Well, good afternoon, everybody, and a very warm welcome to what is my first capital markets presentation to you all as the new Group CEO of Revolution Beauty. Some of you know me, some of you don't know me, but I've actually spent my career to date with some of the world's best retailers, and beauty retailers in particular. So Boots, Walgreens, Tesco, No7, these are brands that you will know and you may love. I've also been lucky enough to live and work in Europe. I've also lived and worked in Asia in the beauty industry, and recently I actually spent eight years in Chicago, took my family to Chicago. And I was the Group Vice President at Walgreens, where I ran a $6 billion beauty and personal care business. And my team actually were accountable for making the decisions over which were the newest and the hottest, beauty brands that we would want to offer to our kind of consumers. Interestingly, we did put in Revolution Beauty. And it's this experience that honestly has brought me to Revolution Beauty today, and I'm absolutely delighted to be here with you all, after about 100 days, to be sharing our very clear and very focused growth strategy, with you all. So what are you going to hear from us today? So the first thing you're going to hear is that Revolution Beauty has significant headroom to grow in a very attractive global beauty market. You're gonna hear that the new Reigniting the Revolution strategy will deliver long-term and profitable growth. Our vision is to revolutionize beauty for every you, and become a top five mass beauty player by 2030. The strategy is anchored in three major things: driving the master brand, and you'll hear why later, powering up our core categories, and really focusing on global growth where it matters. We're actually gonna self-fuel this growth with a smart cost-saving program, which we'll talk to you about, and we're gonna underpin that global growth with key enablers, smarter operations, improved financial rigor, and a strengthened team with a real renewed energy. So ultimately, you're gonna hear how we're gonna deliver strong returns for our shareholders today. Now, joining me in the presentation today are some key members of my newly constructed executive team. So we have Ali Hollingsworth, who's our Chief Marketing Officer. Ali has deep brand and marketing experience from some of the world's best beauty companies, LVMH, Coty, and Charlotte Tilbury, to name a few, so absolutely delighted, she's on the team. Steven Vanoli, our new Chief Operating Officer, who has fantastic operational experience from the best retailers around the world, and his last role was actually at Primark. And then we also have Neil, our newly appointed Chief Financial Officer, that many of you already know, who actually joined our board in the summer of last year and stepped into the CFO position, in January. And between Neil and I, we will be joined. We have a very highly independent, experienced new board, and it will be our role to make sure we deliver incremental returns for our shareholders. In terms of the presentation, what you're gonna hear from us over the next about hour, hour and a quarter, is the following. First off, I'm going to give you an outline on the strategy that I'm talking about, Reigniting the Revolution. I'll then hand over to Ali, who's going to take you into the detail a bit more on how we're going to power the master brand and power our core categories. What does that look like, and how will that drive growth? Then I'm gonna come back and talk to you about the global growth, where we're gonna focus, and how we're going to deliver. Steven will talk to you about smarter operations. You know, it's no good having these growth ambitions if you can't ultimately deliver on them, and so Steven's gonna talk to you about how we're gonna make sure we can absolutely deliver on those expectations. I'm gonna come back and talk to you about what I believe is our biggest asset, the team, Team Revolution, and then Neil will talk to you about how ultimately we're gonna fuel that growth with a cost-saving program, and ultimately, what that will look like for what we're hoping to deliver for everybody over the coming years. Okay, so now to kick us off, what I actually wanted to do at the beginning of the presentation is, I kind of wanted to take you all under the hood of Revolution Beauty. We've created a bit of a video, so you can really understand what's really special about this company, these brands, and the people that work for it. Let's have a look at the video. Revolution is a brand that really disrupted the industry. Revolution was an absolute trailblazer. The brand is that sort of like edgy, young, passionate, dynamic brand. There was a brand that was listening to its social community, and then it was creating product on the back of it. We were the first mass brand to show up with 50 shades of foundation. There was a speed and a pace of innovation that I think was really exciting. We are. Revolution Beauty. I'm Lauren Brindley, and I'm the Group Chief Executive Officer of Revolution Beauty. I'm very passionate about this business. I'm very passionate about this brand, and I love it. Hi, I'm Erin Cast. I'm the new North America President, and I think the brand really stands for something different. The products are amazing. They're high performance, but they're very accessible, and that's what's so beautiful about it. My name is Steven Vanoli. I'm the Chief Operating Officer. I've finally arrived at my home, that is beauty, and I've been absolutely astounded by the talent which I've seen in the business. I'm Alison Hollingsworth. I am Chief Marketing Officer. I am so thrilled to be part of the new leadership team. You know, it's a real privilege to be working with Lauren, Neil, and Steve, and Erin. We all come with incredible industry experience. It is now in our hands to take it forward. Everybody here just genuinely loves this business, loves these products, and kind of gets really passionate about it. I was a hardcore Revolution fan. I had, like, a makeup group, and we'd all sit and refresh the website. I still pinch myself every day, thinking that I actually work for Revolution. I kept tagging them in every post. I'm like, "Please notice me. Please notice me!" And then a couple of months later, I'm starring in a campaign. Everyone's super friendly, super nice. We have team shoots, which is really fun. All of us, at one point, have been featured on the social channels. Yeah, even the dog. The heartbeat of Revolution really is our community. The customers dictate on social media what they need. If you guys want something, we're gonna find out, and we're gonna give it to you. Makeup is art. It is an opportunity to take control and be as creative as you want. Everyone should be able to express themselves, and doesn't matter what ability you have, and I really respect that from Makeup Revolution. At working with Revolution, I got to experience so much, and we're having discussions where I felt like they'll actually listen to my opinions. I use what's authentic to me, and Revolution goes, "You know what? You fit this, so let's piece the two together." And I think that's why it feels genuine. Revolution is just 10 years young, and it's actually had extraordinary growth to be in more than 70 countries. There aren't many brands that really were able to scale as quickly. Where it takes other brands three years to identify a trend and push it out, you know, we're collaborating with consumers and bringing that to them within 16 weeks, which is incredible. There were probably moments where we should have pressed the pause button. We've maybe, you know, gone too wide in terms of what our offering is. Sometimes we need to allow our product to sing, and to sit there, and to be discovered, and actually, by pausing, it gives us that headroom to be more agile. We do have quite a lot of pivoting work to do. We will focus on the biggest geographies, the biggest product opportunities, and we will be refocusing back on the master brand. I really want us to start to power up our core. We are really looking at how do we bring products to market in the right cadence, and what's the volume that we bring? It's getting that balance right between these icons that really should be a very ongoing, sustainable part of our portfolio and new items. We have our own in-house manufacturing, which also allows us to be master of our own destiny. It's really about going for growth, focusing on the biggest opportunities, working with the world's best beauty retailers. There is a clarity and obsession that we must produce absolutely amazing product. Every single product you pick up, you can guarantee that it's gonna have that really high-end feel. We're listening to the community now about what do they want us to be revolutionary about moving forward, and then lead positive change in the beauty industry. Diversity. I wanna be seeing, like, different people with different skin tones, different skin textures. Zero skin retouch. I really wanna see lines on the face. I wanna see pores. We are community connected. Incredible value. People are starting to realize that you don't need to spend a lot to look good. Always real. I think it speaks to that Gen Z consumer who doesn't wanna be talked to, but really wants to become part of something bigger. We are 100% cruelty-free. Inclusivity. There's not a lot of makeup brands who are really direct with somebody who has a certain disability, and they're just like, "How can we make this easier for you? The potential of this brand is just so exciting. This truly could be a top five beauty brand. You can feel the energy. Everybody's excited. Everybody's just really ready to go and smash it in 2024. We are. The beauty. Revolution. I hope you enjoyed that. I thought it was really important to just kind of pull together for you all, really a great example about what's so unique about this business and what's so unique about the brand. Let's get a little bit more into the composition of the company, and the business, and where we are today. You know, I think, as you can see, you know, we are a global beauty brand business. I think it's really important that I say that we are not a retailer. We are a global beauty brand business. You know, we design, create, and manufacture beauty products for the best retailers across the world, okay? I think that's really, really important, too, to understand. We are already scaled, which is great. So obviously, in our last published set of annual reports, we were at GBP 187 million on global net sales at wholesale. Now, from a retail perspective, we are already worth. R Our brands are already worth GBP 370 million at retail value. So as I talk later about the ambition, it's really important that everybody understands we're already at scale, a good scale today, but we have a huge opportunity for headroom growth. We're already in 75 global markets, and I'll talk to you about where those are in a little bit. 344 employees worldwide, including our manufacturing, and we have 7 million and growing social media followers. And actually, just talking about our relevance, so in December, this last December, we were a top five brand on TikTok. Top five, not just mass, across the whole of, beauty. So that just shows really how relevant that this brand is, and that we're still engaging in a really relevant way with our Gen Z consumer. As you can see from the pie chart as well, we still are majority of our business today is still in color cosmetics, is still in makeup. Closely followed by skincare is our second category, and then a few other categories, other beauty categories, like hair and fragrance, after that. But still today, almost 80% of our business is in with cosmetics. And let's talk about our international routes to market. So, you know, I think that we have we do have relationships with the world's best on and offline, beauty retailers. The composition of our business today is about 80% of our business is done with, I call them omni-channel, brick-and-mortar retailers, and about 20% is done pure play, pure digitally. So those sales are just completed with pure play digitally. That is split pretty evenly between our own direct-to-consumer business and working with third-party, kind of like digital, kind of pure plays. As you can see, we're also pretty balanced in terms of our global footprint, and I'll come back to that, in a little bit. Here on the right-hand side, you can just see a selection of some of the retail partners. That's not a holistic list. That's just some of the ones that you're most likely to know, but the key point really is we are working with the best in mass beauty, and that's definitely the strategy and will remain the strategy. Interestingly, this image, I hope you can see from the back. This is an Armand shop-in-shop. We actually have two franchise shop-in-shops right now, and we already have another five planned. You can see