Good afternoon, everyone. I always ask to get included in these videos, but somehow I always see them and I've been missed again from them, I wonder why. Good afternoon, everyone. I'm Brian Duffy, the CEO of the Watches of Switzerland Group. I know many of you here. Welcome to our meeting. Thank you for joining us. Thanks to our friends at UBS for providing us a fantastic facility. You're going to hear a lot of different accents this afternoon, so we thought we'd start with the most difficult first, but hopefully, most of what I've got to say will be conveyed by the slides if you find the accent difficult. Our objective today is to give you, our investor community, a more in-depth understanding of our business and our markets. Our focus, our strategy is sustainable, profitable growth. We'll go through the pillars of our growth in detail. I will not be providing any specific financial targets beyond the guidance that we've given for fiscal 2027, but we plan to give you the necessary information and the building blocks to facilitate your projection of our business in the future years. We have some great things to present to you today. The work that our team have done in recent years, the extraordinary progress that we've made in the U.S., $1.24 billion in sales in FY 2026 from a market entry only in 2017. Support of our brand partners, the market trends that we're experiencing, both the U.S. and U.K., all combine to make me and our team here feel very confident and energized for the opportunities that we see ahead. Our agenda today is group strategy and markets overview from yours truly. David Hurley, our Deputy Group CEO, will give you a U.S. business review, followed by Craig Bolton, President U.K., go through the U.K. business review. More detail on our new businesses that we want to tell you more about, Roberto Coin, I will also present. We're delighted to be joined by Ben Clymer here, the Founder of Hodinkee, who will tell you the Hodinkee story and plans. Also delighted to be joined by Tad Deutsch of Deutsch & Deutsch. He'll present his family business and his experience in joining our group. That will all be followed by Anders Romberg, our CFO for the financials, and then we'll take Q&A. You can see from here some key stats in our group on the left. Scale is, in our view, increasingly important in our category. We enjoy strong market leadership position here in the U.K. luxury watch market and a very strong position in the fastest-growing market in the world, the U.S. We complement our positive luxury watch positions with a growing business in luxury jewelry in both markets. Our unique multi-brand, multi-channel model is working very well in both the U.K. and the U.S., as you'll be hearing. We have a record over the past 11 years of consistent sales and profit growth and cash generation. We'll be presenting our growth pillars today, including our successful experience of acquisitions in the U.S. Finally, just to say, our major market of Swiss watches has proved resilient continually and robust and continues to be characterized by demand exceeding supply, and we expect these conditions to remain for the foreseeable future. Our showrooms are beautiful, they're spacious, they're welcoming. They're complemented by excellent client experience provided by our expert showroom colleagues. We represent the best brands in luxury watches with an increasing portfolio of international jewelry brands. Our relationship with the major watch brands go back many, many decades. The major changes to our business mix, you've seen this chart before, but it's very important to understand the major changes in our mix has been firstly geographic. We can see the U.S. business back in FY 2019 was 24% of our sales. By fiscal year 2026, the year that we've just closed, now the majority of our sales are 51%. Our sales CAGR through this period was 13.1% for the group, 6.3% in the U.K., and a very impressive 26.4% in the U.S. The other major change to our sales mix, the bottom pie charts there, resulted from the removal of VAT-free shopping in the U.K. for tourists on the implementation of Brexit. That resulted in a huge reduction of our international sales, as you can see. If we revise our group total CAGR, the 13.1% that I mentioned, and do it on a domestic-only business, the 2019-2026 CAGR was actually 18.9%, so almost 19%, and an acceleration effectively of our domestic business. Our financial scorecard shows sales compounded annual growth from FY 2015 through to the midpoint of our FY 2027 guidance. That's 15.5%, an adjusted EBITDA growth for that same period of 29.5%, so a record we're very proud of. Debt leverage for our group is very low, as you can see. The borrowings at end fiscal 2025 and 2026 resulted from acquisitions, Roberto Coin, Hodinkee, and Deutsch & Deutsch specifically. We also executed our GBP 25 million share buyback. ROCE for the group has settled at around 18%-19%. Looking back at that 11-year history, we see three distinct periods in those 11 years. Firstly, the period 2014-2019 when we implemented our new model in more stable market conditions here in the U.K. than in the U.S. in 2017, gaining market share in both markets. The 2020-2025 period saw unprecedented volatility that we had to deal with Brexit, COVID, post-COVID, tariffs, gold pricing, price inflation, a really unprecedented volatile period. Our team have done a fantastic job reacting to those conditions, navigating their way through and delivering on good results. Currently, we're entering, or we're already in a new period. Our experience is that market conditions are good and predictable and very much recognizable. Continuing strong, very strong market in the U.S. and an improving market here in the U.K. Fiscal 2027 has accordingly started well. We are confirming our guidance for the year. Investing in sustainable, profitable growth is our strategy. I'll top line our growth pillars, then go into each one in a wee bit more detail. We've a strong pipeline of projects with our existing showroom networks in the U.K. and the U.S. We continue to be active in looking for opportunities of new developments, and underserved markets, focusing again, particularly on the U.S. The pre-owned business has been very positive for our group, increasing from an almost irrelevant less than 2% back in fiscal year 2019, now over 8% fiscal 2026. E-commerce has been progressing well in the U.K., outperforming since the second half of FY 2026 and continuing to outperform now into the first quarter of 2027. E-commerce in the U.S. is also progressing very well, with strong growth from clearly a lower base. Jewelry is an important growth sector for our group, and acquisitions remain a key pillar of growth and our activity clearly with client experience continues to elevate. Our showrooms are designed to be open, welcoming, browsable, non-intimidating. We're allocating more space to our growing segments of pre-owned and branded jewelry in our beautiful showrooms. The Rolex flagship boutique in Bond Street, which I hope you've all visited, has been a great success since opening in March 2025, exceeding expectations. With that store, we've set a new standard of client experience. The pre-owned market is growing at a fast pace, as you can see here. Our group is now very well established in this category for both Rolex Certified Pre-Owned and other pre-owned luxury watch brands. From now on, we'll report the total pre-owned business, which the graph shows has increased from 1.6% of our sales in FY 2019 to last year, 8.3%, and it continues to grow. Interestingly, our client database shows that the great majority of our pre-owned clients, 77% to be exact, are new clients to our group, and that we're clearly increasing our audience. Overall, we enjoy a very good business in rare and high-value timepieces, as you can see, often sourced directly for collectors. These pieces are especially important in markets such as Las Vegas, New York, and London. E-commerce is a growing segment, and our excellent teams in Leicester and Fort Lauderdale do a great job. We have sites for each fascia, as you can see, but through common systems, we support and optimize the execution of the back end. Scale is particularly important for e-commerce, optimizing marketing spend, and supporting in-house teams of experts. We offer the customer a wide multi-brand selection, and our clients often research online and buy in store and vice versa. Our virtual boutiques in the U.K. and the U.S. offer online clients specialized support and help online achieving high levels of conversion. The online presentation of both Rolex and Patek Philippe, which are not transactable online, are nevertheless a perfect research vehicle for showroom clients. The U.S. market for luxury jewelry is the number one market globally at almost $65 billion, showing significant growth in recent years. Interestingly, some research that was published by McKinsey showed that self-purchasing was a key driver of growth, increasing 2024 versus 2021 by a very significant 58%. We honestly believe this is one of the main things behind what's been a great growth record of this market. The trend is clearly towards branded jewelry, and we are very well positioned in the American market with the Roberto Coin brand. We're also experiencing a resurgent U.K. jewelry market, with the success of branded jewelry and also lab-grown diamonds, which have gone very well for us. Acquisitions have been key to our success in the U.S. Through acquisitions, we expand our geographical penetration, extend into new segments, wholesale and media, for example. Importantly, through acquisitions, we've gained complementary expertise and market experience. Financial returns on acquisitions have been very good. We have built a strong reputation under David's leadership in the U.S. market through successful acquisition negotiations and ultimately integrations. A core aspect of the Watch model throughout our history has been client service. Luxury client expectations continue to increase, and we continue to respond with our Xenia Hospitality program, fantastic events, and the support of online clients through our virtual boutique. Our successful growth strategies have resulted in a positive diversification of our business, both geographically with the expansion of the U.S. success and by product category with the success of luxury jewelry and pre-owned. To summarize the introduction, market conditions we're experiencing to be good. The U.S. continued to be very strong. The U.K. we describe as resurgent. Our model continues to perform very well. All of our growth pillars, as you'll hear, are all contributing as planned and expected. We are adding new audiences through Hodinkee, through pre-owned, through online, through an increased activity with female clients through jewelry, in addition to the build