Okay, good morning, everyone. I can see you guys like the back benches. I used to like the back benches as well. Good morning, everyone. Thank you for being here today, for those of you who are here. Sorry. Is this working? I hope it is. Also, thank you for those who are online. We are very excited to share with you our, our fiscal year 2023, year-end results, and, to give you guidance for the, for the midterm as well. Also, we are very excited to share with you a little bit of the, the pillars of our strategy to take ASOS back to the path of, of growth. This is not a full strategic update. We will give you a light strategic update, don't you worry, so you will not be here for hours. It's gonna be short, but we thought is, is the right moment to give you more, more color on, on where we are in our future plans. So as I told you today, pretty much we're gonna cover three blocks. The first one is gonna be our year-end results that Sean Glithero, our CFO, will do. The second one, we're gonna share with you our guidance for fiscal year 2024 and the medium term. Last but not least, very important for us, we want to go more into the details of our plans for this fiscal year and the future to put ASOS back in the path of growth, as I said before, and to make it the most exciting destination for fashion-loving twenty-somethings. But before handing over to Sean, I just wanted to make a little bit of a summary of fiscal year 2023, if you want, from a personal perspective. October 2022, we were here, I think, physically in the same place, and we shared with you a pretty clear diagnosis of where the business was. We told you that we have five relevant challenges. We were struggling to generate profit and cash. We were piling up stock, and that was generating tensions in our balance sheet. We were losing track in the connection with our consumers. And last but not least, we had an issue in terms of our team that was in a moment of reconstruction. During the course of fiscal year 2023, we have tackled that situation, and we have started to set the foundations of a new ASOS, of a new way of doing... of a deeper change, if you want. The ambition today is to give you a little bit of more color about that. But let me start with fiscal year 2023. The changes we brought in fiscal year 2023 can be, if you want, grouped around four big topics. The first one is we renewed our commercial model, where we have been tackling the old stock, bringing a more disciplined and flexible approach into intake, and last but not least, adding our faster approach to market in general. And if you want, as an example that we always use, but it's just the forefront of what we're doing, is our Test and React lines as the fastest approach we have right now to the market. The second thing we did during the course of the year is to work on strong order economics and a lighter cost profile. As we announced at the beginning of the year, we wanted to have a we would put in place a program, and we go back to basics with the ambition to have an impact of GBP 300 million of profit during the course of the year, and we have delivered that. On top of it, we have increased our profit per order more than 30%, which is quite remarkable. The third big topic is our robust and flexible balance sheet. As you know, in May 2023, we secure a new financing, which a very light set of covenants and flexible set of covenants that have given us the platform to execute the changes that we have been executing so far. During the course of the second half of the year, we went back to cash generation. Last but not least, we have refreshed our culture and our leadership. Today, I'm very happy to have with me here, a big part of that team, and actually today you're gonna hear some of these people: Michelle Wilson, which is our Senior Director of Strategy and Corporate Development; Vanessa Spence, which is our Senior Creative Director; Elena Martínez, which is our Senior Product Director; and Dan Elton, which is our Senior Customer Director. There are more members of the team. You will get to know them in a different occasion. It was not to bring them all here today, but I thought it was also very good that you get to know this new team, and I'm pretty sure it's the right team to the journey we have just started. Obviously, these changes had an impact in our performance during the course of the year, and I think it was quite clear that it was a year of two halves. The first half, where we were having all the headwinds of the inflation, plus the momentum that we were bringing from the previous year in terms of excess stock and also the level of the cost level we were having. And the second half of the year, where we managed to, through the measures we put in place, we managed to tackle that situation and then to go back to generating cash, generating profit, and reducing stock. And as I said, on top of that, we started to set the foundations for a deeper change in the company. Today, we want to share with you details, a lot of details, some details about this deeper change. And as we have announced this morning, our conviction, that is the moment to accelerate in this transition. We have seen the first reactions, not the first, the reactions of the changes we did during the second half of fiscal year 2023, and we are very clear that is the moment to accelerate that transition, to take ASOS back to this path of growth in the midterm, and to make it again the most exciting destination for fashion and twenty-somethings. And with that, I'm gonna hand over to Sean, who's gonna start giving you some details about fiscal year 2023. And unfortunately for you, you will have to listen to me a little bit later. Thanks, José, and thanks, everyone, for joining us today. As you already know from the trading update we gave a month ago, the apparel market in the fourth quarter was challenging, and this resulted in sales for the full year back 11% at constant currency. So very much in line with our guidance for low double-digit decline in the second half. At the same time, we saw adjusted gross margin improve by 60 basis points for the full year, benefiting from renegotiated freight rates. However, we also shifted investment from performance marketing into more markdown over the summer months, given the market backdrop. This was consistent with the discounted approach under the new commercial model, which involves clearing more stock in season, reducing the level of aged stock we hold as we move forward. When it comes to the adjusted EBITDA and EBIT margin, this is really where the year was a tale of two halves, with a loss in the first half of the year, when headwinds from inflation and increased return rates were at their strongest. However, in the second half, we saw EBIT more than double versus the same period last year, as the benefits of profitability measures we started in January took effect. Adjusted PBT also includes the impact of the refinancing we announced back in May. CapEx came in line with guidance at GBP 178 million, and we closed the year with net debt of GBP 319.5 million, after a free cash outflow of GBP 213 million. This was financed by a combination of the drawdown under our new financing facility and the equity placing announced back in May. The profit actions we've taken, including remedial action to improve profitability among loss-making, loss-making customer segments, are reflected in our KPIs. Average basket value, up 5%, was supported by pricing increases, whilst active customers were back 9%, reflecting our focus on profitability over growth, including the action taken to tackle unprofitable customer behaviors. Consistent with this approach, order profitability improved substantially, up over 30% year-on-year, while order frequency, visit, and conversion all declined as customers made more considered purchases in what was a tougher macro environment. Briefly looking at our segmental performance, you can see similar themes across the board, with variation in performance stemming from both varying market conditions and the extent of the profitability actions we took in the different regions. The UK market was particularly challenging, while Europe was more buoyant. Top line in the U.S. and Rest of World segments was more affected by the specific actions we took to improve profitability. As you can see, profit per order improved in all segments as a result. On gross margin, you can see we had a substantial benefit from freight in the second half of the year, including renegotiated terms on our long-term contract with Maersk. Partially offsetting that was trade, which was a drag on gross margin due to increased discounting through the summer, as we prioritized reducing stock levels by the year end. We also started to see improvements in our intake margin, particularly on own brand product, as we made changes to our sourcing model. Turning now to OpEx. Due to deleverage on our fixed cost base as volumes fell, our operating costs increased by 250 basis points as a percentage of sales for the year as a whole, more than offsetting the improvements we saw at the gross margin level. However, where more of our costs are variable, you can see full year improvements, for instance, on distribution and marketing costs. As previously outlined, the inflation and returns headwinds we face as a business disproportionately impacted the first half of the year, while the benefits from our cost-saving initiatives came through in the second half. This is particularly evident looking at warehouse costs in the charts on the right. The main drivers being that we closed ancillary storage and improved our efficiency by using our more manual Lichfield facility less. We moved unique SKUs to our Barnsley fulfillment center and stopped shipping UK split orders. Other costs were GBP 36 million lower in H2 compared to H1, as we managed headcount and overhead spend tightly. The impact of falling volumes on our EBIT margin can perhaps be seen on this slide, where you can see that the Driving Change agenda and freight benefits more than offset the inflation, annualization, and returns headwinds. As on the previous slide, headwinds were two-thirds weighted towards the first half, while self-help benefits were two-thirds second half, driving the shape of our EBIT during the year. On this slide, just as a reminder of what our adjustment items in the period were, the key items are the exceptional stock write-off, announced alongside our FY 2022 results, property impairments relating to our head office and logistics infrastructure, and then our usual amortization of the Topshop brands. The majority of these were booked in H1, with the cash flow impact limited to GBP 54 million, of which GBP 31 million related to refinancing fees. When bridging from Adjusted EBITDA to our adjusted free cash outflow of GBP 213 million for the period, the largest drivers are 1, CapEx, which came in line with our guidance, secondly, an inflow from reducing inventory during the period, which totaled GBP 180 million, excluding the impact of the GBP 130 million non-cash write-off. And thirdly, offset by an outflow caused by a decrease in trade and other payables, which probably requires a bit more explanation. The chart on the right-hand side of the slide compares our trade and other payables closing balance, which has reduced by GBP 330 million year-on-year. Average payable days have declined by 11% between our P4 of FY 2022 and our P4 of FY 2023, which drives part of this cash movement. But the largest drive of this change was volume, as intake has been cut substantially and operating costs in the period also declined due to the cost-saving measures we have taken. And finally, it's worth noting that the free cash outflow was GBP 127 million better year-on-year, and all that improvement came in the second half. To explain our movement in net debt for the year, from GBP 153 million at FY 2022 to GBP 320 million at FY 2023, the free cash outflow, broken down on the previous slide, was funded by a drawdown on the new GBP 200 million term loan and a portion of the proceeds from the equity raise in May this year. With the undrawn GBP 75 million new RCF, we finished the year with a healthy liquidity position of GBP 428 million. Onto our expectations for FY 2024 and beyond. José and the team will talk in detail about our midterm priorities and how we plan to get there shortly. But as a result of these changes we made last year and those that we've got planned in the coming months, we expect to return to revenue growth in FY 2025, and for that to be double-digit. Accordingly, we will see EBITDA margin around pre-COVID levels of circa 6%, and thereafter, growth will continue to be profitable, with gross margin improving steadily back towards 50%, driving expansion in our EBITDA margin. Our model will also be cash generative, delivering EBITDA sustainably ahead of CapEx, interest, tax, and leases. The medium-term inventory holding of around 100 days will be complemented with CapEx in the range of 3%-4% of sales. For FY 2024, this means we will accelerate our transition to all our stock being under the new operating model to get to our midterm run rate as quickly as possible. We've seen really positive signs in how our stock brought in in recent months under our new operating model has performed, and this has increased confidence in our direction of travel. However, at the moment, it's not a large enough proportion of the mix to meaningfully impact our group level results. The GBP 300 million of Driving Change agenda benefits delivered in FY 2023 will annualize to around GBP 385 million in FY 2024. This will broadly offset the impact of volume deleverage and fixed cost inflation, with sales expected to decline between 5% and 15%. On top of this, we are making two incremental investments to put us on the path to sustainable, long-term growth and cash flow generation. Firstly, we will increase our use of markdown to clear through the oldest stock in a way that balances speed with the potential to generate cash. That will mean sacrificing short-term growth margin to reach 90% of our stock, having been brought in under the new model by the end of the year. Secondly, we will invest an additional GBP 30 million into the ASOS brand, initially in the UK, to make ASOS famous for fashion again and support the brilliant work we're doing on product. This will increase our operating ratio by circa 1%. As a result of these investments, we expect FY 2024 to be EBIT, EBITDA positive, to generate cash and reduce our net debt with stock of around GBP 600 million that is significantly higher quality by the end of the year. We expect the first half of the year to reflect similar top-line trends to P4 FY 2023, as the market continues to be challenging, and the drag on sales from profitability actions introduced from January onwards still persists. We then expect to return to top-line growth in the final quarter of the year. On the basis of our current capacity requirements and lower stock holding in the longer term under our new operating model, we've also taken the decision to cease operations at our Lichfield fulfillment center, which we will cease following completion of the automation program scheduled for the end of FY 2024. That means the remaining GBP 45 million of automation