just what an amazing expression of our brand this is. This is probably, this is probably one of the largest footprints that we have anywhere in the world. Interestingly, we're actually the number two makeup brand in the Middle East, followed. Number one is Maybelline. We're number two, which I think is really exciting. We've already launched in the Middle East in 778 stores. And with the market in the Middle East actually is planned to be a 12% growth over the next several years, the potential even in just that one market is huge. So when you think about us, we are still only 10 years young, but in some of our markets, we've already been able to deliver some scale. And what's great is we've got the ability. We're already quite advanced in potentially in some of the markets that are gonna have the biggest potential for growth over the next three years. Now, I think since joining the business, you know, and working with all of the brands in the industry, at some point in my career, I've really identified that there are some really unique capabilities of this business in particular. I wanted to talk to you about what I believe those are. The first one is our master brand, Revolution. Still drives 80% of the business today, almost, and it is a huge asset. It's not just a collection of beautiful, amazing quality products at accessible prices, the brand, the brand also has a huge amount of equity in it. It's really resonating with a core target consumer, and Ally's gonna come and talk a lot about that in later on in the presentation. Unique speed to market. So this is really, really unique from us. So Revolution Beauty has actually built an innovation platform that we can actually land innovation on our digital platforms within 16 weeks. Now, most beauty brands, it takes you two years. So we'll talk a little bit more about that, but that really is a unique strength, that we have this ability to socially scrape and create and get products onto our digital platforms in record speed. The next one is in-house manufacturing, and that is part of the ability to deliver on that pace and that speed. We have our own in-house manufacturing, actually in the U.K. Massive benefit for speed, but also obviously can help with improved margins, and there's definitely more that we can do with that in-house manufacturing as we move forward, and we'll talk a bit about that. The international route to market for mass beauty brands. There is something very unique that we built. It's a dual-track model for distribution. We work directly with some retailers in a certain group of markets, but we built our own distribution network for a lot of the other countries. In many cases, they are exclusive distributors just for Revolution Beauty. So it's not something that's shared with other brands. It really is unique to Revolution. As I've already said, we have strength in both direct-to-consumer and B2B. Some brands tend to be good at one, tend to be good at another. We've been able to successfully drive both of those levers, and I think that is really, really important moving forward because different markets around the world, you know, have different makeups, and you need to be able to drive a direct-to-consumer business to gain market share, and you also need to be successful at building brilliant businesses with your retailers. And then, goes without saying, Team Revolution, you saw a little bit of it. Some of them are in the room today. Very, very unique. They're creative, passionate, dedicated, diverse, and quite honestly, they're, they're very, very talented, and that's one of the reasons that I joined. So to summarize it, we are famous for creating with and for our community of beauty champions, for defining beauty trends, for innovating at pace, for offering the best affordable alternatives, for always being cruelty-free with a zero-retouch policy, and that will be really important in the world of, of AI, and for championing positive change for everyone. It's really those differentiators that quite honestly set us apart from the competition. So on the chart, you're gonna see, you see here, I've got price point on the x-axis, and I've got newness of the brand on the y-axis. It covers all the major makeup brands in the marketplace. Revolution Beauty, the great news, Revolution Beauty is positioned in the fastest growth box. We are accessible, value positioning, and we're in the box with the newer, more disruptive brands. So we're in the box with e.l.f. and NYX, brands that you all know. But we're the youngest. We're only 10 years young. e.l.f. is 20 years old. NYX was born in 1999. We're the new kid on the block, and so we have so much opportunity to kind of grow into that headroom. We've been able to already gain a huge amount of market share from these legacy brands that have been out for a long time and haven't been able to kinda keep up with the pace of innovation and really understanding the Gen Z consumer. We've also been able to gain market share from the luxury and the prestige side of the business as well. You know, right now, it's cool to be thrifty. It really is cool to be thrifty, and in the world of Gen Z, in particular, with transparency, you know, they can all see what's in their products. They want to know where the products have come from. If you can find a luxury quality product from a brand that cares about you and cares about what you care about, and it's at a great price point, quite honestly, right now, it's a winning formula. So I wanted to show you a quick video, and this one is actually created by an influencer that was not paid for. It was just organically created, totally outside of Revolution. I think it kind of goes to show how this whole generation are really celebrating the opportunity to really get an amazing product at an amazing kind of, like, price. Why would you pay GBP 30 when you can get the same quality, or if not better, for GBP 6? Gen Z certainly thinks that's, you know, that's what you should be doing. That's a smart move. And interestingly, you know, if you look at the hashtag dupe term on TikTok, it's already got 4 billion views, and it's climbing right now. So this is very much, you know, where Gen Z and where this social community, it's really about trying to. They want, they want the look, they want the, the product. They wanna purchase from a brand that means something and understands them. They don't wanna pay. They don't need to pay three or four times the price, okay? I wanted to show you an example of this innovation, fast-track innovation, that I was kind of, like, talking about. So interestingly, this is our soap brow product. So we socially scrape on social media every morning. So we look at what people are talking about on social media, on Instagram, on TikTok, and then we respond to that. We either respond to that by saying to our product teams, "We think there's an opportunity coming up here for an innovative product," or actually, we also talk about, maybe we should just kinda create some kind of content. In this scenario, we actually saw people on social media were actually using soap, like household soap, to actually stick up their brows. They were using a little brush, and they were sticking up their brows, which, trust me, using household soap on your skin and leaving it there all day is not, is not really the best thing for you to be doing. It can also go hard and crusty, et cetera. And so within 16 weeks, we essentially launched Soap Styler. So let's take a look. You can see, we launched that product within 16 weeks, and it sold almost 3 million within 18 months. That's the power of what we can do at Revolution. But it's not just about creating, you know, a new product. It's also sometimes just about re-engaging, using the products that we've got in our portfolio and re-engaging it in a different way. So this is actually a really recent trend. This is November. So on social media, we found people. The term cinnamon lip started to trend. So what was happening was influencers were starting to use cinnamon oil on their lips, essentially to get a reaction to create this amazing full, plump look. That's obviously not what you should be doing. It's not the right thing to be doing for your lips. So we could see this was, this full pout was definitely a trend that was emerging. So our in-house content team actually created some amazing content on TikTok, and they uploaded it within three days. So we actually have our own in-house media. They create. So we identify in the morning, we start creating content in the afternoon, we edit the following day, and then the following day, it was on our social channels, and we saw a 20% immediate uplift in our sales. So being relevant and where your consumer is and what they want when they need to be, truly is what's gonna drive sales with this consumer at this point. And the great news is that we are playing in a very large and resilient global beauty market, which I think is wonderful. So the global beauty market is worth GBP 460 billion, and the only time that this market has honestly declined in the last 15 years was 2020, when obviously all the stores closed and we were socially distancing. And the following year, it bounced straight back, and it grew, which is fantastic. It's highly, highly resilient. Even in times of difficulty, you might not be able to afford the new car. The new house, maybe the new TV, but you can always afford that lipstick or that mascara or that little pickup. And that's what Leonard Lauder, years ago, talked about as the lipstick effect. But what I wanted to show you on this slide was two things. One, which is the forecast for the market is predicted to grow 18% over the next three years. 18%. So there aren't many global consumer markets that are going to grow that fast over the next three years, so that's really exciting. We're in a very, very healthy market. And the second point I wanted to point out on this slide is that actually, look at how big skincare is. 41% of the global market is skincare. Now, we today play a lot majority of our business is in the color cosmetics area, which is 19%. We have an opportunity to revolutionize our skincare business and to really grow into that, 41% of the skincare market, and we know we can do it because our skincare has already got off to an amazing start with our Miracle franchise in Pro. So many of you might know or you'll have seen maybe in press, people talk about our Miracle Cream, again, being this amazing, affordable alternative. Interestingly, that product is only in a fraction of our global distribution. So even before we go and create new, we've got something winning that we could potentially take around the world with us into our areas that we've already got a major makeup opportunity. So great beauty markets. You know who we are, what we do, and why we're different. But let's talk about how we're gonna drive growth, because that's what we want to talk about, right? So our vision is to revolutionize beauty for every you and become a top five mass beauty player by 2030. I talked about that at the top of the meeting. Our mission is, with our community, we champion real beauty and positive change for everyone. We're going back to our, our roots. We're going back to what this business was always set out to do, and we're gonna put it on speed. We are really going to power it up, which is amazing. It's compelling, and it's exciting for everybody in Revolution Beauty to have as that mission, for us to, to constantly be working and striving towards. Our growth priorities, we have three. First off, the master brand. So really powering up the core Revolution brand, that really is. R eally the biggest asset that we have. Powering up our core categories and really taking them into a new global audience, makeup and skincare in particular, focusing on that global growth, and I'll come and talk to you about where we're going to focus and how we're going to focus on global growth later in the presentation. And the strategic enablers, already said, Team Revolution, smart operations, and fueling the Revolution. The plans we're laying out today will take our retail from that GBP 370 million, that I talked to you about at the beginning of the meeting, to GBP 1 billion by 2030. I have confidence we can do that, because if this is actually a chart of just the makeup market, today, we're already globally, actually in number 13th, we're number 13th globally, from a mass makeup perspective. Here we are, right down here. Now, even just in makeup, getting to number five, which is more than doable when you see the plans we're going to outline this afternoon, takes you to GBP 1 billion, and that's before we look at other brands, that's before we look at, at skincare in a really, really big way. So it's ambitious, but it's realistic. But now, in order to get there, we are going to have to simplify our business. We're gonna have to simplify to accelerate. We are moving from seven brands and 