of our client databases. Fiscal year of 2027 has started well. I'll now happily pass over to David to discuss the U.S. All right. Okay. Good afternoon, everybody. A little bit about the U.S. Our U.S. business has delivered exceptional growth since we entered the market in FY 2018. What began with the acquisition of Mayors has grown from approximately $120 million to revenue of more than $1.2 billion in less than nine years. What's particularly important is how that growth was achieved. I mean, this wasn't simply an acquisition story, nor was it dependent on a single market trend. We've consistently added new growth drivers, including acquisitions, showroom investment, e-commerce, pre-owned, client experience, luxury jewelry, and most recently, Roberto Coin, Hodinkee, and Deutsch & Deutsch. The result is that today we operate a diversified luxury platform with significantly greater scale, stronger brand relationships, and far broader growth opportunities than when we first entered the market. Perhaps the most exciting aspect of our U.S. story is that the opportunity remains substantial. The U.S. is not a mature, consolidated market. Unlike other countries, the wealth is distributed broadly across states and metropolitan areas. At the same time, luxury watch and jewelry retail remains highly fragmented, with many operators controlling only a handful of locations. This creates opportunities in two ways. Firstly, it provides opportunities for acquisitions. Secondly, it creates white spaces for organic expansion into attractive luxury markets where we believe our model can outperform. While we build a sizable business, we continue to see significant runway for future growth. Building on this opportunity, this chart shows the strong relationship between U.S. wealth creation and demand for Swiss watches. As household wealth in the U.S. has grown, Swiss watch exports have followed a similar trajectory. Though the exports have not kept up with the wealth creation, resulting in a pent-up demand. That's important because it demonstrates that our growth opportunity is supported by powerful long-term market fundamentals and not just store expansion. With wealth generation extending across the country, we see significant potential to continue growing our customer base, deepening relationships with existing clients, and expanding into new markets. Exploiting these markets and building revenue is one thing. Building an organization capable of sustaining long-term growth is something entirely different. Over the last eight years, we've deliberately evolved from a business largely supported from the U.K. into a fully capable U.S. organization. We've invested in leadership, infrastructure, systems, marketing capabilities, e-commerce resources, and specialist talent. We've also imported best practices from our U.K. operations while adapting them to the unique dynamics of the U.S. market. FY 2026 represented an inflection point in that development. Many of the investments made in the last year were investments ahead of growth. Today, we believe we've got the management structure, systems, and local expertise required to support the next phase of expansion, while increasingly benefiting from scale and operating leverage. In terms of our strategic pillars and talking about showroom investment, today we operate multiple luxury retail faces, including Watches of Switzerland, Mayors, Betteridge, and Deutsch & Deutsch. We have a leading position in pre-owned through Analog:Shift. We operate 33 monobrand boutiques, and through Roberto Coin, we have access to more than 400 points of distribution. This diversification is strategically important. It broadens our customer reach, gives us exposure to multiple luxury categories, and strengthens our relevance with both clients and brand partners. Most importantly, it gives us multiple avenues for growth rather than relying on any single format, geography, or customer segment. Organic growth remains a significant contributor to our future plans. The projects shown here represent targeted investments in attractive markets where we see strong customer demand and the ability to deepen our local presence. Importantly, we're not just pursuing our growth through store count alone. Every project is evaluated based on location quality, brand support, customer demographics, and expected financial returns. The pipeline includes new Watches of Switzerland locations, Betteridge expansions, Mayors developments, and additional Roberto Coin boutiques, as well as new agencies to follow. Markets such as New York, Miami, and Las Vegas continue to represent attractive opportunities for reinvestment because of the strength of the local demand and tourism. Certified pre-owned has become one of our most attractive growth opportunities within luxury watches. The category is attracting collectors, providing access to rare references, and introducing new consumers into the luxury watch market. Our acquisition of Analog:Shift gave us immediate expertise in sourcing, authentication, content creation, and client engagement. What we particularly like about pre-owned is the customer dynamic. Many clients enter through pre-owned and subsequently become purchasers of new watches, jewelry, and services. As a result, pre-owned supports both client acquisition and lifetime value expansion, making it strategically important beyond just simply generating revenue. E-commerce. E-commerce remains one of the largest untapped opportunities within our U.S. business. Over the last year, we've invested significantly in the foundations required to scale digitally. These investments include a dedicated e-commerce team, a move to Shopify, enhanced capabilities, and integration with the Hodinkee ecosystem. We've already demonstrated in the U.K. that e-commerce can become a significant and profitable channel. The U.S. currently operates at a much lower level of penetration than the U.K., which provides a substantial opportunity for growth. As traffic scale and conversion increase, we expect e-commerce to become an increasingly meaningful contributor to revenue and profitability. Jewelry is another major growth opportunity. The U.S. jewelry market remains significantly larger than the luxury watch market and continues to benefit from strong consumer demand, increasing self-purchasing trends, and growing interest in branded products. Our strategy focuses on increasing penetration of Roberto Coin through shop-in-shops and dedicated branded spaces. Brian will present the overall Roberto Coin strategy later on in this presentation. We'll complement that by investing in and developing other categories such as high jewelry and lab-grown diamonds. We believe jewelry will continue to become a larger and more increasingly important contributor to our overall growth profile. Acquisitions have played an important role in building our U.S. business. However, our philosophy has never been acquisitions for acquisitions' sake. What matters is what happens after we've got the asset. Our track record demonstrates an ability to enhance acquired businesses through investment, showroom upgrades, CRM capabilities, stronger brand relationships, clienteling, and operational expertise. As this slide shows, the revenue generated by businesses we've acquired has been significantly expanded post-acquisition. Importantly, we remain disciplined. We're looking for assets that enhance our strategic priorities, accelerate market penetration, and create value through integration into the broader Watches of Switzerland Group platform. Luxury retail is ultimately a relationship business. The strongest luxury retailers are not simply selling products, they're building communities and creating memorable experiences. During FY 2026, we hosted more than 250 client events, bringing together collectors and enthusiasts and VIP clients around the brands of products they love. These events generate significant engagement, but also have a clear commercial benefit. They help deepen client relationships, increase brand loyalty, and contribute to repeat purchasing behavior. In our view, client experiences remain one of the most significant differentiators in the luxury market. To summarize, in less than nine years, we've built a $1.2 billion luxury platform in the world's largest luxury market. We've expanded our capabilities, diversified our growth drivers, and invested in the infrastructure required for the next phases of growth. While we remain excited about the opportunities ahead in the U.S., our U.K. business continues to be an important source of market leadership, cash generation, and innovation. With that, I'll hand over to Craig. Thanks, David. Good afternoon. My name is Craig Bolton. I'm the President of our U.K. business. Today, I will provide an overview of the key objectives and performance of the U.K. business, demonstrating how we are delivering against the strategic pillars Brian outlined earlier, and continue to strengthen our position as the leading luxury watch and jewelry retailer in the U.K. Before looking ahead, it is worth reflecting on the significant journey that the U.K. business has been on over the past decade. The period for FY 2015 to 2026 has been a significant evolution for our U.K. business. It is bookended by two landmark openings, 155 Regent Street, which helped redefine the luxury watch retail in the U.K., and most recently, the Rolex boutique on Old Bond Street, which has quickly established itself as a standout success. Between these milestones, we have successfully navigated a number of market challenges, including Brexit, the removal of VAT-free shopping, and COVID, while continuing to invest in the business and strengthen our market position. Over this 12-year period, we have delivered a sales CAGR of 8%, outperforming the broader watch and jewelry market and demonstrating the resilience of our business model and the strength of our long-term growth strategy. This track record provides a strong foundation for the opportunities ahead. We are trusted partners for the world's leading luxury watch brands and operate at a meaningful scale within the U.K. market. Today, we hold a market-leading share of the U.K. luxury watch market, significantly ahead of our nearest competitors, with further opportunities to grow share over time. In recent years, we have simplified and refined our brand portfolio, increasing our focus on the luxury brands that matter most to our clients. Each brand plays a distinct strategic role driving client acquisition, sales growth, profitability, differentiation, and cross-selling opportunities. Together, they create a balanced and resilient business model. Pre-owned has been our fastest-growing category since the launch of Rolex Certified Pre-Owned in September 2023, and we see a significant opportunity for continued growth. Since launch, we've