive to our stores. It has been a gradual ramp-up in terms of number of products, in terms of number of stores. So I mean, that's strong reception from the client. We had some product from Ancora. And I remember it's a fashion show, so it's mostly quite high-end, sophisticated pieces in ready-to-wear, in shoes. And gradually, in Q2, you will have more of what's called the main collection coming, so broader assortment, more stores. And that's explaining the ramp-up. So I think Q2 is going to be a better, I would say, quarter to have more feedback about the reception of the new collection. And maybe now. Is it too early for winter? Yeah? Is it too early to talk about for winter? Sorry. It's too early for now. And in the case, once again, the collection will not be delivered to wholesale partners. It's going to remain exclusive mostly to our stores. So I cannot comment on order book or etc. Retail will be the one that will give the trend. And for that, we have to have a gradual ramp-up of the collection in stores to provide with more feedback. And the fact you're not delivering to retail, is it why the for Gucci is down 7%? First, because this collection was once again, the first part of the collection was very high-end and more sophisticated product. So that's not what we can deliver to wholesale. And then gradually, obviously, when we have broader, more commercial pieces, etc., we will work. But we will be extremely selective with the wholesale partners. And once again, it's going to be the wholesale now is pretty limited in any case. So it's going to be really the retail that will be the good KPI to judge. Okay. Understood. Thanks. Thomas, let me answer on the margin and the EBIT for the full year. I'm trying to I'm going to try to be clear. So first thing, maybe what we see is that we are not seeing any inflation in trends for Q2. So if we want to remain cautious, we anticipate that Q2 should not improve substantially compared to Q1. That's the first thing. And then, as we already said, we are more confident for H2, both thanks to easier comms but also brand-specific momentum and ramp-up of collections. So we expect H2 to be on the top line, more positive than H1. What we said is that the effect we had on the EBIT in H1 in terms of gross margin, which is 50 basis points, should stay the same in the second half. For the fiscal year, there are still a lot of uncertainties. So it's not easy to forecast precisely what's going to happen for the full year, especially in H2. We are quite early in the year. There are a lot of initiatives that are ongoing, both on revenue and cost optimization. However, we are working to improve EBIT margin sequentially in H2 versus H1 in a range from 100-150 basis points. Regarding OpEx, OpEx should increase around mid-single digit. Okay. Maybe if I just come back to the press release to make sure I understood, and I talk in absolute values, in the release, it says, "In 2024, the impact of Kering investment strategy will weigh on group recurring operating income, which should post a decline compared to the level reported in 2023." So that suggests you're sort of guiding for EBIT recurring, so ex-Creed again, minus ex-Creed again. Thomas, that was the full year guidance, okay, that we mentioned already in the full year that we didn't change. The only thing that changed is that we included a comment on H1 by giving this range of year-over-year EBIT decline for H1. I get that. But because H1 is now below expectations, that implies a big rebound in H1. That implies a big rebound in H1. No, I don't see how you mentioned how do you get a big rebound in H2? Where do you read a big rebound in H2 in the outlook? Okay. We can take that offline. We can take that offline. I understood -42% for asset and -42%. We cannot hear you well, Thomas. Can you repeat? Sorry. If I understand the release correctly, it's guiding now for EUR 1.6 billion per half, which is down 40%-45%. And in line with last year's decline. In line with last year's decline. Full year, which is -15% last year. Last year's decline. -15% this year. So that implies a bump. That implies a bump. Half. Half. I still don't get where you take your -15% from. Sorry. Just from the press release. But as I said. From the press release? Yeah. I'm page three. No, the press release. The press release. And I'm happy to follow up afterwards. But the press release, but it's important everyone has the same level of information. Press release just mentioned year-over-year EBIT decline, okay, and H1 -40% to -45%. Okay. Okay. Do we read the same outlook? Yeah? Read that the decline was the same as last year. Okay. Yeah. Is it clearer? Yeah. Yeah. It is clearer. It is clearer. Good. Thank you. Thank you. And just maybe on capital allocation and Marcolin? On capital allocation, Thomas, our focus short-term is organic growth, resuming top-line momentum at Gucci, and successfully develop our adjacent businesses, notably thanks to the integration of the recent acquisition that are Creed, Maui Jim, and LINDBERG. Now, our balance sheet is quite healthy and would allow for incremental M&A. Regarding Marcolin, we never comment on future M&A, so I will not comment that point. Thank you. The next question is from Oliver Chen of TD Cowen. Please go ahead. Hi, Armelle and Claire. The U.S. comments were helpful. You mentioned diverging