11 categories to three brands and seven categories, okay? Sorry, 11 categories down to seven categories. A significantly simplified portfolio. So why? Why are we doing that? Because we wanna grow. The proliferation of the brands over the last two-three years has led to some specific issues for the group. We started creating a huge amount of NPD to drive the sales, but it came at significant cost. This led to a bloating of the stock, and a huge supply chain costs, trying to get all of those products to the right places around the world. We also exploded our marketing spend costs because we kept changing, we kept changing the SKUs all the time, so the cost actually of changing your inventory and changing your assortment at retail is very, very high. So that was also a huge cost for us as well. It also meant that the company's cash was tied up in slower-moving stock, impacting retailer service levels on the products that really mattered, and honestly, the products that consumers really wanted to buy, and actually a lot of new consumers hadn't even discovered yet, but, but were truly amazing kind of products. Those poor service levels impacted our ability to drive sales, and it started to impact our retailer relationships. But the good news, the good news is that the company has started the simplification. We are producing less NPD, but it's more powerful, and Ali will talk to you about some of that, and you can even see some of that around the room. Still more than most of our competitors, we are still gonna be the most innovative mass beauty brand out there, but we can still do that. We can still be more innovative and reduce the amount of complexity within our organization. We are reinstating what we originally set out to do, which is a digital test, learn, and then scale model. So what does that mean? It means that we minimize the marketing stand costs. We have much more confidence that a product that we're launching, when I take it into Target, this is definitely going to deliver more than the one I'm gonna take off the stand. I'm going to drive the retailer's productivity, and I'm going to drive our sales, okay? And I'm gonna do it profitably because I also know this is a higher margin item, okay? We've already cleared a huge chunk. The good news is we've already cleared a huge chunk of the excess stock and the SKUs we're gonna come away from. We're already progressed through that process, so we're not starting from scratch, which I think is great. You already know we've reduced our stockholding from GBP 100 million down to GBP 50 million already, and we've become profitable again. This simplification, this focus back on our best assets, our power SKUs, it releases investment to drive growth in the right way. I thought I should also show you this, because I think this also really explains that model. So what you can see here is the core master brand Revolution, today still drives 77% of global net sales, but it only actually takes up 57% of the SKUs, and therefore the variable cost of the business. The stuff we're walking away from, it's delivering 13% of the global revenue, but it takes up 25% of the cost of the organization. By coming out and those SKUs are less profitable. They're a lower margin than core Revolution. So by diverting that cost and really pushing it into innovation, into the right places, into marketing, into expansion, into new geographies, or even just expanding with our existing retailers, we can drive significantly more growth at a more profitable rate than we have over the last kind of couple of years. So what does that look like? So we're gonna reinvest those dollars, and we're gonna drive growth. Let's talk to you about the building blocks of how we get to GBP 1 billion. I think the first thing I wanna say is that these building blocks have absolutely been validated with bottom-up builds and using multiple data sources. So it's really important that you understand this. Since I joined the organization, we've been through a very rigorous three-year planning process, okay? So we've got, we've got real confidence on the data that supports these building blocks. As you can see, the first thing is we are gonna have to simplify. We're gonna have to do some cleanup. So you can see here I've got GBP 26 million, which is going to come out from focusing on those master brand. Now, a lot of the SKUs I'm gonna bring out, quite honestly, they transfer into another product 'cause a lot of them were cannibalizing each other anyway. So just taking that SKU out, I don't necessarily lose all of those sales. Some of those transfer into, into a SKU next door that was doing pretty much the same thing and is at a more profitable rate. But I still will lose some element of it, and then I've got the reduced clearance activity in the first half of next year, because as you know, we had to do that massive stock clearance at the beginning of the year. That gives me a new base. From there, we grow. So the first thing is the market growth. You've already heard about that, 18%. Innovation and NPD, you'll hear more about that from Ali, but actually really focusing on fewer, bigger, better in terms of our makeup strategy. You've already heard me talk about skincare three or four times in the presentation, what an opportunity that is, and we've already started on that journey. How do we power that up? Distribution. We've still got. Even though we're in 75 countries and the best retailers in a lot of cases, we're actually in a lot of cases in quite limited distribution. We've got an opportunity for more stores, more space, and in some instances, getting the right brands in those retailers. New global retailers, we still have opportunities in new markets and new territories with new global retailers. Direct-to-consumer growth, by refocusing on the profitability and relooking at creating an experience, we know we can drive more growth, especially in the U.S. and price and promo. So we are not talking about inflating costs overall here. I'm talking about creating good, better, best, which naturally drives our average selling price up through innovation and really making sure we drive people through our ranges. I'm also talking about promotions that try and incentivize. Most people only put one Revolution product in their basket today. We need to put promotions out there that get people excited about building a regimen. Put the lip liner with the lipstick. Put the concealer with the foundation. Suddenly, we're making a huge amount more for every single transaction, and I'm getting more of those SKUs in people's baskets from there to try and kind of fall in love with. So hopefully you can see from here there is a really clear route to this GBP 1 billion, and I also want to say a few other things. This doesn't include any M&A activity in this period. We need to focus on the master brand and the current business and getting that right first. But do I believe that the unique distribution that we have built today, potentially we could put other brands through it? Absolutely. But we need to do it at the right point in time for the company. It's not right now. We also have two other brands that we will talk to you about a little bit that also have huge opportunities that again, is not built into this number. The first one is Relove. Relove is an opening price point budget brand, essentially. It has a whole different distribution opportunity with it, through the discounters, through the grocery channels. This is a whole distribution network that we don't have opened up today. We haven't built that in because we need to do more work to make sure that we're really ready to go before we unlock that strategy. And we also have a brand called I Heart, which really resonates with Gen A, so it's younger, it's more lifestyle, it's more fashion. Some of you may have seen that, you know, in Primark or Superdrug. That also has a huge opportunity, and we really have a very small distribution on that brand today. So we're in discussions already about where could that brand go, and how would that brand come to life? That, again, is not built into this. So we still have opportunity, but there's obviously a lot of work to be done first, and I think that's the key point that I wanted to land with you. Okay, so you've just heard me talk a lot about the brand. So now I want to hand over to Ali, who's gonna talk to you about how the brand is actually gonna come to life. Ali? Thank you so much, Lauren. Gosh, what a beautiful looking bunch! Just right for our beautiful brand. So we've just heard Lauren talk to the power of the master brand, moving away from 7 brands to 11 categories, to really focus on the biggest growth opportunities for us. I just wanted to pause for a moment and walk you through exactly what we mean when we talk about master brand. Quite simply, we're going back to the genius of where it all started 10 years ago. We're going back to Revolution Beauty. We're moving back to the most single powerful brand entity and equity that we have in our portfolio today, those 60% of SKUs that drive 80% of our business. We're creating a unified and immediately recognizable brand that transcends geographies, whether you're shopping in the U.K., whether you are shopping in the U.S., we must be consistent. A core portfolio of SKUs made up of our highest performing products. It's just gone off the screen. Made of the highest performing products, most profitable products, at a price point that competes in different markets against different retailers, and different retailers, local and global competitors. And above all, a strategy that really enables a laser focus by everyone to power up and accelerate Revolution Beauty, unlocking that growth and profitability. So we talked about the three remaining cosmetics brands, and Lauren will talk much more to those in a little later on. Master brands specifically will capture Revolution and Revolution Pro, and you've heard already from Lauren that actually Revolution Pro is just in a handful of our retailers today, so that unlocks a massive opportunity. It stretches our price point, so we also talk about that average transaction value, and this would really stretch our price point from GBP 3 up to about GBP 18, enabling a Good, Better, Best Pricing Architecture, which allows us to compete both against these entry price point value brands, but at the same time, allowing us to to really stretch this transaction from where we are today, which is roughly sitting at about GBP 5- GBP 6. Again, I mentioned Pro is really a huge opportunity, and if we just look at the learns that we are already getting from Pro, Miracle Skincare, and this huge asset that we have in our hands, if we transcend that into cosmetics as well, then it unlocks a huge potential for us. A snapshot really of how this could look. As you can see from the bar, this is a little bit work in progress, but it shows us Good, Better, Best pricing architecture. Three-quarters of the stand that you see here is made up of core Revolution. To the right, we've got roughly a foot, linear foot down, of Pro, and obviously we can up and down weight either of those sections, depending on the retailer and the demographic and profile of their customer. I thought I'd just pause for a minute really and let a film. We've got so many beautiful values about this brand, and far better than me walking through them, we've created, you know, an incredible journey so far together, and we just wanted to put that in, into a film for you, to take you on that revolutionary journey with us. We are Revolution. For 10 years, we've been redefining beauty by embracing uniqueness and celebrating individuality. Our mission is to create a safe space for everyone to express their true selves, leading the charge with 50 accessible shades and a commitment to zero skin retouch. With conscious and cruelty-free products, our essence lies in real beauty, pioneering affordable, innovative products that push the boundaries of color, shade, and ingredients. We're not just a brand, we're a movement for everyone, powered by a community passionate about positive change. With every swatch of shadow, stroke of lipstick, and flick of eyeliner, our community has shaped, educated, and inspired us. We embrace inclusivity, creativity, and individuality like no other. 