expanded to 30 Rolex Certified Pre-Owned showrooms and 42 Watches of Switzerland Certified Pre-Owned locations, supported by three dedicated e-commerce platforms. We expect to further increase our footprint during FY 2027. We've invested in high-quality brand environments, broad and compelling product assortments, and specialist training for our showroom teams, creating a strong platform for future growth. Our dedicated team of pre-owned experts continue to source an exceptional range of products, including rare, off-catalog, and highly sought-after timepieces. The examples on the screen are watches we've sold in recent weeks. Our scale, product procurement, and fully integrated omnichannel approach differentiate us from all other U.K. competitors and position us as the market leader in the pre-owned luxury watch market. Luxury jewelry is an increasingly attractive category in the U.K., driven by growing brand awareness and increasing demand for self-purchase and everyday luxury. We are well-positioned to benefit with the curated portfolio of leading jewelry brands that appeal to both existing and new clients. The Mappin & Webb Jewel House in Manchester is a great example of this strategy in action, bringing a dedicated luxury jewelry destination to clients beyond London. The early learnings also help shape brand deployment across our wider estate. Early performance has been good, reinforcing our confidence in the long-term growth opportunity within branded luxury jewelry. Lab-grown diamonds launched in November 2025 and have become our fastest-growing and most productive jewelry category. The proposition is attracting younger clients and highly incremental sales, with more than 80% of sales generated from new demand. Average transaction values are comparable to natural diamonds, but lab-grown allows clients to access larger and higher-quality diamonds at a similar spend level. Following a successful launch, we have expanded the range further in Goldsmiths and launched the range in Mappin & Webb and recently introduced the first phase of our online bespoke builder, which allows clients to fully customize their jewelry, adding over 1,000 new options, growing to over 3,000 new options on completion of phase two. We are already seeing strong sales through both our showroom and digital channels, giving us confidence in the significant growth potential of this category. Over the past three years, we have strategically reshaped our showroom estate, moving toward fewer, larger, and high-impact locations. Importantly, where we have reduced stores, including Rolex locations, we have increased market share. Where we have exited mono-brand boutiques, we have successfully transitioned those brands into our multi-brand environments, maintaining strong sales whilst improving productivity. Despite a challenging macroeconomic backdrop, we have continued to invest significantly in our estate through luxury fits, expansions, and relocations across Watches of Switzerland, Mappin & Webb, and Goldsmiths. There are many excellent examples, including Mappin & Webb Birmingham, which showcases our latest luxury jewelry and watch concept, and Northern Goldsmiths in Newcastle, the first Rolex retailer in the U.K. dating back to 1919, which has been beautifully restored and repositioned for the future. Alongside these projects, we have a number of significant investments planned through FY 2027 and 2028. This combination of estate optimization and continued investment has delivered a substantial improvement in productivity. Over the period, sales per showroom have increased by 150%, from GBP 2.6 million to GBP 6.5 million, while showroom costs as a percentage of sales have reduced from 26% to below 19%, demonstrating significant operating leverage across the estate. Alongside the significant investment across the wider luxury estate, we continue to invest with confidence in major Rolex projects. The first is the Rolex Boutique on Old Bond Street, which opened in March 2025. It represents the pinnacle of Rolex design, combines an exceptional client experience with outstanding execution from our team, and continues to perform extremely well commercially. Looking ahead, our two more significant projects are in Glasgow and Heathrow. In Glasgow, we will more than double the size of the Rolex Boutique, introduce certified pre-owned, and significantly elevate the client experience. This showroom is scheduled to open in October 2026. At Heathrow Terminal 5, we will begin work on what will become one of the leading Rolex travel retail boutiques globally, featuring a design unique to this location. The project is expected to open in the first half of calendar 2027, while we continue operating from our existing Terminal 5 boutique throughout the redevelopment. Whether through major flagship projects, showroom enhancements, or branded environment installations, all of our investments are focused on the same objective, driving sales growth, improving productivity, and further enhancing the client experience. This slide illustrates how we are bringing together digital and physical retail to create a truly integrated omnichannel client experience. Our digital channels are not separate from our showroom estate. They work together to drive demand, deepen engagement, and support showroom productivity. The virtual boutique provides a seamless bridge between online research and personal engagement, allowing clients to connect with specialists, receive tailored advice, and move effortlessly towards purchase either online or in a showroom. Our luxury showrooms remain at the heart of the client journey. Digital enhances this experience by helping clients discover products, research options, and engage with our brands before they visit, resulting in more informed conversation and higher sales conversion. Through web-enabled sales, colleagues can access approximately 30,000 SKUs across the group, compared with around 1,300 SKUs held in a typical showroom. This significantly expands client choice and creates additional sales across our network. Importantly, the relationship continues beyond the showroom visit, with digital channels supporting ongoing engagement and enabling clients to browse and purchase seamlessly across the group. We continue to invest in the future of this platform through enhanced user experiences, AI-enabled tools, intelligent search, and the data capabilities that will support the next generation of client engagement. Ultimately, our objective is simple. Combine digital convenience, showroom expertise, and technology to enhance the client experience, improve productivity, and drive sustainable growth. In recent years, accelerated by COVID, client expectations have risen significantly. Today's luxury client expects a seamless, personalized, and memorable experience every stage of their journey. We already deliver best-in-class client experiences across many parts of our group. The opportunity now is to scale that consistently. That's the role of our Xenia client experience playbooks, a clear framework for delivering exceptional, personalized experiences at every touch point. First launched in the Rolex boutique on Bond Street, and now being scaled across the group. The playbook also gives our key sales colleagues access to Power BI insights, allowing them to use our significant client database more effectively to identify opportunities, deepen engagement, and support improved conversion. The objective is simple: consistency without becoming robotic, process with personality, and excellence across every showroom. We believe this will become an even more meaningful differentiator for our group. The program has already been rolled out across all Rolex showrooms and will be extended across the rest of our estate by the end of FY 2027. Events, hospitality, and exclusive experiences strengthen client relationships, create emotional connections, and build loyalty as well as driving long-term engagement with our brands. We have a strong track record in this area and an exciting program of events planned for the year ahead. Success is measured not only by sales generated at the event itself, but also by future pipeline, client engagement, and ultimately increasing the lifetime value of our clients. The final aspect of client experience I want to touch on is aftercare. This is one of our more significant opportunities to build loyalty. At this stage, clients are already an owner, that often has considerable personal and emotional value, and how we care for it will have a lasting impact on their relationship with us. While aftercare is often overlooked in this industry, we see it as a powerful way to differentiate our proposition and deepen client loyalty whilst building the lifetime value of our clients. In summary, the U.K. market has experienced a period of significant volatility from FY 2020 through much of FY 2026. However, performance improved during FY 2026 and that has improved further into FY 2027. The market today feels more stable and recognizable, providing a stronger backdrop for growth. With the majority of our estate optimization now complete, market-leading brand partnerships, growing opportunities in categories such as certified pre-owned and lab-grown diamonds, a differentiated omnichannel proposition, and exceptional teams deliver outstanding client experiences, we are confident in the opportunities ahead. Thank you. I'll now hand back to Brian to discuss Roberto Coin. Thanks, Craig. We love the Roberto Coin brand, celebrating 30 years of the brand this year. Really great people. I was with Roberto and his wife last week at a social engagement. They're really, really great people, and we certainly love the brand and love dealing with them. We see a huge potential for growth with this brand. First of all, in elevating the brand through marketing. Our strategy is to elevate the brand through marketing. A new campaign with Dakota Johnson's been very successful and continues. We then plan to elevate the brand presentation and grow the business in all distribution segments, being wholesale, mono-brand, and export markets. I'll update you on the status and potential of the growth plans as we go through. Roberto Coin is one of the few brands still under the direction of the founder, Roberto, as you can see here. Roberto's family are actively involved and are passionate about the brand, as you would expect. Includes his wife, Pilar, you can see here, responsible for marketing, PR, and events. Son Carlo is responsible for all operations and product development. The youngest son on the last image there, Kevin, supporting on strategy and brand development. They're great to deal with, and it's been a real pleasure to get to know the Coin family and work with them closely. The Roberto Coin brand is a true European luxury brand. Distribution in Europe and the Middle