trends and the higher-end segments doing better, as well as a fair bit of volatility. Would love your thoughts on the U.S.. Was it worse or better than you expected? It sounds pretty bumpy. The aspirational customer has been under pressure. Then as we think about Gucci, a short question is, why was Asia-Pac so much worse than other regions? Maybe this is not a short question. Then as you think about newness and innovation, it sounds like you have opportunity for new product families. So what's on the horizon, or what would you focus on in terms of what you were speaking to with interjecting newness and rethinking or thinking about the handbag and accessory collection? That would be helpful because you seemed to allude to it a few times. Thank you. Thank you, Oliver. On the U.S., yes, we've seen diverging trends by brands with sequential improvement at Saint Laurent, Bottega Veneta, and Balenciaga, while Gucci did not improve. And Balenciaga, of course, helped by easier comps, but coming back to growth, which is good news. We saw some very strong growth at Bottega Veneta. It's +25% in the quarter. And Saint Laurent being more resilient in Q1 than in Q4. It's true that the performance seems to be still dragged down by aspirational customers, with high-end consumers continuing to hold better. Also to be noted that we are starting to see better trends with younger customers in Q1. Regarding your second question on Asia-Pacific, I think that, as I said, there's been a huge drop in traffic in Asia-Pacific across all our brands, with some response that are a bit different from one brand to the next. It depends also on the journey of our brands. As you know, Balenciaga is having some very encouraging results in Asia this quarter, but also the preceding quarter. Bottega Veneta making good progress, but we think still some potential to progress. And Gucci suffering the most and Saint Laurent suffering also. It's a question also in China, probably, as I said, of the macroeconomic environment making attractive to customer, either the higher-end, where it's like even they consider it as an investment, or probably some pressure on the consumer that is looking for some more affordable products. So that's how we read the Chinese market at the moment. Okay. And on newness platforms, what should we think about for the newness factor and what you're trying to do? Hello, Oliver. It's Claire. I'm sorry we didn't completely get your question on newness. Can you repeat, maybe? The line is not so good. Yeah. Just what's happening with new platforms and introducing new collections. What's happening with new platforms? That seems like an opportunity. Yeah. I mean, well, you have the normal phasing of the shows and the collections. So the show that was presented by Sabato and his team in January and February will make the bulk of the offer gradually by the end of Q2 and then Q3, Q4. You will have the cruise show presentation that will be in May that will be in London. So usually, the cruise collection is introduced in stores, I would say, around November. What we are going to do probably is that in the handbags category, we're going to anticipate some of the launches a bit earlier. So you will have probably much more launches than in, I would say, normal or normative year that will happen in Q3 and maybe as early as, I would say, July. So clearly, there is a speed-up in the process of rejuvenation of the carryover base by the introduction of, I would say, quite a number of new lines that should occur quite ahead of a normal season. So you will probably follow that, I would say, early Q3. Okay. Last, Claire, on the price points, on the new lines, is there a characterization of what price tier they'll be in, or will it be at high and middle or entry? Yeah. I think we are working at Gucci in another direction. I mean, we need to have a balanced offer. So it means that we need to be and Gucci needs to be relevant and is working to be relevant in all the different price segments. So some will be in the more higher-end, more elevated part of the offer. But we also need to balance value and, I would say, some component of volume. So you will have also probably at least, I would say, two lines that will be positioned in the more what we call mid-range segment to really have good traction in all the different price points. Okay. Last one, you expect traffic to still be negative in the back half. Is that a fair expectation just given the tough traffic trends at Gucci? To be still negative when? Sorry? In the second half, the traffic trends to continue to be negative throughout the year. Negative throughout the year. I don't have crystal balls, to be honest, on this one. So far, we don't really see traffic picking up. I mean, traffic has been really under pressure in Q1 across almost all regions, I would say, except Japan. So we'll see. I mean, we hope newness in stores will drive more traffic, obviously. Now, it's not only about newness. It's also about the overall environment. Yes, let's hope that gradually, we'll see less pressure and even recovery in traffic. But once again, it's difficult to make any forecast on this one. Thank you very much. Thank you. Thank you, Oliver. The next question is from David Da Maia of CIC. Please go ahead. Hi. Good evening. Two questions for me, please. The first one on Gucci brand