10 years strong, we're just getting started. Join us in this beauty revolution, where everyone is welcome. Together, we are revolutionary. Nearly 30 years in the industry, and I can honestly say that this is a brand that has excited me like no other. We're very clear on our Revolution master brand ambition, to become that top five global beauty player in the mass market. By showing up right where our customer are at, the community that we talk to, delivering high quality, superior products supported by in-store and marketing excellence. We're gonna go after category domination in complexion and lip, and actually, we're well on our way. We're already a huge authority in foundation and complexion, and we are less than 10 days into our new launch, which is a launch or a scale that the company has never seen before. That authority already has us at the top-ranking complexion brand in Superdrug. We're number three today, and we are in the top five in Boots, and we're number 10 in Target, and we now have Skin Silk coming through, and we're just getting started. And the first results tell us 10 days in that we are +200%, and actually the campaign hasn't started, and we've got 12 months of it ahead. Lip, we're also number five. In Superdrug, we're number two gloss. We have a huge amount of innovation coming through this year. So we've got a lot of plans to play into our strengths. And we also have our eye, excuse the pun, on mascara. Mascara is a massive opportunity for us, and we have a task force that are dedicated to really finding that Holy Grail mascara. You know, if we get this right, it untaps a very modest GBP 15-GBP 20 million overnight. Underpinning our ambition will always be the very present focus on quality and value. You've seen it in the film, you've heard it from Lauren, we have a lot, much to celebrate. Our mission and purpose does not change. We just get louder, stronger, and more powerful. Revolution is the brand that is redefining beauty. Our mission is to empower individuals. We are more than a makeup brand. You have seen in the film, we are a movement. We are a movement of inclusivity and self-expression. We challenge unrealistic beauty standards with our zero skin retouch policy, and we will hold others to account on this. And let's be clear, while we actively embrace AI, and Steve will talk to that a little bit in his deck, where it does not align to our values, we will not touch it, and this is one of them. We believe that beauty has no boundaries, and we will work with our community to take this mission and this purpose far deeper, to revolutionize beauty. So in short, Revolution is redefining beauty and empowering individuality. We are the Gen Z brand. We are the only Gen Z brand you need to know about. Why? Because we are the brand that mirrors the needs of the 12- 27 year-old customer, who expect fast and forward-thinking innovation, speed, and adaptability to match their needs. To be authentic, we don't fake it, we are real. To be inclusive without exception, to be right where our community are at across those channels, all 7 million of our community. To be offering this bespoke service that they expect, this customizable element that they expect, that the Gen Z customer is looking for, and to never discriminate on purse size, because we want everyone, every customer, to have exceptional quality product purchased in a really memorable way without hurting their purse. These Gen Z customers, they know what they want, and they're very clear what they want from us. They want this uniqueness. We are no longer in a one-size-fits-all world. We need to make room for this hyper-personalization that AI can actually give us. Beauty for all, regardless of gender, regardless of ethnicity, a very fluid approach. Accessibility, you heard it, it's cool to be thrifty. We want this affordable drugstore alternative to be measured on merit versus the premium competition. Not simply a dupe, a copycat dupe, but a product that performs every bit, if not better, than the premium. A great example here is our Glow Balm, GBP 30 cheaper than the premium competition. Sustainability, this is a huge shift that is happening, and we have to lean into this shift, and we will come out later on this year with a big plan around our corporate sustainability ESG strategy, that will have to mirror our values and mirror the values of the Gen Z customer. But the very first thing that we can do to lean into this is to make sure that we're not flooding the market with product that has either no place or purpose, hence master brand. Finally, we are gonna simplify skin, helping that Gen Z and that incoming Gen A customer understand the best combination of ingredients, the best combination of products, to be that guide, to be their expert, their source of help, the big sister, and a little bit more of that to come. It's also really important, I'm just a handful of months in, it's really, really important to recognize that we are not starting from ground zero. This is an incredible brand, an award-winning brand, with over 2 million engaged customers on our own channel, our community on our own dot com, and over 7 million across other social channels. And in 2021, we made a great commitment by launching a new platform, the Revolution Academy, and this was really to hold ourselves to account in terms of how we approach diversity and inclusion, to really champion the positive change in how we recruit and in how we talk to our customers. And we have some really big plans on how we're gonna further elevate this opportunity in the 12 months ahead and beyond. And I've mentioned it a million times, but I'm gonna keep saying it: we will keep it real, we will keep it authentic, we will keep it true, always. So this is the recipe. How are we scaling it, and what are we doing within the organization? We're going back to the roots, actually. We're going back to where it all started. We are listening, we're engaging, we're listening more, and we're gonna act at speed. We really very quickly realized that we had this incredible organization, but we needed to create category experts, guys and girls who innately understand their product, their category, the right products, the right formulas, clinically validated formulas. T he right shades, getting down to the nuance of the right shades. We've just seen this incredible shop in the Middle East. If we get our shades right, it untaps massive potential in Hispanic markets, in India, in Middle East, where we have presence today. We already know that we're well on that journey with Skin Silk, and we've gone through our product catalog, and we have these perfect, precise shades coming out later this year. Organically, we will just see that growth coming through. To support our NPD experts, we have created a new dual-track NPD process with much better governance and rigor. Really, by focusing on these long-term sustainable categories, getting it right to create a self-fulfilling business, it simply gives us that headroom and scope to really do what Revolution does best: innovating fast, landing quickly on digital in 16 weeks, testing, learning, and scaling where the results dictate. Just to put that into perspective a little bit, we are going from 1,300 NPD, new product development, new SKUs in fiscal 2023, to around 340 in the year ahead, only 170 of which are on the master brand, and yet we are delivering greater growth and profit. I just want to be clear, this is not about us slowing up our scale of NPD. We will always do more than the competition, than our neighbor, because that's who we are. But if we get our core base strategy right, then it gives us that scope to fuel on the quick innovation. We are buddying up our product experts. We have to marry up the science with the art, and we're listening and understanding what our community want, how they want it, how they talk to a need. And we respond with that what, how, and why, and when in their language by turning up at the very channels, at the very point they're searching for us or buying us with the right product and with the right content, turning this simple must-have, the simple product, into a must-have item, and quite often, they're the guys that we've seen that just take it viral for us. This is not about slowing us up with data. This is about how we better use the data. Using the data to really help us optimize our strategies, to personalize our campaigns, going after this hyper-personalization, tracking performance to measure KPIs, you know, really holding ourselves and our partners to account rather than blindly sort of churning through products. And most importantly, in this incredible world of digital, we can act in real time. So taking data to really speak to this community, these 2 million customers that are engaging on our website today. And I think the great example was, the example that Lauren talked about, you know, reaching, gosh, it was what? 23 million on TikTok, in December. That's top five against the Huda's and the Charlotte Tilbury's. We were ahead of them, which is major. And I have a dream. Now, you guys are a lot better at math than I am, but if we hit 23 million of this almost billion active universe, what we are, we're talking about 2.5%. If I just convert 5% of that 2.5%, it's GBP 6 million-GBP 7 million in our pocket, and that's just small scale, so we can really scale that. So we have a very clear winning strategy immediately ahead of us for the year and beyond. I am labeling this really the year of face lip and an always on. We are gonna continue to build on this credibility. I've talked to it already on complexion via major innovation. It's happening right now. And if we win in complexion, just to be very clear, it means that it unlocks the rest of beauty. Quite often, if a customer comes in and they buy a foundation, they are more than likely to pick up another product. Complexion is also the most loyal repeat purchase category alongside skincare. Lip is a real strength for us already. This is the easy buy in every shade, buy in every format, buy in every finish type of product. We're already 33% up on the year, and we have a lot of great innovation coming through. We're also putting the spotlight back on our icons. These are the unsung heroes. These are incredible universal SKUs that are top ranking in all of our markets. We haven't done anything with them, so now we're going to put the spotlight back on them. Today, they're about GBP 20 million by doing nothing. This clear focus, I honestly believe, I think we are very confident that this is a strategy that will better enable and unlock our speed to really innovate on products and on content, and on solutions. In short, we're going after the fewer but bigger power brands, fewer and bigger launches, and therefore, our ability to really turbocharge our speed on the short trends, better, superior products with a focus on performance and profitability, and better at supporting our base business, which is 80% of what we do today. And it all starts right now with Skin Silk. I'm not going to dwell on it too much more, but basically, you know, we arrived in the business, and we realized that we had this incredible opportunity in our hands. So we've advanced this launch to really get our year off with a major bang. It is happening. We have this incredible arsenal of assets, all shot in-house by a very talented team. We have retailers fighting over this launch. It's happening now. We're global. It's the first truly global launch with a full 360 plan. We are out of home. We are taking over the stores. We're gonna be in Times Square for about eight weeks. And this is bigger than complexion. If If we get this right, this is the biggest signal that Revolution is back, bigger and stronger than ever. And here's a little sneak peek. It literally feels like your skin, but better. It feels weightless. Confident. So as I said, it's off to a super great start. And we were quietly celebrating last night, actually, that one of the biggest TikTok creators has organically picked up this product. She has nearly 15 million followers. And she hasn't just talked about us once in the course of the last week, but twice. And if I was to be putting money behind that, it would probably cost me in the area of GBP 500,000. So to have this incredible feedback already is quite extraordinary. And this is a great segue, actually. So bearing in mind that our complexion launch is this perfect hybrid between complexion and skin, it takes me nicely into the skin. This is a category that we cannot forget about. You've seen the enormous opportunity, and actually, it was the one category that grew during the pandemic, which I think really helped fuel our pro business. So we will be coming back in 2025 with a really ownable skincare philosophy. We're actually currently testing in the U.K. and the U.S. right now. We are leaving nothing to chance on getting this right. We want to be that brand that really talks to actually the Gen A coming through. These guys are really valuable shoppers, and if we have the skincare customer also buying into Cos, they are generally 2.5-3x more valuable to us. So, in terms of opportunity, we've put GBP 100 million on it, but I think this is a very modest, conservative estimate if we get this right. And finally, from me, Lauren will talk to you a little bit more about these great brands. To be clear, these brands all have purpose, and while our focus is absolutely on master brand, all three of these are opportunities for the future. Today, BH is a strong brand in Germany, in DM. It is all about brushes and