Good morning, everyone. Thank you for joining us, and welcome to the presentation of the Watches of Switzerland Group financial results for the year ended April 2021. My name is Brian Duffy. I am the CEO of the group, and I will be presenting an update for the year, and then our CFO, Anders Romberg, will present the financials and our outlook for fiscal year 2022. We will then have some time for your questions. fiscal year 2021 was one of strong growth for our group at +13.3% in constant currency, despite the COVID restrictions that disrupted retail and almost every aspect of daily life. Our U.S. division delivered outstanding growth of 38.5% in U.S. dollars despite significant reductions in traffic. Our U.K. division delivered an equally outstanding growth of 3.6% despite the closure of our stores for 26 weeks of the year and very little tourist or airport business. Adjusted EBIT came in at +38.9%. Anders will comment more on. I'm very proud of our amazing team and the spirit shown during this year. We have carried strong momentum into fiscal year 2022. We are well-positioned for growth. As this chart shows, we are delivering on our strategic goals of revenue and profitability growth. The mix of our business changed significantly in the year, firstly geographically, with the U.S. increasing from 27.8%- 33% of group sales. Luxury watches increased by 16%. Therefore, the share of luxury watches moved from 83.9%- 87.1%. Our domestic client mix moved from 72.5%- 94.7% of group sales, clear proof of the supply-driven characteristics of our business model. We committed to all of our planned capital investment projects. In the U.K., we expanded our network with a new Watches of Switzerland store in Broadgate, London. We opened a new monobrand boutique for Rolex in my hometown of Glasgow. We opened eight other monobrand stores for TAG Heuer, Omega, Breitling, and Tudor. We expanded our Knightsbridge flagship with the opening of a Rolex room. We rebranded the four acquired Fraser Hart stores. We have now completed the refurbishment of both Stratford and Kingston, both ex-Fraser Hart stores. Business was strong throughout our U.S. network, with refurbished stores in Mayors and Wynn and new stores in New York performing particularly well. Eight new monobrands were opened in the U.S. and are performing very well. We relaunched our e-commerce platform in September 2020. Results to date are encouraging. We completed the acquisition of Analog Shift as we look to expand in the pre-owned and vintage markets. The COVID-related disruption of store closures, home working, and reduced travel created circumstances in which all things digital became very important and our advanced technology and expertise were very advantageous. We more than doubled our online business. We opened a virtual luxury boutique manned by fully trained and experienced sales teams. Our CRM system supported really effective clienteling. A new by personal appointment system optimized client experience and conversion. We conducted remote new product presentations to clients, often with the collaboration of our brand partners. We increased our marketing activity and budget during the year and in the U.K. achieved fantastic impact, recording 46 million monthly reach on social media and a staggering 3.2 billion of digital impressions and click-through from our digital campaigns of 37 million. In the U.S., where our focus for Watches of Switzerland is brand awareness, through many impactful collaborations we achieved an amazing 5.1 billion of PR impressions. Our fantastic team have again delivered, showing creativity, adaptability, enthusiasm, and a love for what they do. They deserve the credit for our success. In fiscal year 2021, we initiated the Watches of Switzerland Group Foundation with a contribution of GBP 1.5 million and a further GBP 1.5 million planned for fiscal year 2022. With this GBP 3 million, we will work on projects in our local communities in both the U.K. and U.S., and I will personally chair this foundation. Thank you all, and I will now pass over to Anders Romberg. Good morning. This presentation is based on a pre-IFRS 16 and a 53-week basis. We're very pleased with our performance in the fiscal 21. In spite of significant headwinds, we report record sales and profits. Net sales was up 13.3% in constant currency or 11.7% in reported. We estimate that we lost around GBP 100 million in the year due to disruptions, primarily in the U.K. The 53rd week accounted for GBP 17.6 million. Luxury watches continued to outperform with net sales being up 16%. Luxury jewelry, more dependent on footfall, was down by 12%. Others, mainly services, was also impacted by the lack of footfall, trading down 9%. Our U.S. business in constant currency was up by 38.5% on last year and versus FY 2019, up by 64.8%, with less traffic during the year offset by higher conversion. In the U.K., sales were up by 3.6% on FY 2020 and 3.1% on FY 2019 despite lack of tourism and heavily subdued airport traffic. The pivot to the domestic market during the year was an outstanding achievement, with domestic sales trading up by 54%. Mix towards luxury watches and mix within this segment had an adverse impact on our margin. U.K. sales growth was driven by high-end luxury watches with