Okay. Good morning, everybody. Before Marc and Rachel start, I just wanted to read out a brief statement in the context of the formal sale process and what we will and will not be able to talk to today. As you'll all be aware, we announced on April 4th, 2022 the launch of a formal sale process for the company, and therefore are heavily restricted as to what we can say under the rules of the Takeover Code. Please bear with us, as we will not be able to provide any new update on the formal sale process beyond what was in our update announcement on Monday this week. We'll also not be able to provide any forward-looking guidance at this time. Please accept our apologies in advance, as we do have to respect the limitations of the Takeover Code for today. With that, I will hand over to Rachel. Thank you, Phil. Good morning. Welcome to the Ted Baker full year results presentation. As Phil said at the outset, I need to say that we are a little constrained on what we can talk about given the ongoing formal sale process. And as you'll know, as an exec team, we've tried to be as open and transparent as possible with you all over the past few times that we've presented to you, so this restriction does go against our usual approach. I'm very pleased with the ongoing progress that we're seeing across the business, both in terms of last year's results and the continued momentum so far this year. Life isn't back to normal yet. COVID is still affecting our business, and the macro backdrop remains complex, with high inflation and negative consumer sentiment. Despite this, Ted is showing ongoing momentum. Sales are growing. Gross margin is rebuilding as we continue to improve our full price sales mix. Costs remain tightly controlled and profitability is improving. We've launched our new digital platform and it's working. We have our refined capital light growth model, and we have a long runway for growth. We have our leadership team in place, and I'm delighted that Marc, the newest member of the exec and my CFO, is with us today. I'll cover the key highlights for the year, and then Marc will cover the financials. I'll come back to update on strategic progress, and then we'll then take questions at the end of the formal presentation. Our goal is to become an international lifestyle brand with GBP 2 billion worth of brand sales. In the last two years of the transformation plan, we've done a lot of the heavy lifting. We've created a new leadership team to drive the changes. We've strengthened our balance sheet and implemented new ways of working across the business, completed a large cost out program, margin improvement and working capital reduction. The fundamental building blocks for higher profits, higher free cash flow, and higher return on capital employed are in place. As we stand today, with all the work of the last 12 months behind the scenes, we've made strong progress on bringing our refreshed product ranges to market and are ready to strengthen our brand voice. We've also delivered further margin and cost improvements, and we've delivered a new digital platform which was launched at the beginning of March just gone, and are really excited about what this means for our ongoing digital transformation. The business is ready to capture future growth opportunities by scaling up in priority markets through a capital light approach, leveraging our brand and strong product license partnerships and opportunities, and taking advantage of existing and new distribution channels and partnerships. Moving on to our financial year 2022 highlights. It was a good year of progress at Ted. The business continued to deliver against the transformation plan and at the same time achieved steady improvement in growth throughout the year as the customers appreciated the new collections from Anthony and the team. Many of you will have seen our latest brand metrics that we hosted in our mini capital markets event back in February. As a quick reminder, the U.K. brand metrics have remained on a high level, and there has been positive momentum in the U.S. and German markets for the brand across both menswear and womenswear. We further strengthened our commercial partnerships, having signed an extension of the deal with Bedeck within product licensing, as well as our new franchise deal in the U.K. On Q1, Marc will cover the detail in his section, but I wanted to highlight the ongoing positive momentum that the group is seeing. Group sales are up 20%. Direct e-commerce sales were negatively affected by our replatforming in March, as we had anticipated, and Marc will provide more detail, but online concessions continue to perform well. Our full price sales mix continues to show significant improvement as we focus on reestablishing Ted's premium lifestyle brand positioning. Since the end of quarter one, we've seen ongoing positive trading momentum despite the growing macro headwinds. We've delivered strong progress against the three pillars of the transformation plan last year, which is why we're showing strong momentum in sales and margin. On product and brand, we shared our brand metrics, as I said in February, and the picture is clear around the brand health and the great progress we're making in our next two priority markets that we have our own channels in, the U.S. and Germany. Customers are reacting well to the new collections with newness working well in womenswear, and we're showing agility in menswear as we move forward and building momentum in the new spring-summer 2022 collections. On digital and capital light, we've achieved a lot. We've launched the new e-com platform. We've seen very strong growth in our online concession partners. We've signed a