lashes. The Germans obviously love their false lashes, so it actually doesn't step on the toes of Revolution at all. Relove is our exclusive brand in Walmart and Superdrug, so it has absolute purpose, and we will watch very closely what the impact of our good, better, best pricing structure has on Relove. But today we have new retailers, new territories, who are very desperate to get their hands on Relove, but away from Revolution. So I think that's a really great opportunity. And then finally, we all have a lot of heart for I Heart. We love it. It's not the priority right now. We believe this actually is a true Gen A opportunity. No one else is doing it, so it'd be truly unique for a true sort of almost pick and mix lifestyle brand, which would be absolutely ripe for the fashion retailers. All very different propositions, all great opportunities, and I'll talk about those more next time. Thank you, Ali. Okay, so you've heard about the brands, you've heard about the marketing strategy. So I want to just briefly touch on how are we going to grow globally? Where are we going to focus? And I think the key point to start with is that in 10 short years, we've got a really balanced geographical footprint. And right now, in the beauty market, geographical diversification honestly is more essential than it's ever been before. You know what? The success of Revolution, the fact we've been able to create this balanced portfolio, has truly been our ability to balance globalization, but with localization, making these brands and these products really locally relevant. The positive is that the proposition of the master brand, Revolution in particular, globally resonates. Globally resonates. So that's the great news. We've quickly learned that the success to building the brands is making sure that we're really bringing it to that local market, that we're understanding the nuances of that local market, and we're bringing it to life with the right shades, in the right way, with the right social media, et cetera. So that real balance. Two things I wanted to obviously demonstrate was that we are very balanced, so that gives us an opportunity around opportunities to grow, but also helps us manage risk as a company. And then the second thing I wanted to point out is, and you can't see it really very well on this slide, but actually these elements here, these grayed-out zones, these are elements where areas where we still have opportunity to grow further, especially Asia and especially South America, and I'll come back to you on that. Now, in order to drive globally, I want us to be very focused on the biggest markets around the world. Top eight markets deliver 73% of the global volume. And the great news is that Revolution Beauty is already present in five out of those eight. As I say, this brand is resonating. So let's talk about the ones that we're in, to begin with. So the U.S., it's obviously a market that I know very well. Spent eight years in that market locally, working it. We know it's the number one market in the world, and it will continue to be a global powerhouse market over the next three years. We've opened up the major retailer relationships in the U.S., but we are very early into our journey there, so there's definitely more opportunity for growth. Interestingly, in the, in the U.S., if we deliver the same market share that we've got in the U.K., in the U.S., that would be an incremental $1.2 billion in retail sales alone. So that just gives you the scale of the opportunity that we have in the U.S. But in order to win in the U.S., we need the best local talent. And I'm delighted that we have our new President of North America with us today, Erin Cast, who has amazing U.S. experience with L'Oréal, Coty, knows the retailers really well, and is really excited to come on board and help us drive that growth and accelerate growth in the region. India. Let's talk India. So we've already opened 283 of the Best Beauty doors in India. We are also on two of the major, the two major beauty pure plays in India, Nykaa and Myntra as well. And we are resonating brilliantly in that market in particular. And as we know, India is going to be a new global powerhouse, and it's the same within the beauty industry. So we already have a head start over most of our Western competitors in India, and we want to capitalize on that opportunity, from an India perspective as well. So we'll be focusing on that with our local partner to make sure we absolutely accelerate growth in the coming year. Now, Germany, France, and U.K., we are also present in majority of Europe. So, you know, U.K., obviously, you know, that's our home market. We have our largest market share in the U.K. over any other kind of country in the world. Germany and France, in both of those, we still have headroom to grow. Germany in particular, we are now open with the two major retailers in that market, but we still have. We're still in a very limited distribution, and we still have a huge opportunity to grow. We are putting in local talent, local social, to make sure we can really optimize on that opportunity. Now, today, we are not in China, Japan, or Brazil. So let's talk Brazil. Brazil first, we are in early discussions with retailers there. So that's really exciting because that is a huge market and a huge opportunity for us. China and Japan, so these are obviously very huge markets, but they are also very complex, and they can be very costly. You may have seen that there are certain brands like Huda that have actually just come out of China. There's also a huge amount of local competition in those markets as well. So when we do go there at the right point in time, we absolutely have to make sure that we really have the right composition of products, that we've got the right level of investment. But right now, quite honestly, we still have a huge amount of opportunity in the geographies we're already in before we even get to China and Japan. So we'll be focusing elsewhere in the short term, but it still obviously remains, in the longer term, a great opportunity for us. Now, in order to manage our geographical footprints, it's really important that we think about this in the right way. If we expand too quickly, we lose focus, but if we expand too slowly, we're gonna lose ground. So we've got to really make sure we're balancing the growth in the right way. Now, in order to navigate this very carefully, I've got two very clear models that we are going to deploy. The first model is in U.S., U.K., Australia, New Zealand, and Germany. We will manage those markets directly. We already have the direct retailer relationship. We will act as the distributor. We will do everything from warehousing, distribution. We will have national account managers directly going into those retail accounts and managing those markets directly. Four markets. The rest of the world will be managed through our distributor, our unique distributor model, which is a unique strength, as I said at the top of the meeting. We've built an exclusive distribution network, and it has clear benefits. We continue to manage the brand strategically, so we can ensure that the brand is globally managed, and it's brought to life for consumers in a consistent way. That is really, really important. So we've got to have great partners in these markets, and we do. But the local distributors can then localize it and execute to our clear strategy. It's profitable for both parties, and we genuinely see our partners in these markets as extensions of our own team. So it's a, it's a great, great model, and we really want to focus and accelerate through that model moving forward. Now, we're currently onboarding a new, a new partner for Asia, and as I said, we're in discussions, for Brazil, but we already have a fantastic network of distributors. Now, as a point of clarity, I will be moving some markets back from a direct model into the distributor partner. And why am I gonna do that? To make sure that we really are focusing our resources on the top four markets, as I've said, and also making sure that in the markets where we really need to have that local nuanced execution, that we really have local experts in those markets to be able to win. It's really, really important for us. But it's not just enough to have a clear geographical balance strategy. You also have to be really clear on your channel strategy, okay, for each brand. Now, Revolution, as I've said, is already in the Best Beauty retailers, where the biggest volume is, with a focus on drugstore, specialty, and online. Relove, and I touched on that, is about the opening price point, large opportunity in discount and grocery. I Heart could be an amazing opportunity with that journey, with that lifestyle, that pick and mix that Ali was talking to, and actually, that opens us up to fashion and lifestyle as a channel as well, which is really exciting. The focus will remain, however, on accelerating the Revolution master brand, as you've heard. Now, even before we go to any other markets or any other retailers, I thought it was really important, our top two markets, we still have opportunity for growth, which I think is great. So U.S. and U.., here you can see that actually, we still have huge distribution opportunities to even grow with the existing retailers. We've got the right relationships. Now, we really need to be expanding into their full distributions and making sure that we are, you know, being really productive for them. Now, how do I make that happen? You might ask. How do you just go and do that? How do you get into those incremental, into doors? How do you get more space? Well, obviously, I'm a retailer by background, so, you know, we understand this. The first thing is you have to have a healthy, growing brand. Great, we do. That's great. We have to demonstrate that we're delighting their customers, their consumers. We can do that. We're already doing that for them, which is great. And then we have to, we have to also explain that we're driving incrementality for their categories. And what's brilliant about our brand, because it's focused on Gen Z, we can see that when we come into a retail store, we bring a new generation of consumers with us. So retailers love that from that perspective. And actually, Seb James, the MD of Boots U.K., very kindly gave us a quote as well, you know, which basically shows the importance of Revolution Beauty for Boots, and definitely the opportunity for us, you know, moving forward with them. But that is a sentiment that, quite honestly, is shared very broadly across the retailers that we work with. We, you know, we have a huge opportunity with them. We're very clear on our strategy. We bring a new consumer to them. Therefore, for them, it is truly not about taking from somewhere else, it's truly about them growing their businesses. And trust me, that's what retailers really love. But we do need to deliver that service level that I talked about, 'cause there's no point having those doors if we don't have the right service level. I don't have the right inventory in them. So all the changes we're gonna make is ensuring that we're delivering the right service level. We're gonna get the right brand in the right door, and therefore, for both parties, we can drive a very profitable and healthy business for maximum return. Okay, but it's not just about, I don't want you to think it's just about store distribution, because it's absolutely not. Our consumer expects an omni-channel, seamless experience. Okay? Gen Z moves seamlessly between online and offline. It's no longer about one or the other. It really is about they move in between all the channels across the whole customer journey. And so it's really important that we put the consumer at the heart of all of the customer journey work we do, and we think about all of those touch points that we have with the consumer and maximizing those that end up with a final sale, and then hopefully love of the brand and building them into a lifetime kind of customer. So our marketing and digital experts are focused on delighting consumers at every touch point, and it is for that reason that we are going to have to elevate our digital proposition in a few key areas to drive growth. Firstly, direct to consumer. So we are reviewing our cost base here. We need to drive more profit from our DTC, and that work is already underway. But we also need to elevate the experience to be best in class, less promotional, and build more lifetime loyalty. That's truly where you unlock value in DTC, and as I said, we've got, we've got a great business here, but we've definitely got more opportunity for growth. The second point is really important for the Gen Z consumer: social commerce, TikTok shops, Insta shops. Don't know how many of you are buying things off, off TikTok, but trust me, Gen Z is. You know, and it's about to be. It's a huge, huge growing business, and given we're Revolution Beauty, and this is