East is primarily through mono-brand stores, as you can see here. Roberto Coin Inc now owned by the Watches of Switzerland Group, distributes mainly through wholesale in U.S., Canada, Mexico, and the Caribbean. The business has been managed by Peter Webster for 28 years out of our New York showroom, with a very strong commercial and logistics team. The great success of the Roberto Coin brand in America is fantastic product and high-quality multi-brand distribution. We see significant growth potential through investing in the brand image, increasing ASP, and growing the brand in all distribution. We've invested in the Dakota Johnson advertising campaign with brand advertising, PR, and co-op execution with our partners. The brand enjoys great celebrity PR, shown here with Nicole Kidman and Cynthia Erivo. Events are very successful, very impactful for the brand, especially when Roberto appears, as he did recently, shown here at the opening of our Miami store, Miami Design District. In one evening, with his presence and the wonderful product, we sold 1.5 million, just showing the impact that these events can have. Our Watches of Switzerland Group team developed a training app, Roberto Coin My Ruby, providing full training on the brand history, brand positioning, collection, inspiration, and product. The app is still in development and will provide a communication platform for PR and other developments. It will go live in September. It will really elevate the sales associate connections with the brand. At our Mayors stores, we've implemented new shop-in-shops, where previously we only had case line presentation. The results shown here have been excellent, quite extraordinary honestly. Growth almost 3x, 186% growth versus the distribution that before was in case line. Average selling prices increased by 66%. Everywhere else, the non shop-in-shop stores have also compared to the shop-in-shops are at 186%. Roberto teams have been presenting these results to our major wholesale partners and have secured 17 shop-in-shop installations that will be done by January 2027. We have a further 31 under discussion at this point. This is a major driver of growth. This, for example, is a new shop with our Mexican distributor that will be implemented in January. We've opened three mono brands so far, New York, Miami, and Vegas, which are going well. Three more planned, Tampa and Aventura in Florida and a second store in Vegas. We've implemented a completely new website, which is performing very well, as shown in the order value and conversions that you can see here. We plan and expect that the Roberto Coin business will be a strong growth driver in the years to come. To help your forecasting of our projections, we are planning ASP growth. We're planning wholesale expanded shop-in-shops at a rate of something around 20 per annum. We will be doing more mono-brand stores at somewhere around about four per annum for in-house mono brands. We'll look to do mono brands with our partners probably from fiscal 2028, somewhere around about three or four per annum. Online will grow and the export markets will grow. Roberto Coin brand has great potential and a very important addition to our group. Now delighted to hand over to Ben Clymer, Founder of Hodinkee. Ben. You guys still with us? Okay. I know after 30 minutes everything gets a little dry, I'll do my best to entertain a little bit here. How many of you know who I am or know what Hodinkee is? Anybody? Okay. That's pretty good. I'll give you a little bit of the story of where we come from and where we're headed within Watches of Switzerland. I think the question that was asked when the deal was announced in October 2024 is why, right? I think it was a fair question, right? I mean, Watches of Switzerland is this historic 100-year-old plus traditional retailer, and Hodinkee is, for lack of a better term, it's a big blog. I would take some offense at that even though I just categorized myself as a blog. I understand the question of why would Watches of Switzerland acquire a business like ours, I think the opportunity is everything. The reason why I'm here today in front of you is the opportunity. For those of you who have followed Hodinkee from the early days, you'll probably know that I'm a builder. That's what I get off on. That's what I really love. I think the opportunity when David and Brian called me and said, "Hey, we're looking at this business." You have to remember at the time, I wasn't really in the business. They said, "Would you come back?" I said, "Well, let's have a few coffees. Let's chat about it." When I realized just how big Watches of Switzerland is and what's possible with WOS, I decided to come back, and that leads me to today. This is Hodinkee as of this fiscal year. We see around 25 million unique users per year, doing about 36 million sessions. Instagram, we have 1.1 million followers doing about 23, 22 and change, million impressions per month. Facebook, we still use, but not in a concerted way. YouTube, however, remains a big part of our strategy. We're seeing about 61,000 hours per month of viewership. We've been on YouTube and other formats such as Vimeo, which we actually used before YouTube, for over 15 years. We are certainly not the biggest on YouTube, but we are certainly one of the most engaged, and the audience there is incredibly loyal. You'll see that on a slide coming up. The Hodinkee media portfolio, for those who may not know, is the.com. It's a beautiful magazine that we publish twice per year, and is now distributed in the U.K. via Watches of Switzerland stores, 30,000 copies each. The cover price is around $ 40. This is not a $5 throwaway magazine. This is really more like a coffee table book. This is half of a picture of it right there. We have the Hodinkee app, as both David and Brian mentioned, really robust, and we'll get into that later. We have native content. We have videos. You can see one over there. I hosted a video with Ferdi Porsche, who's obviously of the Porsche family. We have really a wide range of digital products and physical products to meet people wherever they are. Excuse me. Within the Hodinkee audience, we have something called a community member. What this means is we have every piece of information about these folks that they're willing to give us. That could be age, demographic, where they're located, predominantly in the U.S. We have around 370,000 active community members. What we mean by that is people that come onto the site or app every single month and comment. After Instagram and after Reddit, we are the most engaged place to comment and discuss watches in the world, which is incredibly powerful. This community continues to grow. We have the opportunity to upload your watches to the community. We have around a quarter million watches uploaded there. Incredible data on who our community is and kind of what they do. It should be noted that these are kind of our power users. These are the people that really engage with us every day. These are the people that are following every launch, every limited edition, every magazine. While the broader traffic is almost 10x this core audience is incredibly powerful, always has been. As some of you may know, we were a retailer at one point. It was this audience that really drove the growth of sales in e-commerce. You're seeing over 1,000 comments on the site per month. Here are a bunch of accolades. I didn't make this slide, I swear. Actually, I did make this slide. Here's a picture of me. Lots of awards, whatever. The New York Times, quite famously and in a friendly way, called me the high priest of horology. Many years ago, I was on the cover of Condé Nast Traveler. Brian likes to point out that Cameron Diaz was also in that issue, and they put me on the cover. Let's see, what else? We have been named one of the 50 best websites in the world. Lots of other stuff. An interesting one was Fast Company, which is a big entrepreneurship and business magazine in the U.S., named us one of the top most innovative companies in the world four different times. That was three times for media, once for retail. That was for this idea of really bringing content, community, commerce together. Some would say, including them, that we are the archetype of that format, and we continue to believe in that model today. Finally, I do like to brag about this one. Fortune named me one of the 40 under 40 business leaders. In that issue of the magazine, which I still have somewhere, I was next to Beyoncé. That one felt good. The Hodinkee portfolio, as I said, we have the website, we have the native app, we have newsletters, which has about a 50% open rate, which those of you from the media world know is just astonishing. Social media is about 2 million-ish. Sponsored content, which is native storytelling that we create in-house. The magazine, as I mentioned, is collectible and really very beautiful. Talking Watches and video podcasts, which we'll get to. Of course, the Hodinkee brand, which we think really means something to a particular set of people. On to traffic. As I mentioned, there was a brief period of time where I was not in the business. We had sold control of the business to private equity shop in about 2020. I moved into a chairman role and things got a little crazy, as they tend to do. Having said that, during that time, watches really hit an amazing stride, right? This is the COVID era, where all collectibles just went bananas. During that phase, we saw record traffic because people were just so fascinated by the idea that you could buy a Daytona for X and sell it for 2X or whatever. I'm happy to say that now, with the team that we've put back in place since I took back over with James Stacey as our editor-in-chief, we're now seeing the highest traffic levels in the history of Hodinkee. This is just a case study of Watches and Wonders. You can see the delta here. This was, in fact, the number one most trafficked week in the history of the site. You have to remember, Hodinkee is 18 years old, that's saying something considerable. We've had some kind of freak mass popular stories in the past, like the first Apple Watch story, did 1 million views in the first day. Short of those kind of anomalies, we had the highest traffic in our history this Watches and Wonders, which is amazing. This just accounts for users on the website. What it does not account for is what we did on social. I'm proud to say that this Watches and Wonders week, we actually did close to 30 million impressions, including social. On the very first day of Watches and Wonders, we published 78 stories. That's 78 human written, not AI written stories about watches. There's nobody that did a tenth of that anywhere in the world in any language. Really far and away the leading source for content. To give you an idea, this doesn't happen often, Rolex allowed