spend will be treated as an adjusting cost item in FY 2024, and CapEx, excluding that in FY 2024, will be around GBP 130 million. ASOS has ended FY 2023 as smaller, but inherently more profitable and resilient business. I'm now going to hand back to José to explain how we're going to capitalize on our best assets and return the business to sustainable, cash-generative growth in FY 2025 and beyond. Thank you, Sean. Thank you so much. So as you have seen, fiscal year 2023 has been a challenging year, but we're also quite happy with what we have achieved during the course of the year. We have managed to increase our profitability, to reduce our costs, to manage our stock, to go back to profit and cash generative. And we have also, on top of it, as I said before, set up the foundations to a new model, to a big change in the model. And that is what we want to share with you today. We want to share. Oops, sorry! Forgot to click. That's what we want to share with you today. We want to share with you how is this, how is this evolution. The thing that as Sean has mentioned is that we feel comfortable that right now is the moment to accelerate in this transition, and that's why we are coming with this investment in cleansing this old stock. And we will explain now why and how and also on doubling down on our marketing capabilities. But let me, if you want, go back to this idea of the transformation. We want to go back to the core of what ASOS was. And if you want, that's probably the best way to explain why is it that we're doing what we want to do. Why is it that we're trying to accelerate? So we think ASOS is different. Obviously, you will hear that from everyone, and we're not different in that sense. We think ASOS is different. We think our model has some capabilities that are unique, and what we want to do with this project is to double down on these capabilities. The first capability is we have the capacity to bring the best and most relevant product, and here we're talking about our capacity to bring the best and most relevant product from our brands and also from our brand partners. We want to talk to you today a little bit on how is it that we wanna do it, how is it that we wanna make sure that the product we put in front of the consumers is the product that they are looking for. Relevant means relevant to the weather, relevant means relevant to the trends, relevant means what they are looking for, and it's all the capabilities that we have put in place, and we are going to develop even more to make sure that what they see is what they are looking for. The second element is: how do we blend our brands with these third-party brands in a seamless way? This capacity to blend it into specific outfits is what turns ASOS into a destination for style. This is quite unique. Not many companies can do it out there, especially in the mass market, and this is something that sets us apart and has an impact in the behavior of our consumers. What we are saying here is that we want to double down on this capability and take it further. The third one is how we want to change our customer journeys, how we wanna make our customer journeys much more around excitement, about inspiration. That's why we are modifying our marketing model, and on top of it, we are making an additional investment, and we will share with you exactly what the kind of things we're going to do. The fourth thing is that we do that with what we call competitive convenience. We wanna make sure that the journeys of our consumers are frictionless. We wanna make sure that they are as convenient as they can be anywhere else, and this is a relevant part of the digital sales process. We're convinced about that, and we will explain to you the way we want to deploy that or the way we're deploying it. All this is underpinned by a disciplined capital allocation. This is a way to continuously look for resources, to continuously look for liberated resources, to reinvest these resources in the top four capabilities, creating a reinforcing loop. When we're talking about disciplined capital allocation, we're talking about the excellence of our operations, to have an efficient international model, to have a data-driven technology model, and to have a growth-minded culture and leadership. We will talk a little bit about that later. Implementing this model will have an impact on our economic model, and it will change the basics of our economic model. When we're talking about doing these things that I mentioned before, means that we're moving to a model that is built on speed and light stock levels. Being able to react faster to the trends, being able to react faster to the weather, being able to react faster to whatever that is coming and is happening out there, is approaching us to the moment that our consumers are making the decisions. Hence, we can increase our hit ratio and reduce our promotions and therefore increase our growth margin. Being able to sell with less stock, obviously, is releasing resources and is enabling us to a more efficient capital allocation. That may sound a little bit theoretical, is exactly what we are seeing with our new lines. With the new collection that we started to launch during the spring/summer, and especially during the summer campaign, so the last part of the spring/summer, what we see is that newness is performing significantly better. Sell-through has gone up 10-15 points. We see that the forefront of this newness, which is our Test and React lines, are turning 3 times faster than the comparable styles, and we are seeing that through the reduction of promotions, we are increasing our margins. For instance, in the case of womenswear, 250 basis points. So is it something that may sound theoretical, what we are seeing, it is working. The second element, as I mentioned before, is how do we blend the best of our brands with the best of our brand partners into specific outfits? This is a capability that is not new in ASOS, but is differentiating for ASOS, and it is behind our current basket size. Our consumers, on average, buy more than 3 units every time they buy. This is clearly ahead of most of our competitors, and is pretty much driven by our capability to create these unique outfits and ASOS being this different destination for style. What this model will do is increase the basket sizes even farther, and will help us to continue selling full price. Putting these two elements together with the efforts we're doing to reinvent our marketing and the investments in our marketing will help us to create customer journeys that are more around inspiration and excitement. That will help us tackle the churn, reduce the churn of our consumers, because we know that transactional relationship with consumers generate more churn, while inspirational relationship with consumers reduce the churn, and that will help us also reduce our customer acquisition costs. Of course, our relentless focus on finding waste and reinvesting that waste will help us to keep our a competitive cost to serve and a competitive cost of returns. Let me go a little bit deeper into these different elements, and let me start by bringing the best and most relevant product. When we say here, as I said before, this is applying to our own brands, but it's also applying to our brand partners. In fashion, product is the air we breathe. This is our business, to bring relevant product. In that sense, ASOS is a little bit of a, if I can use that expression, a special animal. We are a brand and we are a retailer. A lot of our competitors are either one or the other. We are both. 40% of our sales is generated by our own brands. 60% of our sales is generating through the partner brands that we, we carry in our assortment. ASOS is the only place where consumers can buy brands like ASOS Design or Topshop or Collusion or Reclaimed Vintage, and like that, all the way up to the 13 brands we offer them. This is not irrelevant. 71% of our consumers, at a certain point in time, have bought one of these brands. 55% of the baskets of new consumers include at least one product of our own brands. By the way, this ratio is higher outside of the UK than in the UK. Obviously, we are perceived as a fashion creator. We are perceived as a fashion house, and that gives us a big amount of credibility in the market. As I said, we are not only a fashion creator or a brand, we're also a retailer. We offer our consumers the best curation, and this word is very important, curation, of the most exciting third-party brands for fashion-loving twenty-somethings. The magic happens when we put them together, because by putting these two elements together, we create a higher level of credibility in front of the eyes of consumers, and a higher level of credibility in front of the eyes of brands that can see us as a channel for growth and as a channel to reach different consumers or different locations. So, I will tell you a little bit more about that, how we want to take that farther. Our ambition is to take these capabilities one step beyond. Obviously, this ambition builds on the fact that we have our own brands, and we have these third-party brands, but we have to recognize, and we have done so during the course of the last months, and in the last times we have been coming to you, that our model was showing some limitations. Too much stock, we've been talking about that. Too much stock that was driving too much discount, so not very exciting for the consumers. We were very slow to market, and we had a formula with our brand partners that was very rigid. We could only offer them a wholesale model, a wholesale kind of relationship. What we're going to do now is to change that, first, by changing our stock management model. The ambition is that when consumers come to ASOS, they are exposed to the relevant assortment. It is not of a lot of use to make a lot of effort in bringing new assortment, if this new assortment is lost in a sea of a lot of older things. So what we want is that when our consumers come, they really can see properly this new assortment, and it's receiving the right focus. In order to do that, we have started, and we already started in fiscal year 2023, to change our stock management system. On top of it, as we've been talking about speed, speed, speed, our ambition, our obsession, is to accelerate our go-to market, and that is built on two critical capabilities: a different sourcing model, a more strategic sourcing model, and Elena will talk to you about that in a moment. But also a change in our go-to-market process, so that we can get market-to-market much faster with all of our lines, and even in two weeks, with the forefront of our assortment, that is our Test and React lines. And last but not least, I don't want to forget about our brand partners. We want to enrich our relationship with them, and that enrichment comes along the lines of bringing them different possibilities to deal with us. That will make it easier for smaller brands, for local heroes, to work with ASOS, and that will make it also more interesting for us and more efficient for us to work with them. Let me start talking about the first one, about the... a better stock management system. Well, that, I think it is no secret that for the last years we have been piling up on a lot of stock. From fiscal year 2018 to fiscal year 2022, we doubled our stocks. While there is no question that there were a lot of external factors, probably the biggest one was COVID and all the changes in product classes that COVID came, so we're selling dresses, now we're not selling dresses, we're only selling homeware. Now we're not selling homeware, we're selling dresses again, and obviously, that had an impact. It's also true that there is... a big part of it is behind our operations. Our operations were slow and inefficient. That's quite clear. So what we want to do here is to change that. And in order to change it-... It's clear to us that we really needed a new model. So let me share with you a little bit of the main ideas behind our model. The first idea, as I told you before, is speed, speed, speed. We want to make sure that we are fast reacting, that we can bring to the consumers the most exciting assortment as fast as possible. But this assortment has to be visible. So in order to make it visible, we have changed more elements in our stock management program. The first one is how we do demand planning. We have put in place a new team, a cross-divisional team, our global merchandising team, that takes care of how we manage our purchase. We have put in place a much more rigorous and flexible approach into buying, so that we can adapt better to the changes in the market. The second big change is we have given a very clear ownership to the product teams on, on their lines, and it's an ownership that is based on their sell-through. We want them to sell what they buy. We want them to return on the investment they are making on buying merchandise. The third big change is how do we are managing the in-season pricing and the in-season stock management, sorry, managing the stock management. We are much more active right now. We are using pricing in a much more active way to make sure that we tackle the problems as soon as we detect them. We don't wanna wait until the end of the season. At the moment, we see something that is not working, and we are using our data-based technology; we are tackling it immediately. The last, but not least, is that we have a really decided approach into the end of the season. So we wanna make sure that at the end of the season, we have cleansed as much as possible and as necessary, so that we get to a healthy stock profile. Our ambition is that at the end of... Sorry, not at the end of the season. Our ambition is that nine months after the beginning of a season, which is more or less after mid-season sales, we have sold 90%-95% of the pieces we have bought for that season. That is our internal KPI to get there. In order to do that, we are aware that we had to intervene, and what we have put in place is three clear levers, and I pretty much described them before. The first one is that we needed to tackle the old stock. And obviously, we've done that. The idea was to get all the irrelevant stock out of the system as fast as possible. We started that during fiscal year 2023, and I will give you more color about that. But that was not enough in itself. That was tackling the old problem, but we had to make sure that we have put in place a system that ensures that that never happens again. And this is why we put in place, as I mentioned before, a flexible and rigorous intake system and very active in-season cleansing. So we make sure that at the end of the season, we reach this target of 90%. At the end of the next, so at the end of the nine months, sorry, we, we reach these 90%-95% sell-through. Obviously, during fiscal year 2022, that didn't happen because we, we only came here to talk to you in October 2022, fiscal year 2023. Sorry, October 2022, but fiscal year 2023, sorry. So we started that journey at the beginning of fiscal year 2023, and we started that journey having a very decisive and clear target to cleanse the old stock. In the course of that year, so we started the year, as, as I mentioned before, with GBP 1.1 billion. During the course