franchise agreement in the U.K. We've opened three CapEx light stores of our own in the U.K. and two in South Africa, and we've seen license income grow ahead of group sales. On efficiency through transformation, you'll see in the financials we've delivered further gross margin improvement and a better OpEx to sales ratio. The disciplines that we've already worked really hard to put in place have been maintained. We've closed seven structurally loss-making stores in the year, completed the reorganization and relocation of our North American business into one central headquarters in New York, and we're getting ready for moving into our Gorgeous Brown Building and benefiting from the rent savings later in the year. I'm now gonna hand over to Marc. Thank you, Rachel. Good morning, everybody. I'll say it's a pleasure to be here today. It's my first results presentation as CFO of Ted Baker, an amazing brand. Before I go into the financials for the year, it's worth just sort of zooming out and recapping on the year that we're looking at. Across the year, in the first quarter, we had lockdowns in many of our markets in the U.K., Europe and Canada. They eased as we went into the second quarter of the year, but we were still facing into sort of travel restrictions and a lot of, you know, restrictions on events and things that traditionally Ted Baker has been sort of products have been well-known for. We saw our footfall and store performance pick up through the year until Q4 when we had significant impact from the Omicron wave over the last six weeks of the year. With that context in mind, I'll jump on to the sort of financial highlights and I'll hopefully get the clicker right. There we go. With that backdrop, this is a very pleasing set of results. We had top-line growth, improving gross margin, operating cost leverage, which enabled us to reduce the losses of the business as we went through the year. Our brand sales at GBP 918 million, it's just worth as a sort of reminder, even in a subdued market with lower footfall, the scale of a global Ted Baker brand. Our revenue overall up 20.5%, up 23% in constant currency. I'll drill down into the subchannels on that and the margin by channel in a couple of slides' time. Gross margin up by 105 basis points to 55.2%. We had real benefit from more full price sales, being able to adopt a less promotional stance in the year because we opened the year with a better stock position, well controlled buy, and the new product ranges coming through allowed us to just move back to the full price stance that Ted has been known for. That was held back by increased duties, irrecoverable VAT in relation to Brexit, and I'll talk about that a bit later. As I said, we had good cost efficiencies coming through in the second year of the transformation program, which allowed us to deliver good operating cost leverage. We've got some slides to cover that in a bit, in the next couple of slides. For good order, just included the sort of full summary income statement here. I think we've covered all the key messages, and I'll drill down into each of the relevant bits on the next slide. I'll jump straight on to our performance by channel. Look at performance by channel, both sales and margin. We look at versus last year and also, for relevance, the pre-pandemic year, the FY 2020 year, so two years ago from the year that we're looking at. We also include like-for-like sales measure. This includes open and closed stores, but of more significance is where we've had business model changes. For example, I'd have sort of retail and concession revenues. Obviously, we've moved some of those to wholesale. Frasers, which was a concession model, we've moved to wholesale midway through last year. Also, a couple of years ago, so impacting the FY 2020 year, we moved sort of China and Japan, which were retail revenues. We moved China into a joint venture. Like-for-like adjusts for those. Our stores, yeah, really strong performance, up 61% on a like-for-like basis. Clearly, we had sort of the tailwind of reopening against the prior year numbers in there. We did see improving footfall as we went through the year, and as restrictions eased to the extent that during the first, you know, six weeks of our quarter four in several of our stores we were seeing performance at or above pre-pandemic levels. That clearly impacted for the last six weeks of the year with the Omicron variant impacting us. Our e-commerce was down year-on-year, down 8% on a like-for-like basis. This was up against a strong comparable year. In the year, we saw strong third-party performance from Next and John Lewis. The product was resonating well online in our third-party online channels. We were held back by the performance in our own e-commerce, the tedbaker.com global website, and that's we'll talk about the new and the rationale for replatforming and the impact of a new platform. That was largely sort of in anticipation of that new replatforming exercise that held that back. Over a two-year basis on eCom, we're up 15% in the year. We're very pleased with retail overall at a +20% like-for-like given the context of the year. We take a lot of sort of, you know, positivity on the green shoots of the improving footfall and product performance, certainly in the sort of end of Q3 and run into Q4. In the wholesale channel, we had a strong first half of the year as our third party sort of restocked following the impact of COVID and the pandemic, but a more subdued second half of the year, finishing the year overall sort of plus 25%. Our new product refresh, which has worked well and resonated well with our own stores, has taken a bit more work to land with all of our