where our consumer is digitally native, we're just about to launch TikTok shop in a much bigger way. And here we're gonna innovate, learn, and scale very, very quickly. It's really, really important that we kind of do that in the right way. As you heard from Ally, you know, we had an influencer, 50 million. We've got to make sure that we're moving them seamlessly into that, into that experience. And then digital partners. You know, in the U.S. in particular, beauty e-com is predicted to be $45 billion by 2027. $45 billion for beauty. And it's Amazon. Amazon is leading the charge, and Amazon will continue to lead the charge. And we've actually just opened up a 1P wholesale relationship with Amazon U.S. Starts in May 2024, and we're really excited about the growth, and the opportunity that's gonna come from that relationship over the coming kind of, like, couple of years. So to conclude, we are absolutely focused and clear on the biggest geographies, as you heard, the best retail partnerships, clarity in the model, so we're really clear which model we're deploying in every territory, and we've got to elevate key parts of our omni-channel journey to win the consumer and delight them, and make sure we turn them into a loyal consumer. Okay, but none of this can happen without operations. So on that, I'm gonna hand over to Steve, and he's just gonna very briefly walk you through some of the major changes we're doing there. Okay? Thank you, Lauren. My name is Steven Vanoli, and I'm just gonna take you through how we're gonna make our operations that bit smarter. Let's talk stock for a moment. We really have to ensure that what our customers demand in terms of stock is delivered in the right quantities, to the right place, at the right time. This will drive our revenue and ultimately our profits, and increase our customers' confidence in us to deliver. Reliability increases the chances of regular repeat orders, and we can then reduce the amount of stock that we hold in our business, reducing costs at warehouses and improving our cash flow. We enable this by embedding our systems. Demand Caster has been trialed during 2023 and has proven more accurate than spreadsheet forecasting. So I've made the decision to fully roll this out in the coming months, and we are currently recruiting demand planners. A single team culture and philosophy is encouraged, and we're making increased use of the London office as a collaborative workspace for our teams.... In terms of SKUs, we need absolute control through the SKU management process. New, innovative, on-trend lines, they're the lifeblood of our business, and well controlled, our revenue and profit generators. They do need careful management. The SKU count must be reflective of the space in which we have in our customers' stores. Discontinued SKUs need early identification and management down in their stockholding in the most appropriate, profitable manner. The right number of SKUs managed in a one-in, one-out mentality will reduce the amount of stock that we hold in our business. To enable this, a process of Stage Gating for new product initiatives has started to ensure a greater level of control in the ordering process. In sourcing, we should always be looking to sharpen our costs without reducing quality. We will investigate faster routes of supply to react to on-trend products. We will continue to ensure that ethical integrity is at the heart of every decision that we make, and we continue to strengthen the key strategic partnerships that we have with our current supply base. Last week, I visited many of the current suppliers in China and Taiwan, and I was very impressed by what I saw, though I've also identified areas in which we can jointly improve. We've got a core group of suppliers that have been partners for many years, and we agreed that we will jointly look at value engineering of our products. We want an open book, collaborative relationship with our supply base. The bulk of our product is indeed produced in China or Taiwan, with some minor European manufacture and, of course, our own in-house manufacturing in the U.K. We are reliant on a relatively small number of suppliers, and they are also reliant on Revolution Beauty, and this introduces a small element of risk into the business that I will be reducing by introducing more suppliers to spread that risk, but also seek to gain improved costs and faster routes of supply. I will also investigate where there are other countries of manufacture where we could get the same product and improved quality for less cost. In ESG, if we talk about consumer engagement, it's so important that our customers see the work that we will be doing in this space. We intend to give ourselves a sustainable development goals. It's fair to say that we are at the start of our sustainability journey. We want to reduce our Scope 3 carbon emissions. These are emissions that aren't directly attributable to us, but from suppliers and customers, both upstream and downstream. We will ensure extended producer responsibility readiness. We will demonstrate our values, we will live those values within the organization, and we'll use our media channels to talk about those values and credentials. We'll be launching a technical database that's integrated into our current systems to aid compliance. We're also currently in the process of removing PFAS, chemicals, microplastics that can be harmful to the environment and animals. If we think about packaging, we're identifying ways to reduce our packaging to support those sustainable development goals, and also to reduce liabilities from plastic packaging taxes and EPR directives. In supply chain, we're always seeking opportunities to reduce costs, yet maintain the same high quality of service and thus increase our profit. From an e-com perspective, this will involve carrier reviews, as there are many carriers out there that are vying for our business. For packaging, we've identified ways in which we can save on the boxes in which we use. In our B2B palletized business, there are space reductions that we will make in the depots by moving to half pallet rather than full pallet locations. And then, of course, we'll always be looking at continuous improvement initiatives. In technology, we're looking at machine learning, performance analytics, and automation, among others. Technology can enable us to work so much smarter. Machine learning will help new product development by using software search trends to validate potential market sizes. Performance analytics can drive performance at retailers. We'll use an analytics platform to look at the planogram analytics in those retailers and make suggestions. Automation will reduce costs and save time. For example, we intend to implement Net Close within our current NetSuite system to automate the financial end-of-month accounts. In terms of stock, we've made great progress so far on stockholding and service level, and the actions taken last year have borne fruit. However, there are further improvements that will be made. At Primark, in my role as Central Merchandising Director, I was accountable for controlling the level of stock within the business of circa GBP 1 billion at any one time retail, across multiple product areas, geographies, and depots. I'll be bringing that experience to the fore to make the necessary changes to further improve our stock flow processes. On the chart, the green bars anchored on the left-hand axis show the opening stock values by month, and we can see that stock has reduced considerably from the peaks of a year ago. The target is to get to circa GBP 40 million as an ongoing stock holding, which is demonstrated by the navy dashed line through the middle. The yellow line, anchored on the right-hand axis, shows the percentage service level, and this is the percentage of stock that we fulfill to our customers, expressed as a percentage of the quantity they ordered by month. This figure has climbed over recent months from a low of 71% in September, and our target is set to 95%, which we have attained in the last month. This target is held until the middle of this year before it is increased to 97%, where we expect to see the benefits of the further changes we have made to improve the stock flow process begin to take effect. I'll leave you with the message that the internal bar is set high, and I believe we now have good control and disciplines in our stock ordering processes. Thank you. I'll now pass you to Lauren. Okay. All right, so let's keep moving at pace. So the next enabler, I've just only got, like, a couple of really quick slides on this, is just the team, because you saw a lot of the video at the beginning. So none of what we've talked about this afternoon can honestly happen without the best team, and as you know, we've already made some changes over the last several months. We have a new, independent and highly experienced board, some of which are with us here today. New and highly experienced executive leaders who are speaking to you today, some of them are, some of them aren't. We have removed executive role duplication and overlap, and that was a really. That was an issue when I arrived at the company. I've actually removed two roles from my executive team to create a much smaller, more nimble, more highly accountable executive structure moving forward. We're implementing performance-linked incentive programs. We all need to have skin in the game. I want everybody to make sure that we are moving towards very clear targets, and everybody's gonna be incentivized to deliver and smash our goals. All of these changes are already having a massive difference to the business today, so we can already see that happening. It's not just enough to have the best team. As a leadership team, we absolutely have to make sure we empower, we develop, and honestly, we motivate every single member of the Revolution family. We have to ensure every single team member, there's not many of us, but we have to all make sure we're delivering towards these major goals. Everybody has to know the role they play in delivering performance. So we're gonna be implementing a new performance management and leadership system, for the new financial year. So everybody has clear goals, and everybody also knows how we're gonna support them in their personal development, as well. We've got to also elevate talent and capability in key areas. Probably a good example of that is in some of the procurement areas that we talked about, which is going to deliver some of the cost savings that we talked about. When I arrived, we didn't have any procurement expertise. That's a huge opportunity, and we're already on with bringing talent into the organization for that, and actually we're already on with that. And creating this one team Revolution culture, and also globalization versus localization. You can live that through your strategy, but you have to live that through your people. So we have to make sure that everybody is really thinking globally, and also all the way from product innovation, all the way to supply, we're really thinking about the nuances around the world, and we're making sure we're constantly thinking about that balance between centralization and globalization, with bringing it to life locally, and doing that in the most cost-efficient and effective way. So on that, I'm gonna hand over to Neil, who's going to talk to you about how we are going to fuel all the growth we've talked about. Thanks, Lauren. Hi there, everybody. It's great to see you all again, and thanks for coming. As you know, I've recently joined the business full time, started on the 1st of January, but I've been part of the board as a non-exec since July, and it's been really exciting to see the strategy develop at what is, I believe, a truly exciting time for the company. We have an incredible business on the cusp of realizing a great opportunity in the beauty and personal care market. Lauren, Ali, and Steve have laid out the scale of that opportunity really clearly. Today, what I want to talk about is how we're going to fuel that growth financially. Looking at the company's financial results for the last couple of years, you could say that we've been treading water and relying on the strength of what is a fantastic brand. It's been difficult for the company to invest in growth initiatives while it's been burdened with extremely high, exceptional costs. But now we're in a position to press the accelerator and go for growth, and that's really my key message today. Now is the time that we can start to put our foot down. So I'm gonna take you through our financial strategy, which is all about how we're going to fuel that growth. And that strategy is shown on this slide, and there are three key elements: firstly, a profitable business model, and we can confidently say that we have that now, and that's the first time in many years that we can say that. Secondly, a balance sheet that is capable of