of the year, we have sold 84% of that stock. So I think we can conclude we have really gone strong on this old stock. If you are thinking about the stock write-off we did, that equals of 13 to 13% of that GBP 1.1 billion. Obviously, the stock write-off helped, but it's not the only thing we did during the course of the year. We did many more things. Obviously, it has had an impact on our margins. We have made an effort to do that, but as opposed to what we see, we saw in previous years, this effort has helped us to reduce the stock days that we had. So it's been an effort for a reason, not just to push sales artificially. During the course of the year, we also started with the levers 2 and 3, so we also started managing the in-season. We could not do that for autumn, winter. That's very clear, because we only came to you here in October, and in October, our autumn, winter was pretty much in our warehouses already, so it was very difficult to change the intake, as you may imagine. We started that effort in spring, summer, and we're very happy with the results we have seen. We have ended the spring, summer, we're pretty much now after the 9 months, more or less, not yet, but close to, with a sell-through that is 10 points higher than before. We have reduced the leftovers by more than 30%. When you put it all together, clearing the old stock plus controlling, in this case, only spring, summer, we have managed to reduce our end-of-year stock by almost 30% and ahead of our expectations. We are very happy with that. If you put that in connection with the results of the new lines and how the customers are reacting to that, we are convinced it is the moment to accelerate in the execution of that. It is the moment to double down on executing this stock management profile, system. And that is why we are coming with this acceleration that is having an impact in our profit in fiscal year 2024. The ambition is that during the course of fiscal year 2024, we will tackle the remaining 16% that we didn't tackle in fiscal year 2023, plus the leftovers of autumn, winter. Obviously, we will continue in a very disciplined manner with autumn, winter first and spring, summer later, with this flexible and rigorous intake and this in-season cleansing. That will take us to the end of fiscal year 2024 with a completely clean system and with the capacity to show our consumers the full potential of our new model. A full potential that will show, obviously, will have an impact, sorry, in how we manage the stock and our profitability in season. This new model is focused on selling the new stock. What we want to do is sell the new stock, and that is why we are coming faster, that is why we are getting better sourcing, that is why we are buying better, that is why we are bringing better prices, and that is why we're investing in marketing, because we are convinced that we can push this new stock. And this is some stock that we're gonna sell with very low discounts. We have seen that with our new lines, and we, we continue to see that, and that is our ambition. Obviously, there are always mistakes. There are always things that don't work, and what we're gonna do, what we are doing, what we started to doing in, in the spring/summer 2023, and we continue doing, is a very active in-season promotion. We do not want to wait until the season is over. We will tackle the problems as soon as we detect it. Obviously, that comes with a bigger level of discount, but it's still better than waiting longer, and this is triggered by better data, personalized promotions and, as I said, as-clear-as-we-go logic. Once we get to the end of the season, we will go with an even more decisive approach with this end-of-season clearance. First of all, in our site, obviously, and if necessary, we will do it in different sites or offsite, as we have been developing these capabilities in the course of fiscal year 2023. We have developed our sample sales activities. We have created connections and activities with some of the off-price retailers out there so that we can do that. The ambition is to pretty much eliminate this aged clearance. The ambition, as I said, is to get to a 90%-95% sell-through by that point in time, so the age clearance would be almost zero. That will ensure that when our consumers come to ASOS, they can really be exposed to the new new assortment, increasing the quality of their relationships, increasing the quality of their interactions with us and also the excitement, and, and hence, this fashion. I'm gonna hand it over now to Elena, who's gonna be talking about the other elements of this change in our stock management, and I'll be back with you a little bit later again. So, Elena? Thank you, José. Hi, everyone. For those I haven't met before, I'm Elena, Senior Product Director, and I'm gonna take you through our sourcing strategy, through our speed model and a view on our brand plans. Starting with sourcing, fiscal year 2023, we have seen 2 percentage point improvement in our intake margin, driven by mixing into the different countries and by consolidating our supplier list. This year, we're still seeing a significant opportunity in our sourcing strategy to further improve our intake margin, increase our speed to market, ensure higher quality products, and gain better visibility of sustainability and human rights practices in our supplier base. First, we have implemented a very robust supplier engagement plan, rooted in our fewer, bigger, better principles to foster strategic relationships. We further consolidate the supplier base through this plan to get even better prices through the increase in scale and to quicker speed to market by streamlining processes. Second, we will double down our winning locations, shifting into duty-free advantages. It's important to say, we are not changing our short lead, long lead route mix by this plan. Instead, we are just allocating in a more cost-effective way. For example, we have mixed into Bangladesh from China, where we can see the duty-free benefit. And finally, we have just launched our first offshore sourcing operation in Turkey to work directly with our suppliers and reduce our reliance from the agents in the region. As a strategic region, due to the proximity and capacity, Turkey will allow us to emphasize fashion while creating a fast and cost-effective sourcing hub, with the scope to roll out to other locations in the future. So overall, we expect to see a low single-digit percentage point opportunity in our buying margins across our entire own brand assortment, which we can invest in price, in speed, or take it to profitability. Additionally, and as we were mentioning before with José, we expect to see an increase in our full price sell-through due to our ability to be faster to the market and to bring to our consumers what they want, when they want it. And this is really a very critical point in our strategy, our relentless focus on speed and flexibility for both, for our own brands and for third-party brands, and I will cover them both in the following slides. So speed. Speed is absolutely critical in our business model to have the most relevant product for our consumers. We were mentioning before, trend driving and seasonal appropriate. This is why we are really focused on eliminating unnecessary checks and processes, reducing our lead times end to end, from design to the market, to give our consumers again and again what they want, when they want it. This not only set us apart from our competitors, but also maximize our sales potential, reduce the risks of overstock and markdown, so improve our profitability. On our own brand side, whether it is short lead or long lead, we are improving speed to market by our supplier engagement plan, where speed is a really critical KPI for them, for our suppliers and for our teams, and Test and React is our greatest example of speed and flexibility, and our most powerful tool to stay ahead of the market. With this initiative, we buy very small quantities to assess their performance, and based on real-time data, we react, and not only repeat, and I will come back to this in a second, to increase production for the best items. By react and not only repeat, I mean that we understand what are those components that makes those styles exceptionally good, and we apply that learning to the rest of the assortment. So the entire production cycle take two weeks, around two weeks, from design to going live in our platform, which is really market leading. We have achieved this by designing the critical minimal, the minimal critical path, sorry, working very closely with our suppliers to ensure we don't compromise the quality, nor our ESG standards, and we have seen remarkable results. So, so far, we have launched over 500 options, with the stock turning three times faster than business as usual, as José was referring at the beginning of the session. This means that we have been able to sell the majority of our products at a full price. As a result, we have reduced our spending in promotions and markdowns around 15 percentage points, leading to a gross margin improvement of 5 percentage points higher than similar categories. This right side of the assortment not only is more profitable, but also has helped us to cut down the waste, so align with our sustainable ambitions. We have also seen that this product successfully engage with a higher proportion of younger audiences than usually has bigger basket sizes than average. So, for example, those styles in the slide, we began with them with a very small initial purchasing orders, and after seeing the reaction, in two weeks, even sometimes shorter cycles, we've been able to trade up and get the most of those styles in season, up to 9,300, for example, on that style on the top. On the contrary, as an average, with a style of two-month lead time production, which is market average, by the time you get it back in stock, the season is gone. So we have set ourselves a target of 10% in our own brand and assortment by the end of this year, with ambition to reach around 30% in the midterm. You may be wondering why we are not aiming for a bigger percentage of this mix, and the reason is related to the width of the assortment and the choice available in ASOS, which is really setting us apart from our competitors. For example, our top-end hand embellishment collection, extremely successful, where we are market leaders. This is not suitable for Test and React, and the reality is that nobody wants to find the same dress in the same party. So we have totally different approach for this kind of product. On non-clothing, for example, is not suitable for Test and React either, footwear, for instance. And it doesn't make economical sense to produce quite a basic product under this initiative, where we can get the benefit of higher margins with less risk, because it doesn't date that quickly. So we are very excited about this, the potential of this model and the contribution that we are already seeing it is making to have the best assortment. Then moving into the brand side, we will also sharpen our focus on our brand offer within sportswear, third-party brands, and Face + Body, which accounts for 60% of the total sales mix, as we were seeing before. We have great partners. We have built up great relationships, win-win relationships through the years, but we can do better, and we can do much more to ensure that we have the best product on our site. So our own brands give us authenticity in the fashion industry, a unique and different point of view that amplifies our brand identity and our customer loyalty. But our customers doesn't wear one brand head to toe. Nobody does. They love to find other brands. They love other brands, and they love to find them in our website. Therefore, our most strategic relationships remains as strong as ever, but through our obsession for fashion, we will reinvigorate our role as a brand elevator to reach the highly attractive, fashion-loving twenty-something consumer. We will offer also greater flexibility for both, for the brands and for ourselves. Offering Partner Fulfils and ASOS Fulfillment Services broaden the number and the type of partners we can work with. Always curated, and this is very important, only relevant brands and relevant product for our customers. And I will come back to this model in a second. We will also update the way we engage with our brands as a key growth partners to offer all our services and build stronger relationships. Seeing the owners of our top brands or improve data sharing practices are some of the initiatives we have put in place. We will also simplify our processes, improving our speed to market with new products and new brands, and collaborating on the way we plan and the way we buy. Let's revisit where we are in our more flexible business model. Again, to have the best product and the best brands on site, we must offer greater flexibility for our partners and our assortments. Here is where we have three options.... wholesalers, sorry, Partner Fulfils and ASOS Fulfillment Services. While ASOS wholesale model is the most profitable model, Partner Fulfils, and ASOS Fulfillment Services enable us to have more width and more depth with less risk. It will also enable us to localize our assortment, tailor the selection to meet the preference of the local customers. We have already made good progress in partner fulfills, and we have already through 33 brands in six different markets. An example of those are Adidas, Calvin Klein, Jack & Jones, Only, or River Island. And with some of them, we have already reached a hybrid model of 80% wholesale, 20% partner fulfills. This year, we will double the number of brands and the number of markets where partner fulfills is available. Then ASOS, ASOS Fulfillment Services is a very attractive option for many of our partners, given the infrastructure through in our core three markets: U.K., Europe, and U.S., particularly important after Brexit. So it's something we have been working in the last year and investing over the last year. So now we have the technology and the team in place to roll out and scale up, and we have already signed our first customer, our first partner, and ready to roll it out soon. So we are not setting any target for these models, and when a significant shift will improve our midterm stock turn, is not something we want to rely on from that perspective. It is all about, one and again, to offer our partners more solutions to ensure that we have the most relevant product in our site for our customers. Now, I hand them back to José. Thank you, Elena. Sorry. I'm here again for the third time, and not the last, unfortunately. So, so far, we've been talking about product, product. This is the air we breathe. This is the core of what we do in this company and in this industry. Now, I want to switch to the fashion journey of consumers. And in ASOS, there is something that is very special, and it's how do we perfectly marriage these third-party brands, these partner brand partners, with our own product into specific outfits. That is only at ASOS, that is very special, and that creates a lot of this credibility that Elena was mentioning before and turns ASOS into a true destination for style. In fashion, context is everything, and there are