wholesale partners. There's a lot of opportunity as we work with them and work on the right range for those wholesale partners, which tend to buy into or some of the larger ones, the more heritage and core continuity ranges that we have. The teams are working on that for the seasons ahead. At a margin level, retail really supported by that improved full price stance up over 300 basis points gross margin in the year. Wholesale was down 320 basis points. Two things in wholesale. There was a customer mix effect, which was about a third of that difference, so just below 100 basis points of that difference. The bigger impact was the Brexit duties and irrecoverable VAT impacting the year. Some of which will normalize going forward, but we will still have some margin drag from Brexit in the current situation. Look at the revenue bridge for the year. Some of our increase of 21% in the year, up GBP 73 million. About GBP 11 million of that was from non-like-for-like movements. So we had very, very small impact from the net openings and closures. We had seven openings in across the period, but as Rachel mentioned, we had seven closures as well. A small non-like-for-like impact there. The bigger impact being the business model changes that on a net basis was about GBP 6 million of non-like-for-like revenue. On the like-for-like basis, the biggest impact by far was our step up in stores, as you'd expect, as we started to reopen them following the lockdowns in the prior year, held back by the softer e-commerce numbers. Look at the gross margin improvement and break out some of the elements I just spoke to. You'll clearly see the impact of the better full price mix, adding 3.4 percentage points to our group gross margin being offset, partly offset mainly by the duties and irrecoverable VAT in relation to our sort of sales into the E.U. The full price mix benefit in the year, we stepped up 810 basis points of the proportion of our sales that were sold at full price versus the prior year. Largely due to a cleaner opening stock position, a very disciplined buy during the year, and the product refresh that started to impact. Certainly in womenswear we saw good response to that in the second half of the year. The full price mix, though, is still some way behind pre-pandemic levels, so we see opportunity going forward to get back to those levels. The second year of our transformation program, and we're really starting to see the benefits of all the hard work and the efficiency initiatives starting to pay off. The operating leverage is top line has improved significantly, especially in stores as we start to see the revenue return in stores on a lower cost to operate in that channel. The transformation program overall delivered GBP 31 million in staff cost savings, so a big reduction in our fixed cost base that we don't anticipate that cost coming back as revenues start to recover to pre-pandemic levels. That saving has really supported 700 basis points improvement in our distribution costs as a percentage of sales. Distribution costs, just for clarity, includes all of our distribution center costs as well as the store operating costs in there. It doesn't include rents anymore. Under IFRS 16, those are outside. It's worth just flagging that we have made really good progress on our rent and lease negotiations with landlords, with striking the right balance of improved terms, more flexibility, and getting contributions towards refits and refurbishments where we can. Overall, we've maintained our average lease length at, you know, a really good sort of 2.7 years. On a normalized annual basis, our rent is GBP 7 million in cash terms, lower than it was pre-pandemic. I'll just turn to sort of cash and working capital. This return to growth and normalization of the COVID terms that we had in place with many suppliers and landlords and others is reflected in our working capital. With a large cash outflow on working capital in the year, cash outflow of GBP 42 million on our working capital versus an inflow in the prior year at GBP 58 million. A significant cash flow swing, really driven by the positive news of returning to growth as a business. Inventory, just looking at the working capital balance sheet balance, GBP 103 million. Really disciplined by good stock management through the year. We ended the year with a very healthy aging position in our inventory, which gives us confidence in the sort of full price mix. When we talk about Q1, we'll show how that's flowing through in the year to date. Receivables increased as the wholesale and concession partner sales started to come back. Our payables decreased. That reflects two things, an unwind of extended terms that were put in place with various suppliers during COVID, but also a reduction in our deferred rent payable. In common with many retail businesses, we took advantage of rent relief and had a fairly large, about GBP 10 million of deferred rent at the start of the year. A lot of that was settled and/or repaid during the year with landlords. We closed the year with GBP 3 million, less than GBP 3 million of deferred rent payable. I mean, one thing to just flag on here. Our capital expenditure is GBP 7.5 million in the year. We did adopt the new IFRIC accounting standard that I won't go in and bore everyone with here, but that meant a lot of expenditure that we've made on cloud and SaaS-based platforms has gone through expenses rather than into CapEx. I think previously we had guided the year at a CapEx of GBP 15 million. In terms of our investment spend, we were just below the 15 million for the year. To finish on recent trading for me. We're, you know, we're really pleased with performance in the