higher average selling price, but with reduced volume overall, while our growth in the U.S. was more broad-based with flat average selling price and volume being the main driver. Our adjusted EBITDA was GBP 105.4 million, or + 34.9% on last year, and our adjusted EBITDA margin expanded by 200 basis points versus FY 2020 to 11.6%. We decided to repay all furlough support received during the fiscal year, and we paid all of our employees in full throughout the year. We also established the Watches of Switzerland Group Foundation during the year to support needs in the communities where we operate. As part of our Goldsmiths luxury program, we have accelerated depreciation for this segment of our portfolio. Adjusted EBIT came in at GBP 77.6 million, or plus 38.9% on prior year, and adjusted earnings per share grew by 43.4%. Our balance sheet is in very good shape. During the year, we continued with our capital program, investing GBP 23.1 million of expansionary capital. This is below what we had originally planned. Some projects have been slightly delayed due to the pandemic and will be completed in fiscal 2022. Inventories were down by 7% on last year due to the timing of lockdowns of last year. Both trade and other receivables as well as payables increased impacted by the timing of lockdown again. We did, as a precaution, take out a CCFF facility at the end of the first quarter of this year of GBP 45 million, which we now fully repaid and canceled since we traded strong after the first lockdown. We closed the year with a net debt of GBP 43.9 million versus last year's GBP 129.7 million. Quite pleased. Free cash flow improved by GBP 58.9 million or 115.9%, closing out at GBP 109.7 million. Free cash flow conversion at 104% versus 65% last year. Working capital improved due to payables being normal this year-end, while last year lower due to timing of lockdowns. We continued our investment program and spent GBP 23.1 million of expansionary capital. At year-end, our leverage was 0.4 times versus last year's 1.7 times. We're comfortable to operate at a leverage of about one and a half to two times. With net debt of GBP 43.9 million and current facilities of GBP 197.5 million, we're well poised for further investment and/or acquisitions for further growth. Our priority for capital allocation remains to invest for growth. All of our KPIs improved during the year. Our ROCE improved to 19.7%, up from 15.8%, due to adjusted EBIT being 38.9%, while average capital employed increased by 11%. Free cash flow at GBP 109.7 million or +115.9% on prior year. Our four-wall EBITDA at 18.3% versus last year's 15.6%. This is the result of improved leverage in the U.S. as well as channel mix in the U.K., less airside traffic with variable rents and strong performance in e-commerce. Adjusted EBITDA of GBP 105.4 million or up 34.9% on last year. Now to our guidance for fiscal year 2022. Our guidance assumes no national lockdowns in our markets or for that matter, in Switzerland. We also base our guidance on our best view of supply. We do expect a gradual improvement in footfall both in the U.K. as well as in the U.S. Customer demand is expected to remain buoyant throughout the year. We have not planned for any shift in consumer profile, and our tourism and airport sales will remain well below pre-pandemic levels. We're also pleased to include a further contribution to our foundation. Net sales is planned to grow between 16% and 21%, excluding any impact of potential acquisition. Sales is expected to come in between GBP 1.05 billion and GBP 1.1 billion. Adjusted EBITDA and EBITA margin expected to be flat to +0.5% on fiscal 2021, and our depreciation is expected to come in between GBP 30 million and GBP 32 million. Our underlying tax rate is projected at between 21% and 22.5%, as we assume U.S. federal tax rates will increase from January 2022. CapEx is projected to be between GBP 40 million and GBP 45 million, with some projects originally planned in fiscal year 2021 now being executed in fiscal year 2022. Our net debt, pre any acquisitions, is expected to come in at between GBP 20 million and GBP 30 million. Thank you. We will now take your questions. Thank you. If you would like to ask a question, please signal by pressing star one on your telephone keypad. If you're using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Again, that's star one to ask a question. We'll now take our first question. It comes from Erwan Rambourg of HSBC. Please go ahead. Hi, good morning, gentlemen. Thank you. Maybe three follow-ups on the guidance for the current year high teen sales growth, if I take the midpoint. Can you help us understand how you see differently between the U.K. and the U.S.? Given what you know now, and if I look at high teens' growth, what would be roughly the split in terms of volume versus price versus mix? Secondly, I am wondering if you could talk about the contribution of e-commerce to total sales. I think you mentioned that there was growth of 120%, but what does that mean in terms of the actual contribution, and where do you see this going as the stores reopen? Then thirdly, looking at monobrand boutique potential, I think you went from 22 to 39. I am just wondering what is next in terms of run rate of opening of monobrand