us to see the product ahead of time. Rolex historically doesn't do that. Patek did as well. We have the relationships and the history with these brands to be able to have access to things well in advance. Really wonderful to see that in spite of AI and everything that's happening online, that those that are creating great original content can still survive and thrive. We kind of view ourselves as a media company that acts more like a friend and advisor. I think a lot of people think that they know me and James and the people on the editorial team because we're on YouTube and Instagram every day. In some cases, they do. In some cases, it's creepy. The audience access, I think, is really interesting because these are really trusted relationships. By now I know, many of our editors know some of the biggest collectors in the world, and we take that really seriously. What we've always said is, watches are for fun, right? We're not curing cancer here. I think, we want to make sure that we're always honest with our audience in a way that is really sincere. If we wrote a story about a new, whatever, Rolex, Omega, TAG Heuer, and we said, "This is a watch that we really love," I would want to be able to look any one of you in the eye and say, "If you like this watch and you can afford it, you should buy it." That is a very easy test to kind of instill upon our staff. I'll tell you that a lot of folks out there don't often do that. What I mean by that is other people that are writing about luxury products, it's who's buying the advertising, who am I helping out on the publicity team, et cetera. We really believe that we want to cover only the good things out there and make sure that we're spending our time on the products that deserve to be covered. We have a halo around the Hodinkee brand. There's something called the Hodinkee Bump. Again, not something I made up, although it sounds like I did. What this means is basically anytime we would cover certain products, you would see that the price of those products go up almost instantly. We saw it often in the early days of the vintage world. We saw it often during COVID when we would cover a pre-owned Rolex, say 14270, which is a 1990s Explorer. It went from $6,000 to $10,000 in about three weeks. Things like that would happen often. Top-of-funnel influence. We will get to some interesting stats later, effectively everything we do about watches is selling a watch for somebody. I think that is the interesting thing, perhaps the frustrating thing for me. If I had a nickel for every watch we sold globally, from our content, I probably would not be standing here. The influence that Hodinkee has in terms of driving sales is just remarkable. As I said, this is differentiated and defensible. We have been doing this for 18 years. This is not something, this is not a TikToker or a guy on 47th Street that says, "Hey, I want to make some money selling watches." This is something we really believe in. This was homegrown. This was bootstrapped for the first 10 years. We did not raise capital until 10 years in or eight years in. This is something that is really organic. This is our audience. I should say this is our audience member. So, relatively affluent person. Average age is generally around my age. Basically, our audience has grown up with me. As I get older, I guess the audience might too. Sorry about that. The audience is mostly male. What is kind of really fascinating here is that we define luxury watches, this is an internal survey, luxury watches above $10,000. The average Hodinkee reader owns between five and seven luxury watches. There are some outliers for sure, in both directions, amazing. 90% trust Hodinkee as the primary source, and 66%, 2/3 of the audience have purchased something based on Hodinkee content, which is really quite remarkable. People are really making buying decisions based on what we are doing. The business of Hodinkee today is a little bit different than it was a few years ago. It is much more capital light right now. Advertising and brand partnerships, very simple. We will cover it, very simple. Limited editions and insurance. Advertising is exactly what you would expect, I mean, it is display ads. It is events. This is me hosting an event for Vacheron, down at their new boutique in Miami. To be very clear, everybody knows that Hodinkee is fully owned by Watches of Switzerland. We sell Vacheron in a multitude of places. This boutique is not ours. This is the Vacheron boutique that is factory-owned in Miami, they still chose to pay us to host it, to give you an idea of the relationships we have with the brands. Display still is a very, very strong business line for us. As the world becomes more challenging, the idea of brand marketing becomes less interesting to brands, the idea of actual what can drive sales becomes far more compelling. Hodinkee still is the largest audience in the world of people that actually want to spend money on watches. The traditional advertising business is an incredible one. I am proud to say it now includes Rolex online. Rolex does not traditionally spend with what they would call a trade magazine, which is watches only. They've had a month-long takeover on the site, which includes takeovers for the U.S. Open golf in the U.S. and Wimbledon this past weekend. It should also be noted that our very first advertiser ever was Audemars Piguet. That was done when a man named François Bennahmias was running the U.S. We started with AP as our first advertiser, which was incredible. It's kind of been going on ever since, and AP is still a large client of ours today. Limited editions. These are products that we design and build and create with some of the best brands in the world. I'm actually wearing one right now. This is a Hodinkee Vacheron Constantin, which is right there in The New York Times. We have a long history of this. Some of them have been really life goals, if I may say. [audio distortion] The sell-through rate is just extraordinary, and we've been doing this for a long time. It's probably something I'm most proud of and I certainly enjoy the most. As of probably four months ago, I am back running this for Hodinkee. You'll see some amazing things coming out starting later this year, but in the next 18 months to two years, you'll see some very cool things, we'll say that. Insurance. Hodinkee Insurance was another, I would say, baby of mine in a previous life. In 2018, we launched this product for me, basically, right? Which is somebody that travels a lot, that has a lot of watches, but doesn't necessarily want to take out a rider for their apartment insurance or homeowners insurance. We wanted to build a dynamic system that allowed you to insure the watches that you were traveling with. I'm in London right now, as you see. I have one other watch with me. I insure, via the Hodinkee app, just those watches. All my other watches are at home in a safety deposit box. They're good. I don't need to spend the money to do that. We devised this plan with our partners at Chubb to create dynamic insurance that is done via the Hodinkee app or hodinkee.com. At this point, with literally two employees working on it, we are underwriting, or I shouldn't say that, Chubb is underwriting. We have built a business of over $1 billion insured with 267,000 watches cataloged. Again, the data that exists here is just simply remarkable. Bless you. We really believe in the insurance business. A, just as a great service to the industry, but also as an incredible business. The magazine. I went to journalism school. I love media. I love print. Doing a magazine was something we always wanted to do. We finally got around to it about 10 years ago. We only do two per year because the team that does it is in-house at Hodinkee, it's our editorial team. It's something that is really more akin to a coffee table book than a magazine. Again, the price is GBP 40. The print is incredibly beautiful and tactile, I should say, the stock, the paper. We do 30,000 copies. Advertising here includes Louis Vuitton, Cartier, BMW, Porsche, Rolex, some of the best brands in the world. Those guys still love print, as you may know, and so do we. We are happy to give them a product that really feels high touch and luxury, and the magazine is just a wonderful thing. Talking Watches. This is something that I would say put us on the map. John Mayer reached out to me probably in 2011, just saying he was a fan of the site. I thought it was a gag. It was not. We became good friends. He invested in the business, and we launched a series called Talking Watches together in 2013. He is, as many of you know, a big watch collector. This series has gone on to kind of define the culture of watches for the past 13 years. Talking Watches, we know, because Google told us, is in fact the most-watched piece of content about watches in the history of the world, history of the internet. We've seen over 50 million YouTube views, about a quarter million hours of viewership, and it's been on air for 13 years. Again, as of this year, sadly for most, it won't be John and Ed hosting, it'll be me. This is a quick little look at what Talking Watches looks like. {Presentation] You saw some of the folks up there, but the names that have been on Talking Watches include Kevin Hart, John Mayer, Ed Sheeran, Jack Nicklaus, the golfer, Aziz Ansari, Kevin Love, the basketball player, Mario Andretti, Brooke Shields, so on and so forth. Lots of famous people. Jean Todt, we launched the season with this year. For those of you who might be motorsport fans, there's really nobody bigger than Jean Todt. He's also married to Michelle Yeoh, if you know who that is. Alton Brown, Adam Levine. On the watch side of things, stalwarts like Jean-Claude Biver, legendary watch man from LVMH, Blancpain, and elsewhere. François Bennahmias, who then became the global CEO of AP. He's kind of responsible for the growth of AP. We did his last interview, which was a Talking Watches. It's amazing to see how much this series has taken on a life of its own. This over here, you guys may have heard of something called the John Mayer Daytona. It's that green dial Daytona. That term was actually coined on Talking Watches with me. We were shooting Talking Watches 2 with John at his house, and he had this kind of weird Christmassy green dial Daytona, and it was just kind of an odd, in-catalog, weird Daytona that just nobody was paying attention to, and he said, "I really love this thing." That watch, as David can attest, was sitting at retail for a long, long time, and then all of a sudden, the minute he mentioned it became the John Mayer Daytona and started trading for three times retail. That is the power of Hodinkee and Talking Watches. The Hodinkee app. As I said, the Hodinkee app is approaching 10 years old. It allows you to view the content, comment, do the insurance