year to date. Q1 sales, as Rachel flagged, up 20%, with retail up 28%. We've seen improving footfall through the quarter and early into Q2 with the return to the office, weddings, events, and over recent weeks, an increase in travel and tourism into the U.K. Our e-com, however, that's been impacted by the launch of our new platform. Our e-com sales, our online sales were down 36% in Q1. This was sort of broadly in line with our expectations. We planned to launch our new platform early in Q1. It's our smallest trading quarter. It's given us plenty of time to fix all of the anticipated issues that come up when you re-platform a system where we had seven years on the previous system with lots of legacy and bespoke interfaces and integrations that we unpicked and have rebuilt into the new platform. Pleased to say over the recent weeks, we've seen good performance on there. You know, technically it's working incredibly well as a platform, and the user experience is showing improvements in conversion rates for the traffic that we get to the site. Over recent weeks, we've seen the traffic build back up as we restart our digital marketing activity. We've also seen a really good trading margin improvement through Q1, supported by an improved full price sales mix again. Our full price sales mix up by 1,500 basis points versus the prior year. The prior year did have a lot of discounting as we sort of started the prior year with some sort of elevated levels of stock. Still, this is a very, you know, pleasing performance and allowed us to deliver, you know, decent uplift in trading margin in Q1. Wholesale only up by 2% in the quarter, but it is impacted by a number of changes in model. Two things in particular I call out that when we compare to two years ago, we had formal wear as a wholesale business, and that's now run as a licensed product through a couple of partners. We also moved transition to Next from a wholesale business to a retail concession model. Our underlying wholesale growth is held back by those. We've had a very, you know, encouraging start early into Q2. You know, we're very mindful of the cost of living, inflation, consumer effects, but we have seen tailwinds from return to office, weddings, and certainly over the last sort of three to four weeks, international tourism returning into London impacting a lot of our locations. On that, I will pass back to Rachel. Marc. Ted's growth strategy. Many of you have seen our strategy in the past. It's been our framework for transforming Ted Baker in the past couple of years. Our goal is to be the most engaging British lifestyle brand on the international stage, and this is our plan on a page. Starting with the customer, this is about attracting and retaining our target customers and ensuring the brand shows up consistently across all of our customer touch points. We're broadening our product ranges and designing against the pyramid, and we're focused on our target customers and leveraging our product across our license division. With the historic focus on physical rather than digital, this part of our plan was to focus on where the customer is, hence driving digital and omni-channel growth and ensuring further physical expansion is done in a more capital efficient and agile way. Pivoting from a channel first approach to understanding the customer and the market infrastructure and a focus on scaling in our large priority markets of the U.K., U.S., Germany, China, and the Middle East. All underpinned by operational excellence and an efficiency in the cost base and much greater data insight, and creating a strong and healthy culture and environment for our people. Ted Baker is among the market leader brands in terms of awareness and shopper penetration. In our second-largest market, the U.S., our position presents a huge opportunity for growth going forwards. We did share more of this in detail back in February in our capital markets event. If you missed that, you can find that presentation on our IR website. Our position places us clearly amongst, or indeed leading in womenswear, the very familiar scaled global brands in the U.K. As we know, our brand travels well, and there is a significant opportunity to scale in huge international markets. We've been on a journey to improve our insights and use our data to inform our strategy and measure our progress. When I arrived, there was little data around the brand and our customer in the business, and in order to scale effectively, we've built rich and deep data sources. In 2021, towards the end of the year, we added in-depth customer persona profiles and identified our target customers. This will allow us to focus and better design, reach and market to these customers as we go forward. On product, really pleased to see how our design team has come together over the last 18 months. The implementation of the design pyramid has provided a North Star for the broader business and really helped with cross-functional working. Spring summer 2022 reflects Anthony and the team's first full spring summer collection and their second full collection. It's been great to see the evolution and lessons learned from autumn winter 2021 reflected into those latest collections. We're continuing to see good momentum in footwear and accessories, and with core webbing and quilted leather bag families as our best sellers. In spring summer 2022, the dresses are back. The return to offices, the wedding season back in full swing soon, and our enhanced product offer has led to positive sales for dresses. We are up against pre-pandemic levels on dress sales in our stores. The Carolea is our best-selling dress, which is a new silhouette for Ted, and at a GBP 250 