innovation strategy. So I think that Gucci clearly has the legitimacy to implement a brand innovation strategy because it's a very powerful brand. In this context, I was wondering how long are you getting prepared to, I would say, temporarily lose a significant share of your business you have built during the Michele era in order to regain, I would say, a more exclusive positioning and to finally attract a more high-end customer base? So in other words, would you be ready to temporarily reduce the size of Gucci in order to regain a more exclusive positioning and maybe increase the chances of success of the brand innovation strategy? So that's the first question. And the second one, maybe on Balenciaga, the brand clearly seems to regain some momentum. Would you say that the ongoing creative refocusing and the recent stronger marketing push are now paying off, starting to bear some fruits in the Western markets, especially? In this context, do you think Balenciaga should be able to preserve its margin despite the negative impact from the ongoing wholesale rationalization? Thank you. Thank you, David. On your first question, yes, Gucci is executing its strategy. As you know, we are working on raising the desirability and the exclusivity of the brand. It goes with the aesthetics, but not only the product offer, the exclusivity of the distribution, the retail excellence in stores, the communication. What is important for us is Gucci is a very strong brand. It's really to make sure that we are developing sales with quality in line with the strategy of desirability and exclusivity. So that's what we are aiming at. And we know it's going probably it will take probably a few quarters. But it's important for us that we stay focused on developing growth with quality sales. Regarding your so this also goes with the fact that we are balancing the effort between the different segments of clientele, making sure that we are attractive to the more aspirational customer, fashion-driven customer, but also that we are very attractive to the high-end customer. We are making some progress with the high-end customer. That is very encouraging. Your second question regards Balenciaga. I think you talked about communication. Is it paying off? At Balenciaga, the trend is quite encouraging because the retail trends improve sequentially. Retail growth was contrasted by region. Japan showed a consistent double-digit growth. North America is back to positive territory. Asia-Pacific is very resilient if you look at the average of the market. Western Europe is improving, even if still in negative territory. I think it's important to mention also that Balenciaga is consistently seeing some progress on the VIC segment. It's one of our brands that has the highest share of VIC. It's also important to mention that this quarter, Balenciaga launched a bag that is the Rodeo. The Rodeo is a great success. It actually has been sold out in every region. It's a bag that is having a very good reception. And it's a very important success for the brand where we wanted to progress on the handbag category. And then, I would say, in terms of communication, it's not only a question of spending. I think that, yes, we are back to communication at Balenciaga this year. And there's been a couple of events. I mentioned in my introductory remarks about the Oscar. But the communication of Balenciaga and the success of Balenciaga in communication were really good this quarter. In terms of margin for Balenciaga, the fact that we invest in the brand, especially in communication, is going to create short-term some operational deleveraging. But we really think that's a good decision for the brand in the future. Thank you. The next question is from Piral Dadhania of RBC. Please go ahead. Okay. Thank you. Good evening. I have three as well, please. The first one is on Gucci APAC. Just coming back to the outsized weakness in that region in Q1 and expectations for Q2 as well, if we could just drill down and perhaps try and get your perspectives on whether you believe this is a product, a brand, or a timing issue. Product because there is a lack of newness, a brand issue which would be more structural, or a timing issue because the customers are a bit more fashion-forward and waiting for the new Sabato product. On the back of that, what is the feedback that you're receiving from your VIC customers in the Asia and specifically China region as well as the sales associates? What are you hearing on the ground in terms of the weakness in that business? And I guess still associated with that, the plan that Laurent Cathala has put together for the China business at Gucci, is that still in play, or does it require a change in strategy? My second question just relates to the ramp-up of new Sabato product over the next, I guess, one to two years. Thank you for providing the ramp-up cadence for this year. At what point, though, does the Gucci product reach critical mass in being in the new design concept? We're at 30%-40% by the end of the year. Over what time frame do we get to 80%-90%? Are we talking the middle of next year, the end of next year, or any other time frame? Thank you. And then finally, just sorry to come back to the margin guidance for the second half. Could I just clarify whether your +100-150 basis points is a second half versus first half