boutiques. Thank you. Thanks, Erwan. We haven't given a split U.K., U.S. Clearly, in our guidance clearly last year, the U.S. performed super strong at 38.5%, and the U.K. lower because of the circumstances of stores closed and no tourism or little tourism in airport business. Circumstances are changing. The situation's more favorable in the U.K. overall. The underlying reality is the U.S. We have really strong momentum in the U.S. from all of what we are doing through investing in our stores and the marketing activity and everything that's there. The market has been very strong in the U.S. We also indicated in our announcement that business is strong here in the U.K. too and has been since we reopened on April 12th. E-com, our e-com business prior to the 220% that we did last year was growing at around 20% a year. We have planned and assumed in our guidance that there'd be a correction this year because clearly we're anticipating the stores are open for the whole year. Actually, e-com's performing better than that at the moment in the U.K. It's early days, but we'll see overall, and we continue to invest and grow our e-com in the U.S. from a small base. Monobrands, we haven't disclosed the number of monobrands in the U.K. and U.S., but we opened eight in the U.S. We have a similar program, I would say, for this year. In the U.K., we have really strong momentum in monobrand development, some of which we'll be announcing as time goes on. It's a good area of consistent growth that we're looking at and have included in the guidance that we've given. Thank you, Brian. Just maybe a follow-up on the high teen sales growth. Is the bulk of it volume driven, or are you seeing benefits of price increases from last year continuing this year? Is there any element of mix in the sense of are consumers trading up or is growth similar at the high end as it is at the more entry- level? Yeah. No, sorry. You asked that earlier, and I didn't answer it. Looking back at last year, we had different performances in the two markets. In the U.K., the growth was largely from increase in average selling price, and that was from a mixture of previous price increases carrying through and mix overall. The U.S., though, it was volume driven. There wasn't a big change in average selling price, and there was also a very healthy mix of sales growth pretty much across a broad base of business. All of our key brands growing very nicely. Jewelry business growing nicely. We haven't, again, given sort of detail how we make up our expectation of growth for this year. I think the underlying trends will continue to be there. We haven't assumed any pricing, and there's no pricing element carried forward year on year, so specifically no price. Mix, we'll see. I mean, there's been a continual improvement from mix overall. We'll see actually in this year whether or not mix makes a further contribution. Not so clear because we're going to have more broad-based business in the U.K. than was the case in fiscal 2021. Right. Thank you very much. Thank you. Thanks, Erwan. Our next question comes from Guido Lucarelli of Exane BNP Paribas. Please go ahead. Yes, good morning. Thanks for taking my questions. The first one on the supply side. I was wondering what is the current level of the waiting list, especially for Rolex. If you have seen any similar trends with the waiting list also for other brands. The second one on the timing of the U.S. store openings for this year. I think you mentioned last time American Dream planned toward the end of the year, ahead of the Christmas season. I was wondering if also the other stores that you announced today, what is the timing there? Finally, on the U.S. e-commerce, you said a very good growth but on very small numbers. I don't know if you could help us to understand how much could be the weight and the contribution for this fiscal year. Thank you. On the supply side, it's no change. We'd love to have more of the products that we have on waiting list. The dynamics of the waiting lists haven't changed at all. We continue to add more products onto our waiting list overall. Our sense is that the supply-demand differential is actually growing somewhat with the overall level of demand that's there. We have, obviously, as you know, big waiting lists on Rolex, Patek, all the new products from Pateks are immediately on waiting lists, along with other ongoing products, and the same again with Audemars. Again, I think those three brands together, I would say that the level of demand exceeding supply is probably overall increasing. It's a genuine challenge for us is just managing now customer expectation and disappointment. There's other brands or other categories of products that are on waiting lists as well, inevitably new products when they're announced. We're very effective now as soon as products are announced, getting them communicated digitally and taking what we call expressions of interest, of people saying, "I'd want to buy that product when it arrives." We have waiting lists, for example, in Omega Snoopy or Omega James Bond watches of some of the new Cartier, big interest in the new Cartier Must line overall, Breitling Endurance Pro, TAG Heuer Connected. Overall, there's challenges in the industry in meeting the demand that's