many different ways to tell a story. With the same skirt, we can target very different consumers and very different locations, just the way we style it. That is very important, and that is something that we do differently at ASOS. This capability, this differentiating capability, is built on two pillars. One is our distinct visual language. We are capable of doing things in a different way. We're capable of looking at the world from bottom to top, and that is something that we have seen has inspired some of our competitors over time, and we're really proud of it. And additionally, is how do we bring fashion to life into specific outfits? How do we put it together in this seamless integration of our own brands and the most exciting brands that exists in the market? This is not new. That has always been with ASOS, and our ambition is to double down on this capability to make it even more differential during the course of the next months and years. Our brands, our brand partners love it. They love what we do, and they see a lot of value. But it's not me saying to you that this is some of them saying that, well, they love the tone of voice, assortment curation, aesthetic, and execution, adding immense value and authenticity. Or someone saying that, "It's credible and relevant connection to the fashion-minded female Gen Z consumer in Europe." This is not said by someone who doesn't know anything about brands. This is said by people like PVH or Adidas or the most exciting brands in the market. Our brands love it. Our customers love it. We are capable of creating a special connection with customers. It's with all customers in all locations. When we do outfits, we have a special approach into outfits. We do outfits that are personalized for specific customer types and are personalized for specific occasions. That's what enable us to take one brand and deploy the brand to very different consumers in very different locations. That is something quite unique, quite differential, and as I said, our brand partners love it. A good example of that is the current collaboration that we are doing with Puma and with their style called Palermo, which is their newest thing. We have done with them a... We have co-created a campaign with them, with Jack Grealish, putting together their Palermo, that is their, if you want, their more advanced fashion statement, and some of our own denim and some of our own jewelry to create a unique outfit. This is a campaign that has gone not only through our own media, but Puma and Jack Grealish, who has, if I'm not mistaken, 10 million followers, more or less 50/50 men, women, and is putting ASOS into a different stance and actually putting ASOS into a place that nobody else can. You will not see any retailer doing that out there. Another good example is when we bring fashion to life in this outfit that I was saying before, and this is something that not only our brands love, our customers love. And we do it in a way that, as you can see here, is different, that creates value for consumers because they can see the same, the same item styled in different ways. So obviously, that gives more value to the item. And that is driving something that is also very interesting for us. That is the size of our baskets. As I told you before, on average, we sell more than three units per basket, which is ahead of the industry average and is ahead of most of our competitors. And it's based on this capacity to talk to consumers that is differential... We want to double down in this capacity, and that, and an example of that, I'm bringing you here, that we are reinventing our Buy the Look capability. This is just an example of a bigger program, but I think it illustrates well the direction of travel. We already have a Buy the Look capability, in my opinion, not the best. It uses image recognition to offer consumers similar products, but is a little bit not properly integrated. In the relaunch we are doing now, and I think it's happening now, it has already happened, if I'm not mistaken, in. Android. Android, thank you. In Android, and it's happening in iOS, in the coming days or this week even, it's a completely different story. It's gonna be fully integrated. So it's gonna be very easy for consumers to buy exactly the look they are seeing. It's gonna offer them alternatives in case that there are stock outs in some of the items, and it's also gonna be linked with social media. So consumers will be able to connect social media with this Buy the Look. That will give the consumers the possibility to see the same style in many different outfits, obviously creating more value for consumers. That is only an example, as I told you. We are investing in pushing this capability of creating outfits, of communicating to consumers, and on making their journeys much more exciting. With that, I'm gonna hand it over to Dan and Vanessa, who are gonna talk about how do we change all, the whole journey, and I'll be back with you at the end. Dan? Thank you. Hi, everyone. Great to meet you. I'm Dan Elton. I am the Senior Customer Director here, and alongside my partner in crime, Vanessa, we're gonna talk to you a little bit about how we are changing the marketing model here at ASOS. So, José and Elena have taken you through pillar one of our strategy, to have the best and most relevant product, and pillar two of our strategy, to be a destination for style. I'm gonna talk to you about pillar three, which is a customer journey built around fashion, built around excitement. To start, I'm just gonna talk to you about how we're evolving our communications approach. So what you can see on the slide here is that over the last five years, the proportion of our marketing activity that's been allocated to activities other than performance marketing has declined by 25 percentage points. So put another way, we spend 90% of our budget in channels that are very commercially impactful in the short term, but which make it very hard to tell our brand story and to drive brand affinity. And brand affinity is something that you'll hear me coming back to a little bit over this, this section. So we've developed this kind of one-dimensional model, if you like, and it's an approach that isn't working for us in the way that we want anymore, and I'll tell you why. That the number of customers that we acquired in 2023 was back at the same level as 2019. That's one indicator. Our churn is increasing, particularly among newer customers. I guess that's another indicator. And then I think one of the most important indicators for me is that our share of branded search, so that, that is consumers who are searching for search terms that involve ASOS, has declined, and that's the brand affinity point that I'm talking about, and that's something we really need to address. So we need to adapt our marketing approach to address these problems, rather than relying on those same kind of one-dimensional models, then tactics, that pay back in the short term, but which don't address those challenges. I should recognize that during COVID, it was appropriate to have this performance-only model. You know, as you know, we had millions of consumers entering the e-commerce market for the first time, forced into the e-commerce market, and it was the marketing team's job, really, to kind of capture that unfulfilled demand using these performance tactics. But times change, and performance tactics are great at capturing that in-market demand when it exists, but it's not so good at stimulating demand and growing that brand affinity for the longer term. So in short, when the e-commerce market was in growth and demand for ASOS alongside it, that model was fine, but we need to change. Eventually, all brands hit this performance marketing plateau, the point at which you need to pivot away from just relying on performance marketing to start to grow your brand instead and moving to a more balanced approach. So how are we doing that? How are we doing it in a disciplined way? Well, internally, we're using a four-part model, and I'll talk you through that now. So in the top right, what you can see here is the acquire quadrant, and we're predominantly talking there about reigniting interest in the ASOS brand, reigniting brand heat and making us famous for fashion again. That's a term that we use a lot internally. In the bottom half, we're then talking about developing lifetime value and preventing churn, and really what we're trying to do there is both develop the lifetime value of our existing customers, but really increase the payback on customers that we do acquire. And then top left, we're reactivating customers that we've lost. Today, I'm gonna talk about the acquire quadrant, and then I'm gonna talk a little bit about the develop and prevent churn quadrants. So in that acquire quadrant, you can see three main initiatives on the right-hand side of this chart. You can see that we're moving to a full funnel marketing approach that balances our existing strong performance program with consideration building activity. Secondly, we're building stronger relationships in the fashion ecosystem, particularly with influencers and creators and designers. We'll talk a bit more about that in a moment. And then we're also in creating a program of what we call brand heat activations, and I will let Vanessa talk a little bit more about that in detail, but that's really activations that spike interest in our brand, and really that is about acting more like a fashion brand again, rather than just a performance advertiser. On those bottom two quadrants, building lifetime value, preventing churn, what are we talking about? Three things really: driving high-value actions. So high-value actions are those actions that are highly correlated with building lifetime value. I'm sure you can imagine what those are, but we'll talk about them in a moment. We're talking about more personalization in the customer journey, and then we're talking about loyalty, particularly Premier here. So that's the model. That's the framework. We'll dive now a little bit into each of those in a bit more detail, starting with the acquire quadrant. And you can see those three initiatives that I talked, which are on the right-hand side of the last chart, laid out here. Full funnel marketing, for those of you kind of not familiar with that term, I'm sure most of you are, but it refers to activity that meets objectives at every stage of the funnel, rather than just at the bottom of the funnel. So building awareness of a brand, building consideration to purchase with that brand, then driving purchase, then driving repeat purchase. In recent years, we've operated very much at the bottom of that funnel, prioritizing activity that drives, as I said, those short-term returns, but doesn't necessarily stimulate demand and build brand affinity, awareness, and actually, in the UK, really consideration. We have very high awareness already, but it's consideration where we need to work. So starting today, there is one unexpected benefit of having the delay. Starting today, we've got a new campaign launching, and Vanessa's gonna talk to you about that in a moment. Hopefully, you saw some of the creative if you were waiting in reception earlier. Unlike the other campaigns that we've run over the last few years that have relied on a very narrow set of channels, so paid search or those kind of, those shopping ads that follow you around social media and the web, this is a campaign that is built based on media that meets all of those objectives at every stage of the funnel that I talked about earlier. We'll be using experiential marketing to have customers reappraise the brand and drive a bit of excitement. We'll be using out-of-home advertising to take our brand into the real world and not just exist in, kind of, on screens and in the digital environment. Then, as you would expect, we'll be also including a substantial investment in influencers and social advertising to engage customers in, let's be honest, the environments where they live most, the places where it's most natural to them. Rather than just relying on those bottom-of-the-funnel activations, like those shopping ads, we'll be trying to do that in a more inspirational way. I think the key thing that I wanna say is, across all of these channels, the message is the same, and José talked about this a little moment ago. You know, what we're trying to do is build more deep relationships, more emotional relationships with customers, rather than relying on these very functional relationships that can be quite transactional. This is about building a deeper emotion with customers, a deeper brand affinity. And it will focus on elements of the brand that José and Elena have already talked about. It will focus on our ability to curate outfits and help customers inspire their style. It will focus on allowing customers to express themselves and build confidence. You know, what we're trying to do is get back to inspiring fashion lovers, act more like a fashion brand, and really build on our brand heritage, if you like. We offer something unique, and this is really about building our brand story. So that is the first one on the left-hand side of that chart. In the middle there, what you can see is then what we're calling kind of building these stronger relationships with the fashion ecosystem. Particularly, what we are trying to do here, what Vanessa and I are trying to do, is build mid-tier and micro-influencer relationships. A lot of our competitors focus on hit-and-miss mega-star partnerships, but we're focused on building relationships over the long term with a much larger group of micro and mid-tier influencers, creators, and designers. The reason we're looking to do that is because those creators tend to have a much more engaged and loyal following, and if they advocate on our behalf, this will help us have a much more authentic conversation with our customers. You know, there's always gonna be a role for brand-to-consumer advertising, traditional advertising, if you want. But actually, having these authentic voices advocate on our behalf is a much better way to build brand trust, trust in the long term. Finally, for the acquire quadrant, we will be running a program of activity to ignite interest and to ignite talkability in ASOS, and we're gonna start with a pop-up that we'll be running later this month. And Vanessa will talk a bit more about that in detail. I mean, in short, what we're trying to do there with that part of the program is create spaces and places and experiences where our customers can be excited by ASOS again. It's hard to be excited by a paid search ad, where they can create their own content and where they can be inspired by our brand. So that's acquire. Moving on then to the bottom of that circle I talked about before, which is about developing lifetime value and preventing churn. We'll start with high-value actions, so again, on the left-hand side here. So again, what I mean by high-value actions is those actions that are highly correlated with building lifetime value. What I've observed since I've been here, what we observe is that tenure-based average customer value, so average customer value being how much a customer spends with us in a given year or how much profit they generate, depending on