price point. In menswear, jersey and shirting and knitwear are the best performing categories. Our new short sleeve shirts are proving a hit with our menswear customer, as are our linen shirts. Once again, new entry price point product is doing well. Elise is our new floated hem dress, and that's selling well, as is the new Roxy halterneck. Customers are buying into newness. We've had some real success with two new jumpsuit shapes, the Esme and Delvina, with our female customers. Turning to ESG, once again, we've made great progress against Fashioning a Better Future. We submitted our carbon reduction targets to the SBTi, and we're waiting accreditation. We hope to have confirmation soon, but there seems to be a backlog in the external processing because many businesses are trying to do exactly the same. The use of sustainable materials, however, jumped to 26%, which was an improvement of nine percentage points on the year. I'm really proud of this achievement against the backdrop of a pandemic and difficult supply chains, and we're achieving this without hurting our gross margin. We've launched a diploma program with schools in our local area and have made donations to several charities to support dislocation for our Ukrainian citizens. Ted continues to be among the leaders on ESG across our international lifestyle peers. Now we are structurally a less capital-intensive business. Historically, the business was focused on physical estate expansion with high levels of CapEx and underinvested in digital, and a rather opportunistic approach to licensing partnerships. We had an old clunky e-com platform, which was expensive and not mobile first, leading to weak digital conversion rates. On product licensing, we had a lot of small partners in small categories. On stores, each one was bespoke, including fittings and fixtures, leading to high levels of CapEx invested into each store. Today, two years in, we've invested and just gone live with our new digital platform, and we have full omni-channel services in the U.K. On product licensing, we're focusing our time and efforts on large categories with large partners. We've reengineered our store formats to a much lower CapEx fit-out cost and signed a long-term wholesale partner in the U.K. to be our U.K. franchise partner. As we look ahead, we will move towards industry benchmark digital conversion, and we're now able to implement automated drop ship with key partners and roll out our omni-channel services beyond the U.K. We will enter new large license categories and focus on global expansion within existing categories and roll out less capital-intensive stores. We're transforming the business by thinking and acting like a global brand. The new platform gives us three key user experience uplifts, as I've illustrated here. Firstly, on the product listing page, a more flexible header where we can put different messages that don't have to cascade throughout the site, a cleaner design, faster loading speeds, and higher quality images, and a whole series of benefits that will allow us to put a better customer experience in front of our customers. On search and nav, it's AI-driven search, which we didn't have before, which leads to less dropouts. Product image suggestions can be optimized. On checkout, we used to give customers three opportunities and three pages in which to choose not to buy from us and drop out. We've moved to a one-page checkout. We still have more functionality to add in and enhance this as we go forward, but now we have the wherewithal to do it, and it truly is a mobile-first technology. Just to give you a little bit more detail on our digital opportunities and growth areas ahead, with the new technology, we can now develop gender-specific environments using our headless platform that differentiates user experience, content, and design. We can harness customer insight from shopping behaviors and journeys to tailor to different customer groups. We can now create loyalty and advocacy programs to drive frequency and lifetime value and give reasons for customers to return and reaching them through different channels. App development will enable us to overcome data visibility issues that have been brought on by iOS and cookies and do more push and personalized communications. The headless commerce we now have allows us to enter into other scalable opportunities across global marketplaces and adopt new social commerce shopping channels. We've launched Live from Ted shopping experiences direct from in-house styling teams to customers across the globe. We have a significant global opportunity. The Ted Baker brand travels well. We're not just a U.K. business. In the U.K., U.S., and E.U., we have a full mix of channels, including our own directly owned retail, plus retail concession and wholesale and online. In other markets, we operate through franchise or joint venture arrangements in a capital-light way. We've made a good start in big markets, but the reality is we're only just scratching the surface in terms of market share. To conclude, this has been another really strong year for Ted Baker in moving our transformation plan forward. I'm really proud of the passion, energy, and enthusiasm that the team bring to work every day. The macro has been challenging, but collectively we've navigated it well so far. Our new team have done a lot of the hard work in delivering against the transformation plan. The fundamental building blocks are in place now for higher profits, higher free cash flow, and higher return on capital employed as we go forward. In the last 12 months, the business has made strong progress on brand, product, margin, and costs. We've delivered the new digital