there, and it's becoming more widespread, I would say overall. Obviously, we work with all of our branded suppliers to be as clear as we can on expectations of supply. Whenever we give guidance, it's always based upon a level of communication and understanding overall on supply. The second question? Is the store openings? Timing of store openings. Yes, you asked about American Dream. One thing is we're very positive and have remained so, if anything, I'm even more positive and optimistic about the American Dream project. Timing, we're working on it. Our friends at American Dream would say we should be opening before Christmas. We're still working on some detail with our brand partners and so on. Whether it's before Christmas or just after, we'll see. It's not going to make a huge contribution to this year's numbers overall either way. If I had to bet today, I would probably say it's more likely to be after Christmas than before. E-com, we did 220% of prior year in the U.K. It was up to over 14% of the U.K. business. E-com in the U.S., from a small base, we're investing behind the business in the U.S. We're learning the expectation of the U.S. consumer overall. We're looking to invest more in stock to support the level of demand that we're seeing. I think it's sort of irresistible to say the potential of e-com in the U.S. is very significant. It takes time to build up your awareness, your status, and your facilities and capabilities, but we are investing in it. It's growing well. We're ahead of our expectation last year from the relaunch that we did in September, we obviously expect reasonable growth within our numbers this year. It'll take time, it will take years to really get to the point of a significant contribution from e-com in the U.S. The potential is definitely there. Thank you very much. Our next question comes from Carina Schuster of Goldman Sachs. Please go ahead. Hi there. Thank you for taking my question. I have two, please. I know you've already talked a little bit about supply on this call, but I just wanted to specifically get your views on the impact of two things. Firstly, the increased production this year by the watch brands as we lap manufacturing closures due to the pandemic last year. Secondly, how the watch brands are potentially thinking about their regional allocations as travel starts to resume. You've clearly demonstrated over the last year that you have a very strong domestic customer base, which the watch brands will be very keen to take advantage of. How will that work when travel resumes? The next question is on consumer behavior in the U.K. post the reopening of the stores. Also, it'd be interesting to know whether the new initiatives that you introduced as a result of the pandemic, like Rolex Click & Collect and onboarding new brands to e-commerce, whether these are permanent features that will continue even when we're fully back to normal, whenever that may be. Thank you. Thanks, Carina. What we understand from the brands on production is that they are up to full production levels following the impact of the lockdown last year. Year-on-year, they're undoubtedly producing more. There was some small impact, we think, of kind of COVID outbreaks and isolation and whatever that affected some production schedules more towards the end of last year. I honestly haven't heard anything of that in recent months. Production is up, but at the same time, demand is up as well. As you know, geographically, huge increase in demand in mainland China with clearly Chinese population not traveling. There's still the opportunity and demand that's there, and that's now moved towards a domestic market overall. Those stores are open throughout Europe, throughout the rest of markets. Demand in the U.S., as we've been experiencing and reporting, has been very strong. Demand has moved up in line with production, I'd estimate, on a global basis. We do know that brands are looking more short-term in terms of allocations. Traditionally, they tend to allocate months in advance and change little. Now, because of such volatility of countries opening, closing, whatever, we know the brands are responding to market developments more short term than has traditionally been the case. I would say our regions are never getting enough, and we're always asking for more on behalf of the region overall, including on behalf of our business. That's not changed, and I don't think it'll change in my lifetime. We'll always be looking to get more product for the demand that's there. Consumer behavior, Click & Collect, Rolexes, we won't be doing any more of. That was effectively done during that period for waiting list clients when we had the product, but now obviously our stores are fully open. There was a lot of other things that happened and that we put in place because of the lockdown will become permanent parts of what we do. We implemented a luxury concierge here in London of fully trained salespeople giving help and assistance on online shopping or online research, and that's been hugely positive for our clients and our business, and that will carry on. We always had an appointments business overall, but it generally was store managers calling clients or client calling them, reasonably informal. In the circumstances of last