which way we look at it, tenure-based average customer value grows very strongly when we're able to retain a customer, and that is often very correlated with exactly what you'd expect: app download, frequent app engagement, engagement with other parts of our app, like content, multi-category purchases is a big one, and then, subscription to Premier, and resubscription to Premier is another one. So that happens very well naturally, and we build average customer value naturally over time, but we haven't really focused a deliberate program on trying to incentivize these--incentivize these high-value actions. So that's gonna change this year. We're gonna build lifecycle customer strategies to embed that in our customer journey. In the short term, we're particularly focused on app downloads and app engagement, and some of the features that José just talked about in that second pillar of our overall strategy will help with that. And we've... We're trying to build even more reasons into our Premier program to do that, too. I'll talk about that in a second. Secondly, we've recently developed a number of new capabilities, a number of new features in our customer journey to increase personalization, and we're doing that in two ways. We're doing that both on the cost side to improve profitability, but we're also doing it on the growth side. On the cost side, we've got features like the ability to personalize the checkout. So we have the ability, for example, to restrict buy now, pay later for our least, our least profitable customers, which has improved profit per order there. We've also restricted some promotional advertising for our least profitable customers, and then what we've been able to do as well is to exclude our least profitable customers, our very least profitable customers, from paid media, so we're not spending money to acquire and reacquire those customers. I think more excitingly, on the growth side, we've started using AI-driven one-to-one personalization across the journey, particularly in our CRM program. I think as a fashion brand, what we often assume is that kind of editorial decisions are better, but actually, what our customers want is one-to-one decisions made based on their data. We've had some very strong results in our CRM program over a short period of time, and we'll be building on that over the course of this year. Last, and by no means least, we absolutely recognize what an outstanding asset we have in Premier, and I think Premier has, for a long time, been very much focused on convenience and getting fashion quickly and when you want it. And that will always be one of its core strengths. What we want to do in financial year 2024 is do what we're doing elsewhere across the journey, elsewhere across our marketing, which is make it more about fashion. So we're gonna refresh Premier this year. We'll be doing things like making it a gateway to access exclusive events. So starting with the pop-up, you know, it will be a gateway into to access a pop-up in London and elsewhere. We also want to use it to, as a gateway to access exclusive ranges, design collaborations, products, et cetera, et cetera, drops of products, and then we'll be using it to reward our customers with fashion-based perks, such as face and body samples later in the year as well. So that's a bit of a summary across those three segments of that circle I talked about. It's a bit of a summary of the changes that we're making, which obviously begs the question, you know, how are we measuring this, and how do we know we're winning? So, as I showed on that first slide, we've become too reliant on performance media. That is very seductive in the short term. It visibly pays back very quickly. And one of the reasons that we haven't invested in a full funnel marketing approach previously is because it does have a different payback profile, and the effect can be felt over a longer period of time. Marketing build aimed at building awareness, building consideration, is critical to a robust and healthy brand, but you do have to recognize that it doesn't pay back in the same way that a promotion does, that in the same way that a paid search ad does. So we'll be using a measurement approach that reflects that. In the short term, because of that lagging effect, we will be using leading indicators. So really what we're talking about here is a couple of very specific measures. The first thing that Vanessa and I really want to do is to focus on share of voice and earned media value. So that is a very good indication that we are back in the conversation with customers. One of the things that I've heard about from customers since I've been here is that we don't, they don't hear enough from us, actually. So we wanna use that as an indicator that they are hearing from us again. And then the other metric is brand search, and I referenced this before. And again, that is a good leading indicator that customers are thinking about our brand. Over time, in the medium term, what we'll start to do then is to focus on business outcomes. So specifically, we wanna see a greater number of direct on organic visits, which will indicate a greater number of customers with brand affinity for ASOS. You know, we want them to come to the ASOS brand without necessarily having to be stimulated to do so without, by a promotion or by seeing an ad. And so what we're trying to do is to build that natural consideration. In the long term, then we'll be focused on brand health, but that is an extremely lagging effect, and higher frequency and higher overall return from our, from our marketing program. So I've talked a little bit today about the, the framework that we're using to change our marketing approach. I guess, you know, more excitingly is what we're doing today, and before I hand over to Vanessa, I just want to talk about the launch of this campaign, ASOS Your Way, which is the first campaign that we're running with this full funnel approach. The key message here is one of self-expression and self-confidence. We're focusing on styling and individual styling as a driver of self-confidence, and we think that is a unique territory for us, building on style inspiration and what José was talking about a moment ago. The campaign is very much multi-channel, using some of the channels I talked about earlier. But as you would expect, it is socially led. That is where our consumers are. As I mentioned before, we really want to get back in the conversation, and so we're serving an enormous number of impressions, nearly 570 million impressions over the life of the campaign, to really just build that share of voice. So that's the boring theoretical bit out of the way. I'll hand over to Vanessa. She's going to talk about the much more exciting creative work. Thanks, Dan. So hi, everybody. I'm Vanessa Spence, senior creative director, and I'll be taking you through the creative for the brand campaign. So José has spoken a lot about the importance of style and styling, and with this campaign, we will amplify ASOS as a destination for style. So, as Dan said, very much focusing on individual style through the ASOS lens. So we're gonna be asking our customers, wherever they are, whatever they're doing, to ASOS your way. So the campaign launched today, really exciting, and let's play a video. Yeah! Say it is not making dollars, baby, it's not making sense. How you think you are when you can... Surely yes, surely yes, it's fine. I'm alive. I'm alive and this is fine. ASOS Your Way. So you'll definitely have that music in your head by the end of this. So that's the 30-second teaser. There are multiple cutdowns that show up across all of our relevant social channels, and as you can see from the video, we feature a diverse mix of influencers, talent, models, that just really reflect our 20-something customers. So then moving on to stills. So two of the cast are influencers with large followings. So in the center there, you've got Cindy Wolf, and she has 1.8 million followers. She's a true Insta glam girl, so it's about tapping into her authentic style and her audience as well. And then she sits alongside Issa and Skye, each with completely different looks. Issa is more of your kind of sporty, grungy girl, and Skye is our Gen Now customer. So from these images, you can just see the width of our product offer. And then on to menswear, we have Josh Ryan in the center. He has 3.7 million followers. So again, it's all about being really authentic to his personality. So he's our Insta alpha guy, so very much that fashion majority. He sits alongside Harry and Kim, who again, have completely different looks.... So in these images, we showcase a number of brands. So we've got Carhartt, ASOS Design, Adidas, which features the must-have sneaker of the season, the Samba, Vans, Nike, and Collusion. So in just three images, we're able to capture the width of our brands and our authentic styling, and, you know, we know no 20-something dresses head to toe in just one brand. So then moving on to out-of-home. We've got out-of-home part of the campaign, and that's through the month of November, and we'll have billboards, fly posters, and that's all about reinforcing the ASOS Your Way messaging. And then, because it is a social-first campaign, we have a content franchise called ASOS My Way. So we're going to be crowdsourcing creators via TikTok with a guaranteed 40 million impressions. So we'll get them to use an ASOS TikTok filter, and then we'll ask them to create content. So we'll ask them to stop everything and ASOS My Way. So if you imagine your typical Gen Z content creator, they could be doing something as simple as, like, I don't know, ordering their afternoon matcha latte, and then suddenly they'll three, two, one, they'll strike a pose, they'll do a dance, just anything that shows their individual style in ASOS. Here's some examples of our main cast doing this on set. First of all, we've got Harry. So do you get inspired by- And then Cindy. So do you get inspired by- And Josh. So do you get inspired by that, by that? So this content is designed for TikTok. It's native to TikTok. It has brand cues, the music, sounds in the background. It's all about them creating content and being inspired by ASOS. So then following on from this, we have 40 supporting talent. So here the focus is very much on authentic engagement, as Dan spoke to. They'll help us have these authentic conversations with our customers and create a range of content linked to the campaign, but also the pop-up. So Dan and I have both mentioned it, we are doing an ASOS pop-up. It's a physical moment that we know will surprise and delight our 20-something customers. It's in London for five days in November. One of those days will be a private event for press and influencers. Now, it will be a shoppable space, but the real focus is on it being truly experiential. It's all designed to create talkability, increase share of voice, and just general hype around ASOS. Now, here's a brief overview of the event. Now, we don't want to reveal too much at this stage, but the location is in London. We will showcase our multi-brand edit, so we'll have ASOS Design, Topshop, Topman, as well as featuring a selection of our third-party brands. Then we'll partner with some of the biggest face and body brands. It's all about it being really immersive, like social moments throughout the space. It's designed for our customers to create their own content and, more importantly, share it. Finally, there will be a full schedule of events for the pop-up. Now, again, I don't want to say too much at this stage, but just to say, watch this space. This is all incredibly exciting. It's all focused on ASOS Your Way messaging and just giving our customer lots of ways to engage with us as a brand. Thank you, and I'll pass over to Michelle. Thanks, Nessa. So our fourth pillar is competitive convenience. Unfortunately, no videos or music in this section. Convenience is still a key reason to shop online, and we don't overlook its role in our future growth, but we don't view convenience as our key differentiator. In the past, we've been guilty on over-relying on convenience, but it doesn't drive our brand engagement. First and foremost, we must focus on having the most relevant product. We must focus on being a destination for style and for giving our target customers an exciting and an inspirational shopping experience. So we're redefining ourselves as a fast follower, matching local competition on delivery, returns, and payments while reducing cost to serve. And we'll constantly reassess to make sure that we're reinvesting into the right areas that matter most for our customers. With our delivery proposition, we know sometimes with fashion, you need fast delivery, maybe you need the product for an event, so, so we offer fast delivery solutions. We know that sometimes you need to try fashion on to make sure it looks right, so we offer free returns in our core markets, and we offer seamless checkout experience with locally relevant payment options. As part of our focus on profitability over the last year, we have made changes to our proposition, yet we do continue to offer next-day delivery in our core market. Sorry, we offer next-day delivery to 95% of our target customer base, and we offer free delivery, with a minimum order value, and that minimum order value is tailored in each market to make sure we're balancing profitability and growth. We go beyond many of our peers by offering free returns in core geographies. We think that's essential to the fashion experience, but in some geographies, we've recently introduced paid returns after 14 days, so that helps us align our interests, with the interests of our customers. It encourages customers to return product faster and increase the likelihood of the product being resold at full price, and the early signs of that are promising. We are seeing faster returns without any impact on conversion. We're able to offer that proposition in our core markets because of our global infrastructure. So we have fulfillment centers in each of our core markets, in the U.K., in Barnsley, in Europe, in Berlin, and in the U.S., in Atlanta, and we have returns processing centers to maximize the efficiency of those operations. So returns is typically a very manual process, which needs a lot of space and no automation, whereas our distribution centers are highly automated. In Poland, our returns processing center, we have a particular advantage, so a much lower labor cost in Poland than in our Berlin distribution center. Under the new commercial model, we will operate with less stock going forward, so we've already reduced stock levels by 30%. You heard Sean talk about that earlier. We'll further reduce stock by about 20% in fiscal 2024. We think with greater speed and the fact that we'll be clearing stock in season, we just won't need as much capacity on an ongoing basis. With that in mind, since the year end, we've reviewed our capacity requirements, and we started a process to mothball our second UK fulfillment center in Lichfield. We'll mothball that in late fiscal 2024, following the completion of automation work. The decision to open and automate Lichfield was taken back in 2019 without the ability to break the contract. Mothballing the site means that we have