platform, which we're really excited about, which means that we can move forward on our ongoing digital transformation. The business is ready to capture further growth opportunities, taking advantage of existing distribution channels and partnerships and new ones as we move forward. Thank you. I'm now gonna open up to Q&A. Okay. Just to let everybody know, we've got three forms of Q&A for today. We'll start in the room, we'll then go to the telephone, and then finally I'll cover off any outstanding questions that we get through the web platform. Eleonora, ladies first. Yes. Truly omni-channel Q&A. Yes. Okay. Thank you. A couple of questions from me. Firstly, when the Creative Director joined, I recall the intention was to retain the Ted DNA, but also to reinterpret it in a modern and more relevant way. Do you think you have achieved that balance or the right balance? Secondly, how do you feel about the product proposition will resonate with consumers in an inflationary environment? Sure. Yeah. Whenever you're in a place where you have a great brand, you want to retain the DNA. However, when I joined, you know, many of our partners said the product needs to refresh. The product needs to speak to customers as they move forward. With Anthony and team joining, you know, he brought together a design team that had some new refreshed talent, but also had some talent from the past. Working in a pandemic when everyone's new is tricky, and one of the things I'm determined to be is an organization that looks outwards, understands our customer, and learns. Autumn/winter 2021, I think we got it right on womenswear in the main, but we're course-correcting on a couple of things. In men's, I think we moved a little bit too fast on some areas in trend, and men do take a bit longer to move with the customer. Doesn't mean it's the wrong direction. It just means we have to course-correct as we learn, as we go through, and I think we were clear about that at quarter four. As we come into spring/summer 2022, slightly frustrating that we've obviously done the new platform, which is great, but it does therefore in its teething issues mean that some of the reads that were going on in March and April were difficult because of the online impacts. However, what we've seen over the past few weeks is giving us real confidence actually. Menswear lifting in specific areas, really strong in shirting, in some of the core areas that we're famous for around shirting, but also new areas like knitted polos that we haven't really done before, really uplifting as we go forward. I think it's always a matter in a brand that's in fashion that we take some risks with the trend. What's really encouraging, for example, Eleonora, is, you know, our best-selling dress is actually a trend dress. We're getting it right in those areas, but we've also got to make sure that the core is really there for us strongly, and that's one of the things that's always that balance that you need to attain going forward. I think I probably answered a little bit of both there together 'cause I think they are. It's difficult to separate the brand from the product because when you ask customers what they think about the brand, they mostly go to the product. I think for me it's the blend of the two and getting that right. Okay. Tony, one about jumpsuits. I saw that excited you. No, I'm not very good on jumpsuits. Just a few things on sort of various random things, I guess. Made in Britain, didn't hear any of that in the commentary. Are we still doing Made in Britain? Secondly, in terms of the full price sell-through, is it better in you know the sort of continuity product or the trend product? You know, as a movement I would imagine that full price sell-through is lower in trend than it is in continuity. And also can you comment on marketing spend as well, please? Sure. So Made in Britain, I think when we set out, we recognized that in the prior to Anthony arriving and his first collection would take 12 months to come to market, we'd seen some gaps already, and Made in Britain was a kind of faster way in to get some of that product in there because actually we were making it locally and we could fill those gaps, whereas our usual critical path is a 12-month one. What we've done with Made in Britain this time, it is still there in the collection, but actually now that we've got Anthony's full collection coming through with the pyramid, the main focus is on the Ted Baker brand. We have still got Made in Britain in there, and we've been able to do some exciting collaborations. For example, there's a collaboration that's coming out, I think it's out soon or now, with Oliver Goldsmith. He was the man that designed Audrey Hepburn's glasses in Breakfast at Tiffany's and Michael Caine's glasses, and we have a Made in Britain collaboration with him out right now. We're using it for some collaborations, but as we go forward, that top of the pyramid, which Made in Britain was heading towards, actually Ted Baker is taking that place as well as we move on. You asked about full price sell-through. Is it stronger on continuity or on trend? Yeah, the change in it. Yeah. I think with the continuity because we're moving it to be not promoted as regularly. If you remember before, I mean, Tony, you know, you've followed us a long time. Everything that appeared to be continuity was treated as seasonal. At the end of the season, whatever we hadn't sold, even though it could have gone on to the next season, we'd put it on promotion. With the idea with continuity, it's a never out of stock program. We're not doing that. That naturally itself will have a much stronger full price. As you move into trend, it's