delta or a second half 2024 versus second half 2023 delta year on year or half on half? Thank you. Thank you, Pieral. Probably, I will start with your last question just for clarification. The 100-150 basis points is a sequential improvement H2 versus H1. Now, going back to your first question on Gucci in APAC and in China. Yes, China is the worst area of difficulty for Gucci at the moment. And probably, all the weaknesses of the brand are exacerbated in China. And it's true in terms of perception of the brand and also in terms of the necessity that I was mentioning in raising the exclusivity of the distribution. So in terms of product, we talked about the ramp-up of the new collection, the fact that we are going to rejuvenate part of the carryover line. So we are working on it. And this is going to come in the next quarters. Regarding the brand perception, as I said, there is a market moment. And maybe that's your first point, but we are working on it. This is the plan that we already mentioned while we are working on the retail experience in store. That is very important. It's very important that we offer the best experience when customers are coming in stores. We are working on the quality of the products. We are working in the communication. I think you've seen that the tone of communication has changed over the last months. And of course, the aesthetic of Sabato is also bringing some exclusivity to the brand. In terms of the plan, we consider that we have the right setup. The team and the management team in China has welcomed some new additions. There's been a lot of training of the Chinese sales assistants. After COVID and a lot of digital training, we are resuming physical training in store. And we think it's extremely important. And of course, all those actions, mentioning the one on communication also, partnering with some local brand ambassador, we think it's very important to have a local tone to the communication in China. Now, those actions, it will take time. It will take some time to bear fruits. And we know it requires some patience. Additionally, your last point on timing and the context, the context right now is not supportive because it is more polarized. Gucci, at the moment, is not in the sweet spot in terms of positioning, being perceived not enough high-end or not enough affordable. But this context can change. And things can change rapidly. Thank you. And my middle question was just around the ramp-up of Sabato product and when it reaches critical mass, in your opinion. Yeah. Hello, Piral. It's Claire. Yeah. I mean, full newness, we mentioned already. So you have the data for that. And newness, some of them are introduced to animate, I would say, existing lines like it's in-season novelties and will not become carryovers. And some are clearly introduced to become future carryover. So at some point, you will have novelties launched under Sabato's creative helm that will become carryover and help enrich and then rejuvenate the carryover base. Now, to be very clear, there are some lines that are iconic from Gucci that we will not obviously move from the assortment. We will continue to invest a lot on them in terms of communication. You have the Bamboo. You have the Jackie. You have the Horsebit. So on those ones, we need to remain consistent. We have started to build, I would say, a stronger image for those lines. And those will remain. I think that's the only additional granularity I can provide on carryover. Very much. Thank you. The next question is from Carole Madjo of Barclays. Please go ahead. Hi. Good evening. Just two questions for me, please. The first one to come back on the outlet, as you mentioned, have you already closed some outlets in Q1? And if so, in which regions? And just on that as well, can you come back on the economics of the outlet business? I expect them to be a bit more profitable than a regular store. Is it the case? And if so, should we expect then a bit more headwind on the margin going forward if you do cut them in the future months and year? That's the first question. And the second one, a quick one, actually, on Valentino. So the brand has appointed Mr. Michele as the new designer. And of course, he left Gucci a few years ago. Can you maybe help us understand a bit more the rationale behind his appointment at the brand? Thank you. Hello, Carol. It's Claire. I'll take those two ones. On Alessandro Michele, rationale, no. I mean, we are minority shareholders. So we will not go further into the explanation. We are very happy with this appointment, obviously. But it's not our role as minority shareholders to elaborate on the rationale. About outlets, not yet in Q1. We mentioned that we needed outlet to manage also this inventory transition. So we can now not say that and then, at the same time, close outlet as soon as Q1. But we mentioned we will close outlet before the end of the year. And it will be done across some different brands, starting, obviously, by Gucci. It will be done, however, by the end of. I mean, in H2, might be Q4, end of Q3. I don't know exactly yet. So that's what I can mention. In terms of location, they will be mostly located, if not only located, in APAC/Japan. Economies of outlet, I'm not sure it's the good call to do it. I'm happy to elaborate afterwards. I mean, it's productive stores. Let's say it this way