that I mentioned. When we were a retailer, certainly shop. It's an incredibly powerful tool. By our estimations, it is the second most popular watch app in the world, behind only Chrono24, if you guys know what Chrono24 is. It's a really robust tool. This tends to be used by the community members, by the power users, and it's something that we will be investing in again. To be frank, it was something that we believed in and invested in heavily from 2016 to 2020, and then as things changed, we got into pre-owned, and we kind of put this on the side, and now, via the bosses over here, we will be back investing in the app very soon. Very excited about that. Just as a test to see how the app may work within the WOS group. Universal Genève is a brand that I really love. It's something that, frankly, I could afford when I started Hodinkee, unlike pretty much anything else. Now it's being revived by the Breitling House of Brands. With that, we said, "You know what? Let's try a pre-order run via the app." We said, "Hey, just for a few weeks, let's go out and give Hodinkee readers the chance to pre-order watches." By pre-order, I mean you're paying the full amount, the full price. These are between $15,000 and $30,000 watches, and you'll get the watch in September in some cases, in other cases, next spring. Within a few weeks, we had done about $1 million worth of sales, all via the Hodinkee app, and this launch on just Universal. Again, to show the right way of doing e-commerce with the Hodinkee of today, I think is what's really compelling. The ambition to do full-scale e-commerce like we did in the past, I don't know that that's there, but when it makes sense to do these special projects like this, it feels really good because, again, the support, the fulfillment, all the stuff that Hodinkee was challenged with in the past is handled by Watches of Switzerland. There you start to see our audience being able to take advantage of and use what already exists within Watches of Switzerland, which is world-class fulfillment and execution services. Events, self-explanatory, but we do everything from large-scale multi-hundred-person events with people like Spike Lee, to small collector dinners with the most famous and wealthy collectors in the world. These are often paid for by brands, but not always. We do do a monthly meetup at the Soho Watches of Switzerland store in New York. It's usually the last Thursday of each month, so if you happen to be there, come by. It's free. We literally just buy pizza and beer and just talk about watches, and that's it. We want everybody to be reminded that whatever happens online, there's somebody behind those usernames, there's somebody behind the website. I think it's really easy when you're an online business to forget about what happens offline. We want to make sure that that never happens. Hodinkee's past, and my own history within the entrepreneurial world, I learned so much. Some good, some bad, obviously, but everything we do now, I want to look back at what Hodinkee was able to accomplish and bring it into Hodinkee within Watches of Switzerland. Two examples. One would be, we were funded by some venture capitalists in Silicon Valley, led by Kevin Rose here, a buddy of mine. That included backing from Google Ventures, True Ventures, Tony Fadell, if you know who that is, some other well-known names in Silicon Valley. This allowed us to bring technology in-house. We have our own developers. We have our own designers. All the stuff that you see in Hodinkee is made in-house. The CMS is in-house. We do use Shopify, of course, but the app is built in-house, and that technology is something that we're really proud of, and we want to instill within the Watches of Switzerland Group. On the right there, that's a Swiss newspaper talking about the day that we became the very first Authorized Dealer of watches on the internet ever, anywhere, in any language. This is 2016 or so. It's a business I still really believe in, and it's something that I think we learned so much from what works and what didn't. At the time, it was about access, and by access, I mean, if you live in Boise, Idaho, and you want access to a Vacheron Constantin, the best way to do it would be buy it on Hodinkee, and we sold Vacheron Constantin online. The luxury market has changed a lot. Now it's about allocations, not necessarily access. The idea of disrupting things is something that is really important to the Hodinkee culture. Now, with me, I have to get back to work. In 2020, The Wall Street Journal wrote this story there with those three far wealthier and handsomer guys than me, saying that I was basically stepping down, where it says, "I'll cede the CEO duties after more than a decade at the center of the watch world." That was, to be honest, a great period of my life. I moved upstate, got married, had kids, became an adult, stuff like that. That period, it allowed me to recharge. When David and Brian approached me and said, "Hey, what do you think about coming back to help us run Hodinkee and work with Watches of Switzerland?" I had questions, I had concerns, but more than anything, I was excited because what I really didn't understand, even as the watch guy, was just how big and impressive of a business Watches of Switzerland is. It has unparalleled access to brands, products, and relationships, the likes of which few really realize, including myself. I used to think that I was the most connected guy in watches, genuinely, that is 100% not true. David and Brian are. There's no question about that. They know people better than I do. They've got stronger relationships than I do. It's really amazing to see what they've been capable of, even before the Hodinkee acquisition happened. We have an incredible, dedicated audience of people that just want to learn about and be around watches, and Watches of Switzerland has their own audience. Frankly, these audiences don't really overlap, and that's what's exciting. We have the ability and we have the desire to take people that like watches and make them love watches. Watches of Switzerland has that, too. We have this way to talk to people every single day. If you're a client of Watches of Switzerland, you're probably not getting a text from your sales associate every single day. If you download the Hodinkee app, you are being contacted by us every day. We're teaching you things. You're learning things. You're being entertained. We really do view this as entertainment, always under the guise of educating. The idea that we're combining these two audiences, which didn't exist before, and then two cultures. As you can imagine, Hodinkee's culture was very startup-y, Silicon Valley backed, et cetera, which was dynamic, quick moving, daring. The old adage, which is move fast and break things. We broke a lot of things. As I say, it was sometimes kind of really silly. What I mean by that, it was inefficient. It was led by me, I'm in my 40s now, but I was a kid when I first raised our first few million dollars. I was in my 20s. I think the idea that we could build stuff without real traditional financial models, et cetera, was silly. Looking back, it's not the case anymore, obviously. With Hodinkee, we wanted to push things really hard. With Watches of Switzerland, they also want to push things hard, but they're much more disciplined, they're client-centric, and they're execution-focused and ensuring that everything is profitable, thanks to that man right there. He takes that so seriously. The goal here is to combine the best of Hodinkee, which allowed us to become this kind of cultural phenomenon, this really important voice in the watch space, which remains to today, with Watches of Switzerland, which is one of the largest retail networks in the world. I think that is really why I'm here. That's why I was so excited to come back to work, frankly, and why I think there's so much left to do within Watches of Switzerland and Hodinkee. With that, I will pass it over to Tad to talk about Deutsch & Deutsch and his family business. Sir. Thank you, Ben. Good afternoon. I'm Tad Deutsch, and it's a privilege to be here today to share the story of Deutsch & Deutsch. Our company was founded in 1929 by my grandfather. He opened a small store in Laredo. Over nearly a century, the business evolved into one of the premier luxury jewelry and watch retailers in Texas. Today, many of our customers are third and fourth-generation families. Those relationships, obviously, are our greatest asset. When Watches of Switzerland approached us, we weren't looking for an exit. We were looking for the right long-term partner. As an independent family business, we were proud of what we had built, but we also recognized that luxury retail continues to evolve. Brands increasingly expected investment, new technology, CRM clienteling, digital capabilities, and world-class retail environments. We realized that together with Watches of Switzerland, we could preserve everything that Deutsch & Deutsch had special, but accelerating our future growth. That made the decision very easy. Today, we operate four luxury showrooms across South Texas: Laredo, McAllen, El Paso, and Victoria, Texas. Together, these locations create something much more valuable than our individual stores. They form a regional luxury platform positioned inside one of America's fastest-growing economic corridors. Each market has its own personality, but all benefit from strong popular growth, expanding business investment, and decades of customer loyalty. Thinking about our market's border communities, we think about the part of one of North America's most important economic regions. South Texas sits in the center of advanced manufacturing, logistics, aerospace, energy, and international commerce. As companies continue investing throughout Texas and northern Mexico, they create more executives, entrepreneurs, engineers, and business owners. Those are exactly the customers who become long-term partners and luxury clients of ours. That's why it's so optimistic about the future. Texas continues to be one of the most attractive luxury retail markets anywhere in the world. With nearly $3 trillion of economy, continued corporate relocations, more than 1 million households earning over $200,000 annually, and no state income tax, which is really important. Texas continues creating wealth at an extraordinary pace. These are not temporary trends. These are long-term structural advantages that support luxury retail. For Watches of Switzerland, Texas remains one of the most compelling growth opportunities in North America. Laredo is the number one inland port in the U.S. and one of North America's most important trade gateways. Historically, automotive manufacturing is one of probably the most important of, I guess, trade in that area. Today, we're seeing other transformation as