the flexibility to reopen that site if we wish to or to sell it, and the annual cost saving for that will be £20 million. Our fifth pillar is disciplined capital allocation. So as José talked about earlier, our unique proposition has a flywheel effect on our financials. It supports higher basket value, lower returns rates, reduced churn, and faster top stock churn. It ultimately improves our profitability and cash generation, while also providing substance to drive our growth. Firstly, it's underpinned by operational excellence, so relentlessly removing waste to reinvest back into opportunity, and this is about prioritization, so not trying to do everything but knowing our strengths and choosing where we can be first movers and, and where we should be fast followers, and hopefully, we explained where we stand on that today. Returns is a great example of where we can cut waste to reinvest commercially. Returns are a key part of fashion retail. Consumers do want to try the product on, but there are bad returns, so where the sizing information isn't great or where the fit and quality isn't what the customer expected. We, while we believe free returns is an important investment, it's these bad returns that we need to eliminate to allow investment into more commercial areas. Secondly, we've adapted our international model to deliver positive variable contribution in every region over FY 2023, and we see long-term profitable growth potential in all of our core markets. We tailor our approach depending on whether we view the market as core, which means it's large and highly profitable or has the potential to be, or whether it's adjacent, meaning it can contribute meaningfully to group profit, or non-core, which means it's, it's either small, low profit, or both, with limited potential. We'll reinvest resources more significantly into core markets, and core markets for us are the U.K., Germany, France, and the U.S., with dedicated marketing, a localized assortment, and best-in-class convenience, which is supported by the local infrastructure, which we just talked about. Outside of our core markets, we'll typically use central marketing and assortment. We'll leverage adjacent infrastructure, and we'll consider the wholesale of our own brand to build awareness and to supplement our scale. We'll constantly reassess the classification of our markets and adapt our approach when necessary to make sure we're maximizing the return on our investment over the midterm. Thirdly, from a tech perspective, we continue to invest, but we're being more disciplined in the way that we spend, so we're making sure we're investing where it matters for our customers or where it can make a real difference to the way that we operate. Elena's already talked about the investment we've made into the technology needed to scale up partner fulfills and AFS, and that's key to improving our assortment and adding flexibility to our stock management. We'll continue to develop data science and machine learning capabilities focused on improving the customer experience, and Dan's already talked about the benefits there with customer engagement. In addition, this year, we started to explore how generative AI can support the business, and we've early access to Microsoft's AI and Copilot capabilities. We're also collaborating with Microsoft on developing customer-facing use cases for generative AI. Then finally, on leadership and culture, we've refreshed our leadership team, both at the board level and the management level, to bring the energy and expertise that we need to drive the transformation at ASOS, both operationally and culturally. I'll hand over to José to wrap up. Michelle, I'll be very fast. I know you guys are—I feel for you after an hour and a half sitting in those chairs. I'll be very fast, I promise. So basically, what we're saying is that our future is about being more ASOS than ever: investing in these capabilities that make us different, investing in having the best and most relevant products, accelerating our stock management, going faster to market, making more flexible relationships with our brand partners. It's being more of a destination for style than ever... doubling down on our capabilities that are differentiating, but we can take them much farther. Is reinventing our customer journey with the new ideas and the new investments, is keep on making sure that we are competitive in terms of frictionless and convenience to customer journeys, and is being relentless in this capital allocation to make sure we can liberate resources and continuously reinvest in this reinforcing loop. As I explained before, that will change our economic model. That will take us to a model where it's much more based on full price. It's much more based on lower asset need, lower stock needs. And that is reflected on our midterm guidance, as Sean shared with you. We're talking about going back to growth by the end of fiscal year 2024, and certainly in fiscal year 2025, with a growth margin expansion to, to take it towards 50%, being more profitable with an EBITDA margin, that it will be above our pre-COVID levels, cash generative, with an EBITDA that will be above our CapEx, plus interest, plus tax, plus leases, with less stock, running faster than 100 days, and with a disciplined investment on, in CapEx of 3%-4% of sales. I know you guys love numbers. Here, we love fashion, so I thought it was a nice way to finish, giving you a little bit of a picture of fashion and not of numbers only, about where we wanna go. With that, I'm going to rush into Q&A because I'm sure you guys will wanna ask questions, and we have taken a lot of the time. Thank you very much for your time this morning. Let's get into Q&A. Michelle is gonna be pretty much monitoring, no? Moderating. Moderating, that's the word. Thank you. Okay, great. If I can ask, if you ask all your questions at once, but if you can give your name and where you're from before you start. Jonathan? All right, John Stevenson from Peel Hunt. John Stevenson from Peel Hunt. A couple of questions, some from the sort of present, some for future, I guess. So in terms of the where we are now, what do average debt levels look like this year, and the sort of scale of the interest burden? I appreciate there's a lot of moving parts, and it depends on the clearance, but it would help to sort of get an indication of how quickly you think that can come down, assuming, let's say, we get to the six hundred million target of stock over the year. Second question, on full price sell-through, I don't know if you can comment what you expect full price sell-through to look like in, say, full year 2025 versus what it was like in the business pre-COVID. You know, how much of a change are we? You know, what impact is that gonna make on the business? And third question, just around, I mean, someone's gonna ask it, so it might as well be me. Topshop, you know, is the brand strategic for ASOS? And you know, what your views are on the suggestion that you're gonna potentially sell the brand. Okay, I'll take the Topshop question. José, maybe you take full price sell-through, and then Sean- Yep. That deposition. In terms of Topshop, obviously anticipating this question given the weekend news, but, you know, we don't comment on rumors or speculation in terms of whether we're looking to dispose that. You know, Topshop has been a great performer for us this year. It's performed, actually ahead of the rest of our brands. It's something we're kind of very proud of, the way that Topshop has performed. And the same improvements that we've been making to Topshop over the last 12 months will now come on to make to Miss Selfridge as well. So we prioritize Topshop first, and now we'll do the same with Miss Selfridge. So, yeah, no comment, as I'm sure you expect. It is part of our own brand offering, so part of us offering our, our most relevant proposition. On full price sell-through, well, we have not commented. You're, you're totally right. I was commented on total sell-through of 90%-95%. Our mission is to get to... When, when I talk full price, that would include promotions. Promotions is part of our formula, and we're saying we're gonna reduce promotions but not totally eliminate promotions. So we are aiming to get north of 50, 50, 60%, but that, but it's difficult to give you a specific number because promotions would be in there. How would that look like, you know, sort of pre-COVID? I think we have never disclosed that data, to be honest. But it's significantly better. Yeah. But let me give you... What we are seeing right now is that after four weeks, the new lines, the full price sell-through, because this one is really with very little promotion, the full price sell-through is in some cases doubling. So it is accelerating really a lot. Obviously, that does not continue over time. You don't have the full price sell-through, but it is really accelerating a lot. In terms of net debt, as I said earlier, net debt will fall, and it will fall because we're gonna generate cash. Yeah. You think through that cash flow generation, you know, just broadly positive EBITDA. Good contribution from working capital, particularly with the stock falling. You know, that will therefore. Together, that will offset the CapEx, as well as the Lichfield automation and interest and lease payments. So, cash generation more skewed to the second half with the profit with the revenue improvement in the second half. And the timing. So the cash flow generation more skewed to the second half, which would and the debt will follow us, the math of that. In terms of the debt burden, I think both P&L and cash interest will be similar to this year. So P&L, 40-something, cash, 30-something. Good morning. Simon Bowler from, Numis. Two for myself. First one, I know you spoke a bit around kind of better intake margin on own brand and potential for-- to re-invest or retain that. Can-- Do you have a sense of to what extent you think you may want to retain, or if you do invest it, whether it goes into speed or pricing? And then secondly, just on the decision around kind of mothballing Lichfield, it, it must have been an alternate option to mothball one of the overseas warehouses. I understand what you're saying with regards to convenience, but can you perhaps talk a little bit around to what extent that was discussed and, and, and considered in, in the process of reducing your, warehouse capacity? Okay. I can maybe start on Lichfield, and José chip in, and then Elena come in on the- Yeah, I... Thank you, Simon. I think obviously, what—I think I use literally, there are no sacred cows. So there are no sacred cows in ASOS. So we have considered absolutely everything. The reason why we decided to move on Lichfield is that with the new model, we don't really need it. We don't really need Lichfield to operate. We see the value of keeping our overseas operations, both in Berlin and in Atlanta. Today, we are happy with what we have done internationally. We see that all our countries have gone back to positive contribution to profit, positive co-profit contribution, variable contribution, which means that we are happy with what we did. But if things change in the future, we will take additional measures if necessary. But today, we're very happy with where we are. I would just add to that, when we look at our international model with our core markets, which are markets that we think have great potential to be big and high profitable markets, we want local infrastructure to help support that. So having that distribution center in Atlanta provides that support, whereas we obviously already have a distribution center in the U.K. Yeah. We will actively invest in pricing. So we haven't covered pricing today, but in our own brand, strategy is included to be competitive in the market. And we are seeing that the market is being invested in pricing, so we are actively doing that. On top of that, we are going to deliver a low single digit percentage improvement in our intake margins that we were covering before, through our ability to consolidate furthermore the supplier list, the local sourcing and the most cost-efficient sourcing way that we have already talked before. So, if we decided to invest even more, it was what we were saying today. Like, we have already invest, but we still having room to invest further if the market change or if we feel that our customer needs further improvement, further invest on pricing. So we still having that room. If I can add a little bit on that. As I said on in other occasions, we price competitively, so we don't do cost plus. We price depending on where the price is in the market. What we're ensuring with the improvements in our sourcing and the improvements in our sell-through is that we're creating the right platform to be ready to be competitive always. Our ambition is to offer our consumers the best fashion at a competitive price. We don't want to be the cheapest, but we want to be competitive in any case. We're very happy with what we are creating because it's giving us the possibility to do that, and we will be reactive to the market for sure. Good. Sorry. Excellent. My name is Matthew Abraham from Berenberg. So just a couple of questions on marketing. That data provided today was quite interesting. Thank you. So first of all, just interested in what the spend profile itself will look like. So you've obviously provided that commentary on what you expect for FY 2024, but considering you are shifting that mix, how should we think about the quantum of spend going forward relative to the historical spend that's been observed? Second question, also in reference to marketing, you've said that there's a difference in the return of this different marketing approach. Specifically what I'm interested in, is there going to be a difference in the lag between the deployment of that spend and the customer engagement? Can we expect a shorter lead time between you activating this different marketing approach and a better top line outcome? My third question's in reference to gross margin. Appreciate that there's limited color that's been provided on gross margin. My question specifically in reference to the second half gross margin, in that half year, we're going to be lapping the freight benefit of the second half in FY 2023, as well as the strategic benefit that's been observed in FY 2023. How are you thinking about that gross margin outcome in percentage terms compared to the prior comparative period? However the- Okay. Dan, I think the first two are yours, and then Sean, on the- Yes The last one, if you want to give more color on half by half gross margin? So, I guess I'll take this, the payback profile first. So, you know, I'm not sure, I'm not sure we would disclose the specific details of our payback profile on our marketing investment today, but what I would say is that I've rarely worked somewhere with such a short payback on its marketing investment, because we focus so relentlessly on performance advertising and because actually we have pretty good frequency for our customers that we acquire in the first year. So, we have a short in-year payback of our existing profile and the investment that we are planning to make, plus the change in the mix, we're not talking about a long payback on