gonna have a cadence. There's gonna be some hits that have already sold out. The Carolea dress, for example, will probably sell out on full price, but there'll be some new stuff that maybe doesn't resonate in the first season that we may have to then promote. However, promotions are not to be seen as evil. You know, they are something that attracts a new customer into the brand, and so we want to judiciously use those, but not as a wholesale kind of, you know, driving footfall because we've got too much stock. Which is to Marc's point about having clean stock and a healthy inventory balance. You asked about marketing? Yeah. We have held back on marketing in the first quarter, partly because of the e-com replatforming. We actually switched off the performance marketing as we did that, which is the right thing to do. On brand marketing with Jason joining us, we're just refreshing that tone of voice. You'll see more of that as we move forward into the second half of the year. Just on that last point. We'll have a sort of more full-on type of sort of marketing effort behind the brand this year, will we? It depends what you mean by full on. Certainly we'll be reaching a broader audience. We may not be spending it in the way we have in the past. That's what he's working through at the moment, which channels. You know, when I sort of talked about new social channels and new channels to reach our customers, that's what we're looking at at the moment, and that might well be through associations. As we go forward, maybe less obvious direct above the line, but actually in the current world, in more of association and reaching. Now that we know who our target customers are, it's less blanket and it can be much more focused. I won't notice it. I would not like to ask whether you're in our target customer age range. Any more for the room? Operator, if we could have any questions from the telephone line, please. Certainly. If you'd like to ask a question, you can do so now by pressing star one on your telephones. That's star one to ask a question. There are currently no questions over the phone lines. Okay, thank you. We've had a number of questions that have come through the web platform, so I'll just take these in turn. The first question has come in and relates to the franchise agreement. Maybe, Rachel, you can take this one. The general view is that obviously the high street's under a lot of pressure. Bricks-and-mortar store environments are challenged. What was it that led us to sign the partnership or the franchise partnership to open more stores in the U.K.? Sure. We have worked with this particular partner for many, many years as a very strong, independent wholesale partner. They came to us and said that they felt there was an opportunity to put more Ted-fronted stores out into towns that we haven't got a physical presence in. As you know, we did not have a huge distribution of our own full-price stores with a long tail of loss-making stores that many other brands, retailers, were a victim of. With the moving patterns of footfall, there are certain markets that we would not put our own capital in that capital light strategy. Whereas this partner, because they're willing to take more of a long-term view, we want to make sure we've got short leases and remain agile. They're confident because these are towns perhaps that they know very well and have operated in. The opportunity is to put those stores. One of the things that when we ask customers routinely what are the barriers to shopping at Ted Baker, I don't have a store near me. So while the e-com is still strong and important, there are still many customers who love the experience of coming into a Ted Baker store, touching our products, trying them on, and that's one of the things that we felt was an opportunity there. To work with a partner who we trust and know very well and knows the Ted Baker brand. We'll make sure that they bring that alive into the stores. Great. Thank you. The next question relates to the U.S. market, and really just sort of how you see the US market developing for Ted, and how you think about the opportunities for growth? I think as an individual single market, I think it's the biggest on the planet, for the categories that we are in. While we have, through partnerships with Bloomingdale's and Nordstrom, a relatively modest footprint of our own stores, there's a huge opportunity for us there because actually the partnerships with Nordstrom and Bloomingdale's have given us an awareness level that we wouldn't have been able to achieve on our own. Again, using those partnerships to drive the brand. We've also got two very strong product license partners in the U.S., in Tura and in Jack Victor, in suiting, sorry, eyewear and suiting in that particular order, who really do, you know, help us punch above our weight in terms of the capital that we put into that market. It's a huge market. There are huge opportunities. We really resonate with our distinctive brand positioning with the U.S. customer, and they love the distinctiveness that Ted brings. Really it's all to play for and drive forwards. Okay. Thank you. Any other questions that we've had relate to either the formal sale process or forward-looking guidance, and I'm afraid I'll have to reiterate the point at the beginning of the meeting, which is due to the formal sale process and the rules under The Takeover Code, we are not providing any updates on either of those today. I think that concludes the Q&A session. Thank you very much to everybody for joining us. Apologies again for the delayed start to the meeting. We are available through the course of the day if anyone has follow-up questions. Thank you.