artificial intelligence drives investment, data centers, and advanced computing, increasing volumes of AI servers, semiconductors, and high-performance computing hardware are moving through the North American manufacturing corridor, surpassing automotive and everything else. This growth helps reshape international trade and positioning Laredo as a center of the fastest-growing industrial sector. McAllen is another market we're incredibly excited about. The Rio Grande Valley is evolving into one of America's most dynamic regional economies. Investments continues accelerating across advanced manufacturing, logistics, healthcare, aerospace, and energy. One of the most significant developments is the proposed, or not proposed, it just happened, refinery projected here in Brownsville. If completed or when it is completed, it will represent the first major oil refinery built in the United States in 50 years. The broader economic development surrounding that project has been discussed as representing as much as $300 billion in long-term investment opportunity in South Texas. Combined with the continued expansion of SpaceX along its Gulf Coast and significant industrial investment throughout the valley, we're witnessing a fundamental transformation of the regional economy. For luxury retail, that's exactly the type of customer base we want to serve. El Paso completes the South Texas platform. It serves a regional population of more than 3 million people and continues benefiting from manufacturing, logistics, international trade, and the Fort Bliss, which is the second largest military base in the United States. Like our markets, it continues growing long-term opportunities for luxury retail. Together, these markets give Watches of Switzerland unique position across one of America's strongest growth regions. People often ask, "What's the biggest challenge of during this acquisition or partnership?" Increasingly, it wasn't our people, it wasn't our customers, and it certainly wasn't our culture. The biggest challenge was integrating the two businesses that had been operating in different technological platforms, as David knows. Our financial reporting systems, inventory systems, and operating processes were very different. During the first several months, both teams worked extremely closely to house these two systems and establish consistent reporting. I'm pleased to say that we successfully ordered and now everything is taken care of. Today, we have stronger reporting, greater visibility into the business, and better tools than we've ever had before. Beyond technology, the integration exceeded our expectations. Approximately 95% of our associates remain with the business. Our relationships with our brand partners has excelled. Most importantly, our customers experienced no disruption throughout the transition. One thing that impressed our family from the very beginning from Watches of Switzerland was the approach. They didn't ask us to become someone else. They encouraged us to preserve our culture, relationships, our experience that had made the Deutsch & Deutsch successful through all these centuries, or one century. Watches of Switzerland acquired 88% of our business, essentially allowing me and my brother to run the business like we've always have. Enjoying the best part of it is being with our customers and not having to worry about administrative work. All the same time, we gained access to world-class technologies, sophisticated CRMs, capabilities, expanded brand relationships, Rolex-certified pre-owned merchandise, greater purchasing power, and significant investment opportunities. As an independent retailer, there were natural limits to how quickly we could grow. Together with Watches of Switzerland, these opportunities became much larger. I'd like to leave you with one final note. When Watches of Switzerland partnered with Deutsch & Deutsch, it didn't simply acquire four successful jewelry stores. They acquired nearly 100 years of customer trust, outstanding management team, and a strategic platform for the North Americas as it's growing at this incredible rate. Looking back on these past six months together, we're even more confident the partnership was the right decision for our family, our associates, our brand partners, our customers, and ultimately, for Watches of Switzerland shareholders. Thank you very much. Thanks, Tad. That's great. As we outlined today, our confidence in the future is underpinned by our unchanged six strategic growth pillars. These pillars have already delivered strong revenue growth to the group, and we see continued opportunity to invest behind them and drive sustained profitable growth. First, showroom investments remains a key pillar of our growth strategy. We have a compelling pipeline of projects, as you've seen, with attractive paybacks that strengthen our market positions and continue to deepen the relationship with our brand partners. We expect to see CapEx remaining at around GBP 60 million-GBP 70 million per year in the midterm, which means it's going to reduce as a percentage of sales. Certified Pre-Owned has evolved into a meaningful segment of our luxury watch category. We currently operate at around 8% of luxury watches in our overall portfolio, and we target that to get beyond 10% within not too distant future. E-commerce is extending our reach beyond our physical estate and provides a scalable opportunity, particularly in the U.S., where participation remains significantly below the U.K. levels. Luxury branded jewelry is becoming an increasingly important growth engine. Roberto Coin enhances our exposure to this fast-growing category with attractive economics. Client experience remains central to our strategy. Through CRM, Xenia and events, we continue to increase engagement and loyalty and lifetime value of our clients. We also introduced Power BI this year, which has given our insight to our customer database in a way that we haven't had in the past, actually. Finally, acquisitions remains an important potential accelerator. The U.S. market continues to be highly fragmented, which creates opportunity for us. Taken together, these growth pillars support our ambition to continue to deliver sustainable revenue growth, attractive returns, and long-term shareholder value. Our operating model is attractive, with a cost base that is well-positioned to translate the incremental revenues efficiently into profit growth. Product cost represents approximately 73% of our cost base. Importantly, this is a low discount category with supply-constrained products representing a high proportion of our sales. The low cost of goods. The majority of our operating expenses are fixed in nature. The U.S. has a higher proportion of variable cost in showroom payroll because of the commission structure. The other variable cost represented on this chart is transaction fees predominantly, which are entirely variable. Beyond that, our costs are either fixed or semi-variable, such as marketing. As a result, we benefit from operational leverage as we generate incremental revenue. Alongside growth investments, we continue to improve our operational efficiency across the business. As you heard from Craig, in the U.K., we proactively rationalized our showroom network over the last two years. The focus has been on consolidating to fewer, larger, and more productive locations. Importantly, we've achieved this with very limited sales loss. Much of the reduction has been driven by our monobrand boutiques. We're currently successfully managed to transition the majority of this revenue into our multi-brand network. This has therefore translated to improved operating leverage across our showrooms. At the same time, we continued investing in capabilities to support long-term growth in the U.S. Since entering the market in 2017, we have progressively built local infrastructure across leadership, e-commerce, marketing, CRM, and support functions. FY 2026 represented a particularly important year in this journey, including the investment in management teams, e-commerce capabilities, and strategic assets such as Hodinkee. By the way, Hodinkee is not just a U.S. platform. It's actually global. We have representation in Japan and Australia through various license agreements. It's a global audience that we're talking to here. As a result of all of these investments, much of the infrastructure required for our next phase in growth is now in place. The due running costs associated with building these capabilities are reducing, creating an opportunity for improved efficiency and profit flow through as revenue continue to expand. Pre-owned continues to be one of the most attractive opportunities within luxury watches. Today, pre-owned represents approximately 8% of our luxury watch sales, and we're sure we'll get it to 10% within a not too distant future. Brian referenced the appeal for this category earlier. It's capturing new clients for Watches of Switzerland and driving incremental sales. In terms of operating economics, it has a lower product net margin percentage than our primary watch business. When considering the typical higher selling price, it ends up being broadly a cash neutral profit. We see opportunity to improve the margin rate further with improvements in our sourcing and increasing participation of trade-ins from clients, as well as improving stock turns. We expect this category to outperform the broader luxury watch segment. Jewelry represents one of the most compelling opportunities within the group. The U.S. jewelry market remains strong, while the U.K. market is showing encouraging momentum. Consumer trends, including client preference for branded over unbranded jewelry and increase in self-purchase behavior, is fueling the category growth. We're also seeing a great momentum with the Lab-grown diamonds, which we introduced in November 2025, and now recently in the U.S. a few weeks ago. Roberto Coin provides us with a differentiated position in this attractive category, and we're confident in its potential to grow ahead of rest of our business. As Brian covered earlier, we have a clear strategy to drive this growth. We're working with our wholesale partners to expand shop in shops, having already proven how well this works in our Mayors showroom estate. In FY 2026, we more than doubled our revenue in these stores. We'll continue to invest behind our marketing, and increase our e-commerce reach. Roberto Coin is financially accretive to our model. It's delivered a strong circa 20% EBIT margin in FY 2026, even after GBP 3.5 million write-off on bad debt. We expect Roberto Coin growth to support group margin expansion. E-commerce is an increasingly important part of our omnichannel strategy. In the U.K., e-commerce is close to 10% of our revenue, and effectively operates as one of our largest stores within the business. It's