that. We're modeling payback in the first part of next year. And the reason for that is, frankly, we're dealing with a... From a brand perspective, we're dealing with, in the UK, with an extremely strong asset, and that's one of the reasons we're dealing with the UK first. So that- On the payback profile. I don't know whether anything to add on that? Mm-hmm. No? No. Okay, so from a spend quantum perspective, so we spent 5.5% on marketing last year. We're investing an additional GBP 30 million in marketing this year. One of the reasons we're making that investment is because the money that we do currently invest in, in performance advertising is, on the whole, extremely efficient. So it's not like we have a long tail, an extremely long tail of performance marketing activity that is inefficient, that we can therefore kind of reinvest in new objectives. There is some marginally unprofitable activity there. That's part of what's contributed to stronger, order economics through the year, so we have changed the mix a little bit. But on the whole, the marketing investment that we make today will continue to be, in the large part, in performance, and then we've invested on top of that in the UK in a full funnel approach. If during the year we see the response accelerate to that, we may change the mix more quickly. Still, if I may build on that, 5.5 + GBP 30 million is gonna take us to 6.5. Still way below most of our competitors, which is still a very efficient marketing investment versus what we see out in the market. Even after the correction of some of our competitors, they are on much higher levels of marketing investment over sales. Do you want to take that? So on the gross margin, the first point on the freight and duty benefit, we expect that some of that's still to continue because it's also, it's baked into our stock. So as that stock is sold, the benefit comes through. I mean, thereafter, you know, there is uncertainty in the world around conflict and oil prices and that, but in terms of what we've got baked into our stock, that freight and duty benefit will come through. And then the gross margin, I suppose, is a bigger question around you know, the level of discounting that we would choose to do in terms of to clear the stock and get to the new operating model. We'd expect, yeah, more of that investment to be in, in the first half because of where the autumn, winter stock is that we need to clear, and we'll be cleaner by the second half of the spring, summer. So that will, you know, naturally, give a headwind to the first half and a tailwind to the second half, and that's kind of how I'm, how I'm thinking about it. Fred? Good evening. First of all, just following up on the gross margin question. I guess I'm just a little bit confused, because on the one hand, you've actually called out, like, you are investing in incremental discounting to kind of clear through that stock. On the other hand, obviously, in fiscal 2023, you had significant discounting and have done a great job of selling through a very high proportion, even excluding the write-off. So actually, on a year-on-year basis, purely from a discounting perspective, would you expect that to be a headwind or a tailwind to the gross margin? That's my first one, please. And then the second one, just in terms of the product, obviously, you're increasing that proportion of Test and React. Can you just give us a quick reminder for the rest of the product, sort of your average lead times and so on, from a short and long-term basis? Because I imagine it's probably changed a little bit since you last talked about it at, like, a formal capital markets day and so on. That'd be great to have an update. Thank you. Maybe I can take the first one on guidance, and Sean chip in, and then the second one between José and Elena on Test and React. Just, I guess, in terms of gross margin, we purposely haven't given guidance. What we are focused on, very focused on this year is finishing the job that we started on cleansing the stock profile. I think in terms of exactly what level of discounting that will require as we look into the year ahead, we can't predict that at this stage. We obviously have our view, but we want to retain the flexibility to make sure that we enter 2025 in the best possible position to operate on our new commercial model. And the way that the model's performed over spring summer is what's given us the confidence to really focus on that. We want to get the business into the right place, and kind of operating on full fire in 2025. So, you know, sorry to not give a specific number, but it's giving us... The real focus for us is cleansing that stock position. You want to start on the- Go ahead. Okay, on your question about what we're doing with the rest of the stock. It's true, we talk a lot about Test and React, and Test and React is a small portion of our stock. It's just as I, I think I used the word the forefront of what we're doing, but certainly we're doing much more. We have this program that we call Speed to Market, where we're accelerating all our delivery to market. Obviously, when we talk about accelerating, and maybe I will hand over now to Elena, she can give you more concrete figures about that. But when we're talking about accelerating, we have to make a difference between the long lead and the short lead. So obviously, accelerating means doing everything faster, but it's always gonna be faster at T-shirt than, than a coat, so just to make this difference. But we are in the process of accelerating everything, and we have already seen part of that. Maybe, Elena, you want to take that more- Yeah. Just to complete what he has said, because, at the end, this is the key thing, no? Like, we have two speed lines. We have short lead and long lead, and both of them are very different because of the geo locations of the country of origins where we are producing, which is kind of obvious. So then, our lead times can go when they are not in this end around from five weeks to 12 weeks, depending on how we are bringing the goods, which country of origin is this one. But, what we have done, which is really the differentiator, and probably give us some room for improvement in the future, is to design that minimal critical path that we were saying before. So what is the minimum that we should be doing to aim for those days of lead time in each country, in each supplier, in each type of product? We have to go to each and every detail of the product and the supply chain to understand what is that number. ... as an average, it could be that one, but we don't work with average, we work with every single product. David Hughes from Stifel. On the kind of tail of unprofitable customers that you've talked about before, I think previously you talked about, you know, this, this group losing maybe GBP 100 million. Obviously, you've taken actions to try and address that. How, how much has that changed? Or any kind of indicators of how much that's moving in the right way, and how much those customers have already been dealt with or, or made more profitable? And secondly, just picking up on kind of the markdown side of things again, obviously, you've had quite a lot of success in reducing the amount of stock. Any, any color on how much markdown's been needed to do that, and then how that compares with when you get to your kind of in-season markdown, nice profile, that you're looking at what a steady state might be and where you're trying to get to? Or just something on the level of difference you're seeing there. Okay. Dan, do you wanna take- Yeah. the unprofitable customers, and, José, do you wanna take... If there's anything to add on the second question? Okay. David, thanks for the question. Good to see you again. So yeah, I think the last time you were here, we were talking about that 6% of customers, something in the region of a GBP 100 million loss. I think that actually hides quite a lot of nuance within it. And there are obviously some customers within that group that are extremely unprofitable, and our focus in the second half of last year was actually to, where needed, to kind of eliminate those customers from our offer. The focus going forward is actually to grow customer value. You know, some of these customers within that 6% group are extremely engaged with ASOS. They have very high frequency, but they shop in a way that maybe isn't profitable for us. So, the priority going forward is not to kind of eliminate those customers, but it's to tailor the offer to grow profitability. I, I don't think we're gonna update on that specific 6%, precisely because I said it's very nuanced within it, but I think the key output metric is the fact that, as, as I think Sean and José said, overall profit per order is up by 30%, and so, you know, a rising tide lifts all boats there. On the second one, so we were talking about, if you want, what we have done last year, what we're gonna do this year, and as I think you call it, steady state, right? And the steady state. So obviously, we're making an effort this fiscal year 2024, as we did in fiscal year 2023, to continue to finalize the cleansing of the old stock. As I mentioned, this 16% that it was, we didn't tackle, plus the autumn/winter of fiscal year 2023, that we didn't tackle, and that will be coming through the P&L of this year. No worries. Once we're over that, obviously, then the situation is gonna be different. We will not need to make these efforts. This is why we're saying, one of the reasons why we're saying that in our midterm guidance, that we think that our gross margin will be getting closer to 50%, because it will help to increase our gross margin by a reduction of discounts. Hi there, Ben Hunt from Investec. I think you last updated us and you informed us that you imagine the stock intake would be down about 30% for autumn/winter 2024 this year, with the options down 10%. Are you able to give us an update where you think spring/summer 2024 will come in? And does that play into the -5% to -15% guidance that you've given for sales in FY 2024? What's sort of driving, you know, where the range could end up being? And then just a couple of questions on marketing as well. I'm intrigued to know where you think the brand search share is going. And then second, can you give us a number maybe on what is the actual percentage of organic search visits? Okay. José, maybe you can tackle on the intake for spring/summer. Sean, if you could comment on the range on guidance, what drives the range between -5 and -15? Mm-hmm. Sorry, was it an update on market of brand search share, your third question? One, which way do you think the brand search share is going to? Yeah. Any idea? And two, do you have a number on the actual organic searches? That feels like a Dan question. Yeah, yeah, and those two I can answer quite quickly, if you want. Okay. So going back to... I obviously, when you say spring/summer, you mean spring/summer 2024, right? Yeah, just to clarify. So obviously, we made a big effort of being very rigorous and flexible with our intake, as I mentioned before, during the spring/summer 2023, and we are continuing with that during the whole of fiscal year 2024. Making the effort we made in spring/summer 2023, that means that for spring/summer 2024, we see a much more stable intake. But remember, I said rigorous and flexible, which means we're gonna continuously adapt to whatever we see that is coming. That might mean that we see that the environment is getting much worse, and then we will have to correct it, or the environment is getting much better and our performance is better, and we will also correct it in the opposite direction. That's the beauty of a more flexible model. Even though the flexibility will not be 100%, but obviously having more flexibility on our own brands and on our brand partners will give us a better capacity to adapt. But we are not foreseeing right now a major correction in the spring/summer 2024 intake. It's gonna be more or less level. You want to take the guidance? So, the two questions. So brand search is a public data set. So we use Google Trends. We're given that by Google, but it's a public data set, and you can find it yourself. You know, when you look at the UK... the share of search within the market as a whole has, you know, gone towards Shein, who are a relatively new player and growing very quickly, and also towards Vinted, who are, again, a very new player. Within the rest of the kind of body of existing players in the market, you know, there is less movement. But in part, it's the growth that's gone to those players that has affected our share of brand search, but as has been declining over time. In terms of direct visits, I won't give an exact number, but a majority of our visits are direct. We have a very strong unpaid, paid profile of visits, which is, you know, stronger as you would imagine in the UK, because of what I referred to before as the existing brand asset. That's why the point of that program is to grow that because, you know, that's an area that has suffered a little bit this year and is kind of critical for customer recurrence. So, yeah, on the revenue guidance, I suppose the revenue guidance for the year is a function of the shape of the year. So you think about your first half continuation of P4 trends, got to clear some of the older stock. Market's uncertain. We still haven't lapped fully our back to basic actions. So coming into the second year, once we've lapped, the spring summer stock is clearer. It's performing. It's a bigger part of the performance. It's on the newer pricing model, smaller part in the first half, second half is a bigger proportion. And that's, so really, it's about thinking about the shape of the year. So a certain amount of market uncertainty, and then about the level of discounting, and that we will be driving sort of brings you to that sort of, yeah, a range, 'cause it's— there is a precision. If I can build on that, obviously, you see the volatility in the market. That is not new to you. We see that we did a lot of actions during fiscal year 2023, and some of these actions will have an impact, especially on the first 6-9 months of fiscal year 2024, for obvious reasons, because it's the full year impact. But our obsession is to focus not on the short term, but on the value creation. Our obsession is to focus on pretty much the plan we have shared with you today on bringing the right stock, making excitement. Because we see that when we do it, our consumers react and react very positively, and they come with and they buy full price, and then we can... So our obsession is to accelerate as much as possible going into this virtual cycle. We think that, as Sean was saying, obviously, the first half is going to be more difficult, then we will see better numbers during the course of the second half, and even better numbers during the course of the last quarter of the year and going into fiscal year 2025, and that's where we're focusing. Hi there, Andy Wade from Jefferies. First one from me, and touching on what you've just talked about there, really, I suppose, you've talked about a returning to revenue growth in Q4 FY this year. Could you sort of outline the key building blocks that you think are going to get you there? And presumably, some of it's