because even though you don't sell at the same level of price, you can have quite a decent, if not good, sales density. And obviously, you don't have completely the same, I would say, retail experience, meaning it's not also the same level of rents. So yes, it can be a profitable business. Closing outlets can be short-term, rather dilutive on profitability. But I mean, that's no compromise on the strategy. We want to elevate the brand perception across the board. That's part of the strategy. I know there are still quite a lot of questions in the queue. We already have one hour and 15 minutes of call. So maybe we can take maybe one or two additional. Then we'll be happy to follow up afterwards. The next question is from Charles-Louis Scotti of Kepler Cheuvreux. Please go ahead. Yes. Good evening. I will stick to two questions. One of your competitors sounded a bit more enthusiastic, or shall I say, less pessimistic, on the outlook of Asian International Shoppers. Have you seen any signs that they could improve at some point during the rest of the year? Or is the business still fueled primarily by top spenders? And my second question relates to your real estate strategy. Historically, you sold majority stakes and leased back the building you purchased, which seems to be no longer the case right now. Do you plan to keep the buildings you purchased on your balance sheet? And if yes, should we assume a significant increase in the cash net financial expenses this year? Thank you. Okay. I'll start with the first one, shall we? More enthusiastic. I mean, the only sign we are seeing in a few regions is that we start to see a slightly improving trend with younger customers compared to the recent quarters. So younger aspirational, is it exactly the same definition? Not always. But there is a bit of improvement there. Then at some point, yes, we will be more enthusiastic when we have more signs. If macro starts to improve, if inflation starts to moderate, if interest cuts start to come, there will be, obviously, more reason to be optimistic. And that's clearly things that we can hope for in H2. I'll pass to Armelle for real estate. Thank you, Claire. On real estate, yes, you're right. You may remember that we invested a few years ago in a property in Tokyo, in Omotesando, based on such a scheme. We are currently working to proactively set up real estate vehicles with financial co-investors to reduce the weight of real estate assets on our balance sheet. Now, for the moment, and we bought New York in the first quarter, and the closing of Monte Napoleone will happen in H2. It will be financed by our internal cash. Thank you very much. Very good. Okay. Thank you. I think we're going to take the last question, if you don't mind. The last question comes from Rogerio Fujimori of Stifel. Please go ahead. Hi. Thanks for squeezing me, Claire. I have a follow-up on Western Europe. I was hoping you could elaborate on Q1 trends in Western Europe. I think you said it was down 9% for the group. But talk about the sequential trends from local customers versus the growth you enjoyed from tourists. I've noticed that you had a huge divergence between +14% for BV to -15% for Gucci. So any additional color would be great. And then just to follow up on Gucci in Asia, have you seen any meaningful changes in Q1 versus Q4 in the other key markets in the region like Korea, Hong Kong, Macau, Taiwan, etc.? Thank you. Thank you for your question. Regarding Western Europe, the trend in Western Europe in Q1 was roughly in line with Q4. Except Gucci, all the brands improved quarter on quarter. Saint Laurent flat, BV at +14%, and Balenciaga still negative but improving. Tourist spending continued to normalize in Q1 as in Q4 2023. We saw some normalization with Americans across the brands except at BV, better trends with Middle Easterners, with strong growth at BV and Saint Laurent offset by more muted trends at Gucci, a strong double-digit growth of Chinese tourists for all brands except Gucci. And as a whole, the weight of tourists in Western Europe, that was slightly below 50% in Q1. So of course, sales to tourists at group level are now back to pre-pandemic level. Local demand was still soft in Q1 but improved sequentially for all brands except Gucci. In terms of countries, maybe to mention that Italy displayed the best performance in Q1 as it was already the case in Q4. Yes. And hello, Rogerio. Maybe on the rest of Asia, I think the main comment will relate to Korea, which is obviously the big part of the rest of Asia, which, yes, did improve sequentially, which is rather good news. The trends in Korea overall remained negative but much less than before. We are aware it's easier compared to because we start to anniversary as the first heavy quarter, I would say, of decline in Korea. But yes, it starts to improve. Thank you very much. Thank you. Sorry. Sorry. Go ahead. There are no more questions. Thank you all for being on our call and for your questions. Our next reporting appointment will be on July 24th after the market close for our first half results. In the meantime, we will, of course, pursue our dialogue. And as always, Claire and the Kering IR team will be available to answer the question you still have. We wish you a nice evening. Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your telephones. Thank you.