year, we implemented a new system. We're making further developments on that system to integrate it with our CRM system, but it's proved very positive and beneficial. We've been doing 40% of our business in the U.K. during the opening period, including now, on appointments, all round it's very positive. If you're reluctant, as many people are nervous about going to a shopping center, to know that you've got an appointment, you're going to a store, there's a desk and a salesperson waiting for you. They're ready there with the product that you're interested in, you'll spend little time. Our stores, by the way, are generally safe environments because they're big, beautiful stores, and we don't have crowds of people in the stores. Very appointment system is here to stay, I think is a great way for us to clientele and interact with our clients. Obviously, the conversion on appointments are very high. The brands that came online with us just over a year ago for the first time were permanent additions to our portfolio. Panerai, Tudor, Vacheron Constantin. We have expanded permanently the proposition online. We'll now take our next question. It comes from Kathryn Parker of Jefferies. Please go ahead. Your line is open. Good morning. Thank you for taking my questions. My first question is back on the topic of monobrand. I wondered if you could share the penetration of monobrand sales within your total sales for fiscal year 2021, and if possible, a U.K./U.S. split. My second question is on e-commerce in the U.S. and how your e-com customers differ your customers and whether you're managing to branch out to states where you're not already present. A question which I hope doesn't infringe on topics this afternoon. Just on the competitors landscape, given some recent news stories, the rebranding of Tourneau and then the rollout of the TimeVallée concept from Richemont, and whether you think it's an issue in terms of consumer competition or with respect to you. Thank you. Thanks, Kathryn. We don't give a share of our monobrand or breakdown in any more detail like distribution type business. It's a different kind of business. Obviously, the sales per point distribution is much less than we do in our multi-brand stores. Anyway, we don't give that share. It's got good momentum. I think you know the brands that we're doing monobrand with Omega, TAG Heuer, and now Tudor and the Grand Seiko. E-com in the U.S., we don't have a reading on consumer behavior there, how different it may be. It almost certainly will be the same as the U.K. in that online you have a good business, but you have a bigger proportion of people buying iconic product, a product that they know and might well have tried on beforehand, and so it makes obvious sense that they would be happy to buy that online. Slightly lower average selling price, a bit more steel, a bit less gold overall, and I guess that makes sense as well. We are selling in the U.S. to other states. We believe in multi-brand and the concentration of presence like we obviously have here in the U.K. We have a good presence, obviously, in Florida and Georgia, New York, and Vegas, and we are concentrating our marketing activity on those markets where we have that benefit of presence and awareness and store interaction. In the meantime, we are getting clients and business from other states, and we'll see how that develops. Competitive activity, we honestly welcome the investments overall that are getting made by others, particularly in the U.S. market. We think the market has big scope to be invested in and elevate. We're very happy not to be doing it alone and obviously to internal there and making the investment in the internal brand overall. We believe our big store in New York will open towards the end of this year. As far as we're concerned, it's all good. There's so much to go at in the U.S. The more that the overall market elevates and communicates, the better for all of us there. Similarly, TimeVallée, it's a kind of multi-brand proposition, obviously, from Richemont with systems and support store design. We do all of that ourselves already. I think we do a very good job in it. It's not something that we are likely to participate in, but understand what they're doing. Again, if it's a source of investment and elevation in the market overall, then bring it on. It's all good stuff. Our next question comes from Kate Calvert of Investec. Morning, everyone. Two questions for me. The first one is on Goldsmiths. How many Goldsmiths refurbs are you planning a year, and what sort of sales uplift are you looking for? My second question is on the airports. Where are you with the renewal of the airport contracts in the U.K.? I must make note of that refurb. The Goldsmiths, in total, we're talking about 24 locations, and it's spread pretty evenly over the next three years. That's the Goldsmiths refurbishment that we're doing, introducing the luxury concept. That's about eight a year. It'll be interesting to see, obviously our Goldsmiths stores have been invested in significantly over the last few years and look great, we are taking them to a different level again here with this Goldsmiths luxury concept. We'll see whether the impact is as beneficial as it's been with the refurbs that we've done in the