annualization of proposition changes, some of it's to do with the improved operating model working through. But if you could just outline those, I think that'd be really helpful. Second one, on your medium-term aspiration. So we're talking about medium term, 6% EBITDA margin, and you got 3%-4% CapEx coming off that, plus you've got rent and interest, which are going to be a couple of%. Are we sort of saying that the medium-term goal is 0%-1% on a sort of margin? Is that, is that where we're at? And then the last one, Shein and Temu. You obviously touched on Shein just there. How do you view them as competitors? And I guess, how do you compete against them when it doesn't really feel a very level playing field? So interested to note that. Okay, José, I think most of those are for you. Returning to growth in P4, perhaps Sean- Mm-hmm. If you want to clarify on the midterm guidance aspirations, and I can help. And then Shein and Temu, I think that's probably back to you, José. Yep, yep, yep. So back to growth in P4. Obviously, the first, if you want, thing is gonna be that we will start with a much better stock profile, and we will benefit from that. And that will... I did an attempt to explain how this will play in our numbers, but I acknowledge it was not an easy one. So obviously, having a better stock profile will help us to get better margins, to get better sell-throughs, and to get better connection with customers. We think that also the effort we're doing in marketing will help on traffic, so we will see a better evolution of traffic in P4. That will also help. The quality of our stock will help with conversion, and the reduction of discounts will help with the basket value. It is true that basket value might be, to a certain extent, impacted by the price reduction that Elena has mentioned. To be honest, so far, we are not seeing that impact, but it might... We are counting with a certain impact. But pretty much, we're expecting an improvement in most of the key metrics, a lot of it coming from the strategic changes we were announcing today. Yes, on the medium term, the six percent, the roughly 6% EBITDA margin was 25, so that's not a cap. Yeah, the medium term would be growing beyond that on EBITDA because of the margin, well, you're gonna get a lot. The revenue growth is gonna give leverage benefits. The gross margin is gonna benefit from less discounting and better full price with, you know, faster model. So the six will grow over time, and then the 3-4 of CapEx will shrink over time. So, yeah, the combination of the two means that there's progression in sort of an EBIT or a cash EBIT. ... The target is to grow- Invest a bit. Well, so it would, to grow from the 6%, with the margin falling towards the 3%. And Shein and Temu? So on Shein and Temu, obviously, they're, they're one of the big things happening in the market, and you mentioned probably quite a few things. First of all, is how do we see them as competitors? How to compete with them, and you also talk about leveling the playing field. The last one I'm gonna leave it for the politicians, if you want, but certainly not for us. We are gonna focus on the first two. So obviously, they are big competitors. They are growing a lot. Clearly, they are competing among themselves as well, which is quite interesting. And I didn't mention that here. I think I mentioned that with the media. Sorry, I don't... I'm forgetting what I said, where. Clearly, there is a reaction of the consumers, especially in times of crisis, and we see in our portfolio, one of the beauties of our portfolio is that we have a really wide range of prices. We see in our portfolio how consumers are moving towards certain prices, so they're moving toward more attractive prices. We see that. That's clear. That happens during times of crisis, and that is not new. That is the same that happened in the previous crisis with the growth of some of the value retailers, like Primark back in the days. The way we compete with them is we do not want to be the cheapest guy in town. We don't wanna be the cheapest source of clothing. We wanna be offering our consumers the best fashion for the money. We wanna offer fashion at a competitive price. That's why I always say we price competitively. That's why I always say we will move, and we feel comfortable. We have the platform, if you want to move, if necessary. And we want to invest as much as possible in bringing this excitement back, in bringing the best product with the best customer experience and the best image around the best marketing journey. That's how we fight with them. We don't, we are not going to break any of our sustainability, ethical commitments to fight with them. We are not doing that. We believe that fashion has to be sustainable and ethical, and we do not believe in being there, selling T-shirts for GBP 2. So that, that's... Our ambition is to sell T-shirts at a competitive price, but that are T-shirts that are really coming with a fashion statement around it. Hi, it's Caroline Gulliver from Equity Development. I had a follow-up question to Andy's first question, actually. You obviously saw significant operating deleverage in full year 2023. Do you feel you've taken sufficient action on head office and overhead cost, given the guidance for further sales decline in full year 2024? And do you feel you're now the right size for where you see the business in full year 2025 and beyond? Dan? You wanna do this one? Yeah. You saw from the H1, H2 splits that we've taken plenty of action in the second half, both on sort of fixed costs, but also the benefits coming through from the lower stock in terms of the network, and that will continue. Now, as you've heard today, is about growth and getting back to that growth. In running a business, we're always gonna look at the cost base, but we feel that we've made good efforts and good strides in 2023, and now it's about getting operational leverage rather than, you know, actively pursuing that cost base. But, you know, we have to run an efficient business. We look at it all the time. But yeah, we're pleased with what we achieved in the second half. If I can build on that, during fiscal year 2023, we have developed this muscle of being very rigorous and very relentless in making sure we make the best use of our resources, and that is cost, but that is also CapEx, if you want. We are not giving away this muscle. This is, this is never gonna stop. We're gonna be always as focused and as relentless, as obsessed in making sure we make the best use of our resources. That doesn't really mean we are going for a massive cost cutting, but it means that every day we question everything we do, and if there is a better way to do it, we are gonna do it. And that applies to everything we do. I think Lichfield is an example. We question everything we do every day. In this business, every day, we start from scratch. Like, tomorrow morning, we will have zero consumers. We at 9:00 A.M., whatever. I mean, we don't open at 9:00 A.M. because we're 24/7, but we'll have zero consumers. We have to reinvent everything we do every day, and this is clearly one of our commitments. We started this year. This is not gonna stop. Good morning. It's Anubhav Malhotra from Liberum. I had a couple of questions. Firstly, on the Test and React, I can see how that helps full-price sell-through, helps gross margin for your own brands. But I was thinking, how do you improve the gross margins on the third-party wholesale side? And are there any specific actions that you are taking, although I do see that you have mentioned Buy the Look as one of the things that you're doing and marketing investment, but are there any specific actions that you think you are doing? And in relation to that, the visual language that you curate on your website, that's something that's an extra additional effort that you do on behalf of the brands. Do you think that gives you a competitive advantage in terms of the buying negotiations you have with them? And do you have, compared to other models out there, do you get a better margin out of it? Thank you. I think it's José, on the destination for style and the benefit that has for our relationships with third-party brands. And then, Elena, perhaps on the first question, you want to talk a bit about partner fulfills and ASOS Fulfillment Services and the benefit that has for our gross margin. You want me to start? So let me start, if you want, and then I give way to Elena. Sorry. So on the visual language, we make a lot of effort. We are really proud, for instance, of our studio here and the visual language we create. And actually, every time we have one of these partner brands visiting us, one of the things they are always really loving is that, to the point that I recall having a conversation with one of them and joking. I said, "Ah, we might close it." And he said, "Oh, never do that! This is amazing. You guys do better pictures than us." One brand said that. So, we of course see that as a competitive advantage. Of course, we see that opening us doors, that maybe our geographical footprint would not justify in a different way. So that's why we have the type of relationship we have with a lot of brands that is really good. We have amazing relationships, not only with the sports brands. Today, we have used a lot of the sports brands, but the same applies to some of the big fashion brands. Actually, I use a quote of PVH here, and the same applies to a lot of them. We use that a lot, and that helps us to access assortment that is more inspirational, that helps us run campaigns like the one I showed today with Puma, and we've done similar things with Adidas, we've done similar things with other brands, we've done similar things with Polo Ralph Lauren or with the brands like that. That will continue happening because we open for them the access to either consumers they really struggle to find. We are one of the very few big retailers who sell more sports goods to female than to male. That is clearly interesting for the brands, in this case, the sports brands. But we also open them the door for new occasions with their own consumers. So people that would not think of this brand in a specific environment, we open this environment. It's clearly a competitive advantage. That's what we're saying. What we're saying is we want to double down in this competitive advantage to make it even more exciting. This is quite difficult to replicate because most players in the market either sell only one brand or they are pure retailers, meaning that they are so, so focused on a cost optimization. They don't reshoot, they don't restyle, they do anything like that. That is quite unique to ASOS. Okay, in terms of the, of the models, what we have been covering today is that having more models, having this Partner Fulfils and ASOS Fulfillment Services to, to increase the flexibility that we offer to our partners, is the right blend for profitability as well as flexibility, and to have, as always, we are saying, the best assortment possible. So I think what we are now, what we have now is much more flexibility, which obviously impact us, in the, in the gross margin. Yes. So, for the first question is just a follow-up on basket values. So can you comment on, you know, the second half, the increase that you saw is, again, mostly a function of price that you commented earlier. Is there, you know, an impact of promotion and full price as well? And if so, can you give us with some quantification on that? And then the second question is, again, you know, having seen September and October through, are there any particular geographies that do stand out in terms of performance, having a slightly different run rate from before of 2023? Thank you. Okay. Sorry. So, yeah, they take it, no? Okay. So on basket values, we saw a very good development during the course of last year. This development is mainly coming from the average price consumers are paying, while at the same time, we kept pretty much flat the size of the basket, and I think this is very important to say. As you might recall, one of the things we did last year, due to the inflationary pressures, we increased our prices, as by the way, the rest of the market did. This increase in the average value of the basket is coming, a big chunk of it is coming from the price increase. But this price increase is the price consumers pay at the end, which means that we managed to keep the price increased. We did not discount it so that the final price we were receiving was lower. So it's both. It's we increased the prices, and we did not discount beyond this price increase. I don't know. Then, this is probably getting into a territory that is complicated, probably not for here, but the fact that we made an effort to liquidate old stock had an impact on this stock, but the mix of both was pretty much flat, which means that the old, the new stock was sold with a lower discount. And that's when I was mentioning that we see very good results on the new lines. We see that the sell-through of the new lines is higher, and the final gross margin, because of a reduction in the discount, is higher. So we are seeing both elements. We are seeing that sell-through is working better, especially in the new lines, in the new line, and we are seeing that the price increase. Which percentage comes from what? To be honest, I, I couldn't answer. Then the other question was... Sorry, I already forgot. I got- Current trading. Oh, current trading. So obviously, we with the beginning of the year has been quite volatile. I mean, macroeconomic conditions, geopolitical conditions, weather. We had had a very warm September that, as you, as you know very well, is not good for us. There has been a change in the weather in the last weeks. We're very happy and very grateful for that, and obviously, that is, that has a reflection in the performance. We still see the volatility we saw in the end of last year, and that is not changing yet. Obviously, we are still going over the full year effect of the measures we took in the second half of last year, and that is having an impact. Someone mentioned before the customers that we took measures that were not very profitable. Obviously, that is having an impact. But we are very happy to see that what we did is working, and we are really focused on accelerating that transition, and this is our concern right now. Not so much the short-term performance as how fast can we accelerate the transition and expose our consumers to the full-fledged value proposition of ASOS. We're way over time. Quite bad moderation on my part. So, I talk too much. If you want to wrap up with any closing remarks over there. Okay. Well, first of all, thank you very much for being here. I think you guys deserve a lot of credit because to be almost more than two hours in those chairs, deserve all our... So thank you very much for being here. It is obviously a very exciting moment for us. We see that this is the moment to accelerate. This is the moment to double down on making ASOS unique. We are very excited about doing that, and we are very excited about coming back in the next time we meet with how this transition is evolving and to bring back to the growth path as soon as possible. So thank you very much, and hope to see you soon again.