efficiently converting profits into cash. And thirdly, critical cost-saving programs which are going to be part of the DNA of the business. With a profitable model and efficient balance sheet reinforced by cost-saving plans, we're going to reignite our disruption of the beauty market in a way that only Revolution is capable of. Those things will provide us with the fuel to invest in marketing the brand and growing our brand awareness in innovation and new product development, and those investments will create organic growth at levels that we know Revolution is capable of. So let's delve into those three strands of our financial strategy in a little more detail. First, do we have a profitable operating model? Yes, we do. In the first half of our current financial year, we reported an adjusted EBITDA margin of 7%. The biggest improvement in our profit and loss account has come from controlling our inventory levels that Steve has talked about. That's led to lower levels of markdown or writing down stock that hasn't sold. Distribution costs have come down as inflationary pressures have eased, and in addition, we've been able to make our distribution network more efficient. We've also controlled our other operating costs and marketing costs much more tightly, and this has enabled us to produce a profitable result. So the chart here shows the breakdown structure of the profit and loss account, but the key point from this slide is that we now have a profitable offer operating model, and you can see that in this year's results. So now let's talk about the balance sheet. We've reduced those inventory levels significantly, nearly halving them since August 2022, and the stock turn has nearly doubled in that time, in the last eight. Well, actually, in the last 18 months. That increase in stock turns makes a huge difference to the working capital of the business. We've also reduced our trade creditor balances by well over GBP 10 million over the last 12 months. So now we're in a position with a faster stock turn and longer, no longer suffering the, that burden of the really high exceptional costs, where the underlying working capital cycle of the business is at least neutral, and actually it's going to help fuel our future growth. But that will only hold true if we keep turning the inventory as fast as possible, at least twice a year, for that working capital to be neutral, and we've got to do that year in, year out. That's precisely what we are doing now, and that's precisely what we intend to continue to do. Another critical aspect of our financial strategy is those cost-saving programs. We're working on programs across our supply chain that will deliver at least GBP 10 million of cost savings over the next three years. We've embarked on that cost-saving program, but it's one that I hope, and in fact, I'll make sure, that that program will never end. We're embedding a process for constant transformation of our cost base to ensure that we're a lean operation, capable of competing in a fiercely competitive market. So considering what a great opportunity we have to grow the Revolution brand, I hope you can see that we have the fuel to get us there. Focusing on the master brand and powering core product categories, that might cost us some sales initially, but it sets us on that journey to GBP 1 billion. My key message is that our profitable business model, an efficient balance sheet, and continuous laser-focused cost-saving programs are key to that journey. Thank you for that. Over to Lauren again, who's going to wrap up with the key messages. Thank you, Neil. Clicker. There you go. Cheers. Okay, so hopefully you can see the amount of rigor that's gone into building the strategy that we're presenting to you this afternoon. Key takeaways. What I want you to be taking away from the presentation is that absolutely, we have significant headroom to grow in, remember, 18% over the next three years, a very attractive beauty global market. That our strategy is about delivering long-term, longer-term, profitable, profitable growth. The vision is obviously to revolutionize beauty for every you, become that top five mass beauty player. The strategy is anchored on those three strategic priorities: the master brand, powering up the core categories where we have the right expertise, and focusing on very clear global growth. We're gonna be able to self-fuel it, as you've heard, with a smart cost-saving program that we're already underway with, and we're underpinning that global growth with smart operations, improved financial rigor, and, hopefully, you can see a really strengthened team that has a huge amount of energy, to go out and deliver these results. So on that, I'm happy to take any additional. All the team, and I think I'll actually ask Erin to come up and join us as well. We're happy to take any additional questions that you've either got from the presentation or if there's any questions that we haven't covered within this afternoon's session. And I think I have a roving mic, hopefully. I have some. Yes Helpful, assistants, so if anybody would like to ask a question, please do. This gentleman right at the front. Thank you. Hi, John Stevenson at Peel Hunt. A couple of questions to get us going. I guess you set out some pretty big opportunities in terms of where the market is, doors and everything else. How linear is that growth opportunity? I don't know if you've been held back by service levels. So if we think about where you are now, the next, say, two years, you know, what's the kind of door opportunity over the next two years, for example? You know, how much can you do in the way of penetration? So when you think about the growth you've laid out, you know, how linear is it, and what do you think you can do in those early years? Yeah. Or is it kind of back-end loaded? Yeah. And then second question, I guess, just in terms of margin development. Obviously, appreciate just got to the stage now where, you know, profitable again, cash generative. Is it a case of, again, because of the timing, we're just investing, and we're gonna see, expect, should expect margins to stay relatively flat, or actually, do you start to leverage, and you start to generate cash on the journey? Yeah. Neil, do you want to take those two, and then I can jump in a little bit on. Yeah, I mean, how linear is the growth opportunity? It's fairly linear, but we're in a position where we're embarking on that strategy of focusing on the master brand, powering the core. You saw that there's GBP 24 million of sales at retail. That was at retail on that billion-pound diagram, that we have to take that hit first in terms of sales, and that's for next year. But that's about, say, between GBP 12 million and GBP 15 million of sales to us. So from this year to next year, we're gonna be losing out on those sales from that focus, but that focus enables us to go on that billion-pound journey of growth. And so we'll expect to see growth coming through on that core, if you like, next year. And then that growth is going to accelerate from there, and then accelerate more over the next couple of years. So it's not linear in that respect for us as a business. The opportunity there is linear, but we'll have to go through that little overcoming that lost revenue from the focus. But we'll still be in a growth position next year, marginally, is what we'd say. We're not giving guidance for next year, but in that area, and then the growth will accelerate from there. And I think what today has really been about is that we are gonna get. What I was saying was, we're gonna get back to the levels of growth that we've seen from Revolution, and not what we've seen in the last few years. So, I think that shows it. But you see there's a lot of opportunities come through with the skin relaunch and so on, the international, as well as just opening the doors in the retailers. So they all start to come through in the coming years of that journey to GBP 1 billion. Can I just add to that? So the other key point is that actually, the master brand is accelerating now in the key doors. So you saw Skin Silk, so we're already starting to see that acceleration right now, this month. So we do have to overcome some of those early pullbacks on the sales to be able to really release the power of the master brand, but the master brand itself is ready to, is ready, and it's growing now, and now that will accelerate. And when you're looking, I guess, maybe to Erin, I mean, we look at some of the sort of key accounts in the U.S., you know, what's stopping you in terms of opening more space within those retailers, getting more penetration? Is that, again, you must have pretty good visibility where you are today for this year. So again, is that further down the line, or you're already having conversations about pushing more product through? Yes, I can speak to that. I'm, I'm 35 days in, so quite new. But where I see opportunity right now, we have very good retailer relationships, but we haven't always serviced them the way that we should. Yeah Have. So we've seen good improvement from a supply perspective. My focus right now is really building those relationships and strengthening them. I'll be doing a. I've been doing a roadshow. I'll be doing the same with Lauren as well, really reinforcing our strategy and the growth opportunity. So where I see opportunity right now is really reinforced relationships and then the brilliant basics, like from a category management perspective, service perspective, just getting those basics right, getting the icons in at the eye level. You know, there's really a big opportunity in terms of driving productivity there first, which I think then enables space expansion. We have anywhere from about, you know, 2 ft on Relove to 12 ft on Revolution. If you think through the vision, it would be, you know, how do we, in the places where we don't have that distribution, drive the productivity to command that space over time? I see it as really stabilization and solid growth, you know, as we come into this next year, to accelerate substantially in the future. Thank you. Sure. And the. Akash. The second or third question was about margin development. Yeah. So we will expect the margin to develop from here. In terms of the EBITDA margin, you saw in the first half of the year, 7%. In future years, we expect that to develop, but it's gonna develop fairly in a measured way. Because one thing that you didn't see on that slide necessarily is that the marketing costs as a percentage of sales this year are lower than they have been previously, and really, they're at a level where, for a beauty brand like this, we want them to be higher. We want them to be up at that 15% level, for where we're positioned, but we also want our gross margin to be higher as well. But where we can see progression coming from is on some of those cost areas and a little bit in the gross margin. But initially, we're gonna leverage some of those other costs and then but reinvest that in marketing. So the margin progression will be a little bit lower, but that's part of fueling the growth as well, is being able to reinvest in marketing. So I think you'll see the EBITDA progress in next year and the year after, but quite in a measured way as we reinvest in marketing. The master brand strategy puts more volume through less SKUs. Still more than most, but less than we have, and therefore, that gives us leverage, obviously, to drive costs down. I think we have a question here, Dale. Thank you very much for your questions. Thanks. Hi, Wayne Brown from Liberum. On the international distribution, you said, which is rather unique, which it is, can you just explain how you find those right partners, and then also specifically, how you manage them? And then, Just with regards to the 2030 ambition of a GBP 1 billion of retail sales, can you just give us a flavor of how you see by that stage, how the margins of the business will potentially look at that stage? And then I think akin to that, just fleshing out a little bit more on the marketing spend, what you envisage you'll be spending that on? Will that be above the line, brand marketing? How much of that will be stands, and just how you see that balance moving forward? Thanks. Yeah. Yeah. I think I'll touch on the distributor. Sure. Yeah. Yeah Point. So how do we find the right distributors? I suppose I'll give you an example, like Brazil, for example, that we're looking at right now. So actually, really looking at, well, a couple of things. We'd make a decision on, is that going to be a direct market, or is that going to be a distributor, is the first one, and obviously, you've seen from the clarity that I've kind of put forward, that Brazil would be a distributor market. Once we've made that real clarity, then we then really need to look at, are there distributors in that market who might not be working in beauty, but have, you know, have a scaled operation, that potentially we