past. We're not actually assuming that. We're assuming a little less of an uplift and a little longer therefore of a payback from that CapEx. We'll see some significant ones happening reasonably soon. Beautiful designs. A change to what we think the consumer clearly wants, more time, more hospitality, more leisure space and physical space all around. A big emphasis on repair and service and sort of help, almost like a kind of Genius Bar type configuration that we can really provide support and information and education, if that's what it is, for clients. Really excited about it, and a lot of the design that we're using came from the success that we had with Mayors in the U.S. that actually exceeded our expectation overall. We'll see, and we'll look forward to reporting on it. Airport situation has been under continual negotiation and still is, but hopefully getting to a conclusion reasonably soon. Undoubtedly, the fact that there was very little activity going on at the airport meant there was a lot less pressure, if you like, on concluding on matters. I think there's going to be a nice step up on traffic through the airports reasonably soon as we're all hearing leisure traffic and business traffic. Terminal three has been announced to be open for Delta and Virgin flights from the middle of this month. I think we'll get to a conclusion on the airport business and reasonably soon. Great. Thanks very much. Cheers, Kate. Our next question comes from Richard Taylor of Barclays. Please go ahead. Morning. Can I ask two questions, please? First of all, the store you talked about in Cincinnati, can you just talk a bit about the background to that? How long have you been looking there? Is this a sort of typical Mayors side store, or could this be a bit more bigger flagship sort of place? Secondly, on the gross margin, it was down quite a bit in the U.K. and up quite a bit in the U.S. Is that mainly mix? Are more top-end brands being sold in the U.K.? When we think about your guidance for the current financial year of 0%- 0.5% on the EBITDA margin, how does the gross margins feed into that, please? Thank you. That second question is a bit too complicated for me, so I'll let Anders answer that first. Thanks, Richard. Obviously this year, as you know, we've done a lot of clienteling, which Brian pointed out that our revenue this year is predominantly the average selling price in the U.K. We sold more of the high-end brands in the U.K. and predominantly therefore Rolex in that category, which has a lower margin, as we've been clear on, the higher productivity, the lower margin brand has. The expectation would be that we will have a different mix going into this year. Clearly, we expect the other brands to come back, including jewelry, obviously, which are more footfall-dependent categories. In terms of gross margin, you're absolutely right. U.K. was down this year and it was entirely due to mix. We do expect that to normalize and come back in this fiscal year that we're in. In terms of the guidance that we've given is obviously a combination of gross margin as well as overhead leverage and store cost leverage. Just want to point out that part of this year's profit included the benefit of the rates holiday, which obviously slightly flattered the gross margin percentage as such. We didn't pay that back this year, as you know, and as disclosed. We don't expect that to therefore be able to annualize this year. If you drip that out, the leverage is not flat to 0.5. It's actually better leverage because we're making up the GBP 11 million rates holiday as well. Makes sense. Thank you. Cincinnati, I personally haven't even seen the store yet because of the travel restrictions and so on. I have seen many pictures of it. It's one that came out of a look at the market and where we saw underdevelopment and potential for entry. It's a good market overall as we analyze it. It's got a wide conurbation, a lot of affluence, a lot of corporate activity that goes on in Cincinnati, Ohio. There's been a migration towards this mall called the Kenwood Towne Centre, which again, I have seen lots of images of it. It's a very nice looking mall, has LV, has Apple, has a lot of development going on there. We'll be opening a Watches of Switzerland store there. It will be anchored by Rolex. I think it could be a very nice addition to our portfolio. We'd love it to be opening sooner, but I think it's probably going to be after Christmas overall. We're working on it. It's designed and it's in final stages of design and it's available. We'll see. A nice addition. As we know, our big multi-brand stores are anchored by Rolex, can make a meaningful contribution. Very good. Thank you. Our next question comes from Edouard Aubin of Morgan Stanley. Please go ahead. Good morning, guys. Two questions for me as well. The first one on Tudor. According to a Morgan Stanley estimate, it was basically the fastest growing Swiss watch brand over the past three years. Just wanted to know if you've experienced net growth with the brand and more importantly, if you have today the same kind of supply constraints that you're experiencing with Rolex. That would be number one. Number two, on your geographic footprint, one of your main peer, Bucherer, has been a bit bolder in terms of geographic expansion because as you know, they have a presence across continental Europe. For now, are you basically sticking to the U.S. and the U.K., and you think there's just enough growth coming your way in the U.S. for you to venture into new geographies? Thank you. Thanks, Edouard. Yeah, Tudor is a great brand. Has a lot going for it, a lot of tremendous heritage and credibility and the history and great quality of product and great marketing support behind it. Great position, great price point. Obviously, as I think everybody would know, it's a part of the Rolex family overall. There are supply constraints. The new product launches, the Black Bay Blue dial, again, was immediately on waiting list. The black dial as well has been a problem. We've just introduced, unfortunately, you probably have seen the bronze product that we've introduced recently. It's monobrand only. We are the only monobrand in the U.K. Again, whatever has been supplied so far has gone, and we get a waiting list again. It's not quite the same as Rolex overall. We're quite optimistic about supply improvements overall in Tudor, but Tudor, we have a group of brands that we're really focused on for a variety of activity. Strategic partner brands that have been Cartier, Omega, Breitling and TAG Heuer. That now includes Tudor for us because we really have momentum and love what they're doing. Very positive about them. You're right, Bucherer have been more geographically ambitious than we have if you look back over the decades. We are obviously both now in the U.S. market. As you'll hear when we do our presentation this afternoon about the long-range plan, we see opportunity in the EU market overall, and we've included some projections of successfully entering the EU market, but we'll talk about that this afternoon. Okay, fantastic. Thank you. Thank you. Our next question comes from Louise Singlehurst of Goldman Sachs. Good morning, Anders and Brian. Thank you very much for the information provided so far. Looking forward to this afternoon. I wonder, Brian, a question for you. I suppose the big surprise, if we talk about the luxury industry in the last 12, 18 months, has been the appetite and the strong rebound and the recovery that we've seen. I wonder specifically if you can tell us about what you've seen across the cohort. Is it new customers coming in? Is it a mix of the existing customers buying more? Age group here, for a long time and many years, we've talked about the younger consumers being distracted within the category, probably tempted by the smartwatch category, but there seems to be a real appetite for the traditional watch category and how you view that across your CRM database in the last 12, 18 months. Thank you. Agreed, Louise. I don't think anybody would have predicted the real positive market trends that have been going on with luxury overall. We particularly see it in the U.S., actually, and see a lot of activity in the U.S. from the luxury sector overall in retail. Obviously, the U.S., alongside that, you have a decline of traditional department store business, so you have way more activity going on with the brands directly developing. You have LVMH, you have clearly the acquisition of Tiffany and the investment and drive that's there, Kering Group equally very active in the U.S. Within all that, luxury watches clearly have been doing very well, too. In terms of changes of more self-purchasing going on would be our belief, which has been an ongoing trend, male and female, even more within the female consumer. We have sold more to existing clients, inevitably, because we've been doing a lot more clienteling with our stores closed, so we're using our database. By definition, we've sold more. Whether or not that is reflective of demand, we don't really know, because demand is strong. Now that we've reopened our stores, demand is clearly there and is more broad-based across everything that we're doing. Certainly, if you look back over the last year, more online business and particularly more clienteling towards the waiting list, which by definition is more to existing clients. Age-wise, well, first of all, our analysis is that all generations, there's been no change overall in the age profile of people that are interested and when they start to become interested in luxury watches. Somewhere in the mid-20s, the best segment from an age standpoint is 35 to 54, when people are developing their situation economically or career, celebrating special occasions, and all that. People start buying into luxury watches from their mid-20s, and we haven't seen that change overall. That concludes today's question and answer session. I'd now like to hand the call back to Brian Duffy, CEO, for any closing remarks or additional comments. Thank you. Thanks everybody for joining us and for all of your very good questions as usual. We're obviously delighted with the year that's behind us, delighted that life is getting back to normal. We're optimistic about fiscal year 2022 as we've reflected in our guidance. So far so good. We're going to have a lot more to talk to you about this afternoon when we, for the first time really ever, look a bit further forward for our five-year plan. We'll look forward to chatting again then. Thanks for joining us.