could partner with? So, you know, they have good warehousing, they have great relationships with the retailers. They might not necessarily be in mass cosmetics, but that's always an opportunity, that kind of comes from. Some of our distributors kind of come from within our networks, our own networks. But whoever we take on board, we do a very, very thorough analysis of their capabilities, and are they strategically aligned to Revolution? And can do we see a long-term kind of partnership, I think, from that perspective? So it's not always. You know, there's lots of different places we come from, but we're really looking to find somebody that truly, uniquely has the capability in those relationships. But, you know, we can be prioritized within that distributor network. In a lot of cases, we're exclusive. And then how we manage them is, you know, again, we have very, very clear contracts, we have very, very clear expectations and deliverables that we put in place, but we also, you know, are very, very aligned on the strategy. So even before we onboard a new distributor, we make sure we're very, very aligned on the strategy, and therefore, they can execute to our guidelines. And in most cases, distributors would love to work with a brand like Revolution, so, you know, they really want to execute on what we're asking for them. So that's the distributor kind of perspective. Yeah, and, the question about what will our margin be in 2030? It's gonna progress, and, we know what a beauty brand like Revolution should be capable of producing as an EBITDA margin of 15%+. So that's where we'd want to be. We may not be quite there yet by 2030, so I'd say it will have a double-digit EBITDA margin, and we'll be spending, to the other point, on marketing, 15% of sales on marketing. And then the real question is what the EBITDA margin is. It relates to how we can progress that gross margin. Because, up to 2030, if we're tripling the size of the business, then we will get leverage on those more fixed elements of the cost base. But the gross margin is the one where we're sitting at a gross margin mid 40%, and you look at some of the bigger beauty brands have gross margins that are 60%, some even higher, and I think that's where we'd wanna be, but right now, I've only been here a month, so I can't really see the way to 60% yet. But I think that's the direction that we want to head in, and I can't really say how long it's gonna take to get there. Any other questions? There's a couple there. Hi, I'm Rachel from Zeus. I just wanted to delve a little bit more into the opportunity in skincare, because obviously, it's a relatively small part of the Revolution business, but a relatively bigger part of the market. Yeah. Is the ambition for the skincare business to be potentially as big as the cosmetic business? You know, what's the opportunity to leverage those existing retailer relationships in terms of being able to scale that quite quickly? Yeah, so I'll start, and then Ali, you please feel free to add in. So in terms of our estimation within the billion is around the sort of GBP 100 million around that. We've added that into our expectation. Remember that we have our existing skincare range, Pro, is already performing very, very well in the U.K., and that can immediately scale through our major distribution network around the world. So that is an immediate opportunity. The second opportunity is the new opportunity that Ali was talking to, which is more focusing on really Gen Z, and that simplification of skincare, which is a slightly different element to it. So do you wanna just touch on that briefly? Yeah. No, sure. I mean, today, we're at 8% without trying too hard, on the business, so I think that already shows that we have some credibility and authority in skincare. And I think that we can also see where our opportunity is. So we have, obviously, the Pro range, which is already doing extremely well with actually very almost zero marketing focus, to be honest. It's a purely organically driven brand that just seems to go viral by itself. So I think if we can start to actually even kind of give it a bit more of a platform, then we're gonna see that growth. The GBP 100 million that we're talking to is just almost keeping it at a linear flat, sort of 10%. In the ideal world, I'd love to push for 20% minimum. You don't often get beauty brands that really have an even split. I think probably Estée Lauder is one of the only ones who have an even 50/50, and we're not Lauder. Don't aspire to be Lauder, actually. I think I aspire to be revolutionary, and for me, if we can get to 20%-30%, that would feel a very, very good number. Great. Thank you. Any other questions? Wow, okay. Oh! I'm just gonna close this down. Thanks. It's Matthew McEachran from Singer Capital Markets. Could you just elaborate a little on your manufacturing footprint and, you know, whether or not the buying model is gonna shift more internal, as opposed to externally sourced? And maybe within that, a little bit about your capacity utilization and so forth. That'd be a helpful bit of backdrop. Yeah. Would you like to take that, Steve? Yeah. So obviously, we've got our in-house manufacturing in the U.K. at the moment, and it deals with mainly sort of our lotion-based business, what is there. We're sitting there at the moment where we've got room for headroom in that business, and we'll certainly be looking to utilize that headroom over the coming year or two as we continue to grow. Depending on how that, you know, grows and how we do on there, I think what I was saying earlier about some of the opportunities we'll be looking at elsewhere as well, when other countries manufacture, that still comes into play. I think for me, I've got to make sure that across all the categories that we're looking at, and obviously especially the ones where we're looking at the significant growth, that actually we've got the. You know, we're in the right countries, you know, with the right factories, the right partners, the right ethical integrity around what they do, and that they can scale, importantly with us. I think what I saw last week when I was in the Far East, I did see some, you know, elements of, you know, the suppliers that we're working with have already recognized, you know, that we are on a journey of scale, and I've seen some significant investment from those, some of those suppliers already in their capacity plans. In fact, two of them, I saw two new factories that are due to open in the next few months, which was doubling and tripling, respectively, their capacities. I'm confident that we've got, you know, the right focus on growth, and I think that we've got a good supply base, but some more new ones to come. I think it's probably just important to say that our current manufacturing is very leaned into our skincare. So actually, as we grow our skincare ambition, that will without a doubt become our strength on innovation, but our ability to manufacture and speed, and in a very profitable manner. So I would see that growing and growing in importance as we grow our skin business. Anybody else? Hi, it's Damian McNeela from Numis. It's just a quick question on the customer journey. I'm clearly not the target demographic, but I think you said in one of your remarks that the customer only bought one product. Just, can you explain why that is? What are the barriers to getting them to buy more, just what's going on there, please? Yeah, it depends on where they're going to purchase as to whether they just buy one product. We see that in our direct-to-consumer business, they tend to obviously build a basket, so we definitely see more than one product being added there. But so, I suppose in the majority of our brick-and-mortar stores, you know, consumers are coming in for that lip gloss, or they're coming in for what they've seen on TikTok. They tend to come in for that one product. And what's, you know, what we should be doing is incentivising. So some people do, but the majority, the average is pretty low, the number of people that put an extra product in the basket. If you're promoting just by doing buy one or 20% off, then they're only gonna be incentivised to put one in the basket. What we need to be doing is buy, you know, spend GBP 10, spend $15. You know, it incentivizes people to get that extra product into the basket, and it drives a massive increment in the basket size for that transaction. So I think our promotional strategy has been very much about trial, driving trial, getting that one purchase. But we don't need to promote massively because the price point of our brand is really, really competitive. You know, we're at price parity with e.l.f. We're significantly cheaper than our major competitors in terms of Maybelline, et cetera. So our price point is really competitive already, so our promotions don't need to discount further. Our promotions actually can drive that second product in the basket. So hopefully that helps answer that question. Okay. Couple more there, please, and then I think we will wrap up. Hi, Hannah Crowe from Equity Development. Just, a question on distribution channels. Obviously, you mentioned that, was it 20% was digital, 80% physical? Yes. That compared with the preference for Gen Z, which was 48 and 45, was it online versus store? And how you see your split progressing as, you know, obviously, that's your target market- Yeah Whether that's down to distributors, and you can't supply an online opportunity into those countries or perhaps a little more detail? Yeah. So in that 80%, that's omni-channel, brick-and-mortar retailers. So that does include their online properties as well as their store properties, just to be clear. The 20% is pure-play digital, so that would be DTC or just with retailers that play from a digital kind of platform. So it probably is a bit more, if I added up all the Superdrug, Superdrug.com, Boots.com, it would be higher than the 20% is already coming through the digital kind of platforms anyway. But digital is a really, really important part of our growth strategy. That's why I touched on, you know, in the U.S. in particular, you know, the Amazon relationship is obviously a big opportunity for us, that, you know, we've had a different level of relationship in the U.S. to the level of relationship we have in Europe, so, you know, that's a big opportunity for us. But it definitely is about all those overall touchpoints. You know, our consumer starts digitally in a lot of cases. She researches, she looks at social media. Very often our Gen Z. I think the point actually was people think that Gen Z just want to shop digitally, and actually, I think it surprised a lot of people to say, "Actually, no, a store experience is actually really important to the Gen Z consumer." And so, it has to be an experience. They want to go and touch and feel products. They want to go and really experience what the brand's got to kind of offer. So for us, it's very much about digital is really, really important because that's really where our journey starts with our consumer, but so is our store, and we have to really think about a seamless journey between, honestly, our socials, our retailers, our DTC, and their, and their digital properties. And that's really. You know, a lot of our team are Gen Z. They live in that world, and I think that also really helps us make sure that if something is disjointed or it's not seamless, quite honestly, in our world, we know about it really, really quickly. We have a very vocal community, and we're able to, to address that really, really quickly. I think that's the power of having a community-built brand is, you know, we are very clear if there's a chink in our seamless experience at any point, and we quickly resolve those. Hope that answers that question. Okay. All right, one more, and then I think we should, we'll close it down, and then, but we will be around for the next hour, to be able to take any further questions at that point. Hi. Are there any expected exceptionals or provisions in relation to the unfortunate issues that are well documented? Neil? Are there any. You mean remaining or? Yeah, correct. Are you gonna make any more provisions, do you think, for ongoing litigation, et cetera, et cetera? Not at the moment. So, that all of the historical stuff is behind us now, is the way I see it. Obviously, we've got the litigation with Chrysalis, but that is gonna be more of a just legal cost going forward and not a big slug of legal costs at any time, and so I'm not anticipating anything at all. Thanks. Okay, and on that, thank you ever so much for staying with us through the presentation, and we look forward to. Please stay, join us for a drink afterwards. And I also just want to take this moment to say thank you to, massively, to my team. So if you would join me in a round of applause for my team, who put a lot of effort into that, I'd really appreciate that. Thanks. Thank you very much. Thank you!