profitable, scalable, and accretive to the U.K. retail model. In contrast, the U.S. business remains at an earlier stage of development, accounting for less than 2% of sales in FY 2026. Over the last 12 months, we've made significant investments in our U.S. infrastructure, talent, and capabilities, and as a result, growth is running materially ahead of the broader business. Our objective is clear: to build the U.S. e-commerce participation towards U.K. levels over time, while simultaneously improving profitability. Because of the infrastructure investment has already been made, future growth should benefit from increasing scale advantages. As the business develops, we expect current margin dilution to reduce and the channel to move progressively towards margin neutrality and beyond. The strength of our model is reflected in the return we generate on invested capital. Over time, we've consistently achieved attractive returns while continuing to invest for growth. Showroom projects typically generate paybacks between two and four years. Flagship locations deliver similar attractive returns despite larger investments, while acquisitions generally achieve a payback of between four and five years. These metrics demonstrate that our growth investments are not speculative. They're supported by established operating capabilities, strong brands, proven execution, and disciplined capital allocation. As we continue to deploy capital across our growth pillars, maintaining strong returns remains one of our key objectives. Our capital allocation priorities remain unchanged. Our first priority is investment in high return showroom projects. These investments strengthen our market position, enhance our client experience, and support our brand partnerships. We expect annual capital expenditure to be between GBP 60 million and GBP 70 million, as I said, while gradually declining as a percentage of sales. Our second priority is strategic acquisitions. The U.S. market remains highly fragmented and we continue to see opportunities to accelerate growth, expand our footprint, and add complementary capability. Finally, where cash generation exceeds investments, we will consider returns to shareholders through selective buybacks while maintaining balance sheet flexibility. Importantly, our growth investments and acquisitions have historically been funded through strong operating cash flow generation. That combination of disciplined investments, strategic flexibility, and financial strength gives us the confidence in our ability to continue to create shareholder value. With that, we are going to open up for Q&A. Does anyone else have questions before we do the A part? Kate? Hi, Kate Calvert from Investec. Just two questions from me. Since you were talking about capital allocation and returning cash to shareholders, we don't really have any visibility on when acquisitions might come up and things like that. I'm wondering if there are any other KPIs we should focus on in terms of when you might make some of these capital returns. Have you got any thoughts on that? I'll answer that question first then. One of the metrics that we always monitor is the return on our capital employed. Obviously, piling up cash is going to suppress that metric. When we hit the level where that drops below what we think is acceptable, we would then consider that as a stronger option. I hope that answers your questions. We don't have a specific target because, again, it depends on the pipeline of the discussions that we have going on and the likelihood of success. Great. My second question is just on the U.K. Obviously, margins in the U.K. at the EBIT level have been a lot higher, particularly as we came out of COVID. I'm wondering what your thoughts are about a sustainable U.K. margin, and do you think you can grow that back towards double digits over time? Obviously the year post-COVID were a bit exaggerated because of the pent-up demand that was created as a part of everything being closed down and people sitting with a lot of money, and watches became a very hot category during that period. What we saw was that the non-supply constrained part of our business grew exceptionally strong during those two years. These brands have a better margin profile than some higher density per square foot brands. As a result, EBIT came through at a very high level. I think now that we're back in growth, we've reset our network, and we've taken some really tough decisions, rationalizing down our network to what we think is a better profile of how we should operate. That has been done without really losing any sales, which then translates to operational leverage, as you saw from Craig. As we now see growth coming back to more of a recognizable pattern historically, yes, we'll see further operational leverage come through in the U.K. business. As a result, our long-term target would be to get it back into a double-digit profile. Thanks so much. Sure. Yep. There you go. Can you hear me now? Yes. Yeah, perfect. I had two questions about the profitability profile of some of the growth initiatives that you talked about. On the lab-grown diamond part of the business of the jewelry, how does it compare on the net margin and also EBIT margin perspective to the rest of the jewelry business, and also e-commerce in the U.S.? Is it dilutive to the overall U.S. business at this point, considering it's still a less mature part of your business? Lab-grown is attractive from a margin standpoint. It's a better margin. Jewelry generally is a better margin, as I think you know, than watches and within jewelry, lab-grown today is one of the most profitable gross margins. As Craig presented, it's been largely incremental and has really stimulated the category very well. We're getting other benefits. The traffic of customers, I think it's been beneficial with the success of lab-grown. E-com in the U.S. is, Anders presented, we believe will be accretive where we've made investments. We need scale. We continue to grow. It's growing very well. The plan, of course, is that it will be firstly neutral to profitability as the immediate goal, and thereafter, we would hope that it would be accretive as it is in the U.K. Hi, Alex Simotas with Langdon Partners. The acquisitions in the U.S., I think you had said it was about 68% of ADs are somewhere between one to three locations. Yep. Are we to take that the acquisitions going forward will probably be from that cohort? Are the larger groups that we are all familiar with also in play? Thank you. I wouldn't characterize anything as kind of in play. With the smaller family businesses, I think great presentation from Tad as to what our family business deals with, the pressures of scale and technology and competitiveness and so on from a size standpoint. I think the argument on behalf of scale and consolidation is pretty compelling. That's an obvious target area for us. Just remind everybody that if you're buying Rolex store, they're significant from a value standpoint. You could be buying stores that are doing GBP 20 million, GBP 30 million at a time, and they're all meaningful. They're all independent from a logistics standpoint. Early on, folks like yourself would ask us, "What's your plan with regards to distribution, logistics hubs, and whatever?" It's like, "No plan." We could keep the stock in a safe in the store. This is high value, physically small product, you don't have that logistics challenge overall. There's a lot of businesses around the 68% that you referred to. There's some bigger ones. We'll say, as we've said continually, we're always in discussion. There's a certain pace that we think we should move at, our brand partners are comfortable that we move at. Acquisition remains a core part. It's a core part of what we've created in America, and it remains a core part of our future growth plans. I think also if you refer back to David's presentation that he did, you saw that one third or so of our business came through acquisition. The asset that we've acquired, typically, the combination of the two businesses brings additional acceleration in growth because we can bring some benefit and allow business partners to focus on what they should focus on. I think there's a win-win in that sense. That portion of the business tends to drive faster growth actually. I loved what Tad had to say earlier, that he and his brother can do what they love, dealing with customers and dealing with product, and we can provide systems and scale and cyber protection and all the things that we can do at scale that we do day in, day out. It's a perfect example of the benefits. Yes? Hi, Eduardo Tricio at Trigo Capital. I had a question on the ability to grow organically given the supply constraint part of the business. When you see the organic growth CapEx for the store expansions, the client experience in new stores, how much or how supply constrained could that growth be? There is a very positive thing about our business is supply constraint, and therefore the ease of selling, if you like. A great deal of our sales still go to people who've been waiting patiently for the product. That's the benefit of it. To your point, then the frustration of it is you can't increase as quickly as you would like to. It's a real strength of our business. We continue to do everything we can to get better supply, of course, investing in beautiful stores, having great sell-through, having great client experience. All that really helps in those discussions. Acquisitions help when, again, when we're making an acquisition, we can talk about investment, we can talk about development. Across our business, I think as you heard from David and Craig, we really are in the best shape we've ever been in. The U.S. business has really grown, fully resourced, nice offices, nice facilities, nice service centers, and great management out in our showrooms and performing very well, constantly measured by us, constantly measured by our partners, doing mystery shops and so on. Certainly in the U.K., the way the organization has developed, Craig's made a lot of changes. The way we rationalized the portfolio really given us a concentration on the stores that are profitable and have growth potential. I think we're at a very good inflection point in terms of organic growth and on top of which we carry on with all these growth initiatives against, I think, a very solid and improving base. Yes? Hi, this is Karen from Lloyds Bank. Thank you very much for the presentation. I have two questions specifically about Rolex. I am wondering if Rolex is still a big part of Watches of Switzerland sales, given all the acquisitions of different jewelry companies now, and also, for example, the acquisition of Deutsch and other smaller resellers. How does that change your relationship with Rolex? Would you get more allocations, better allocations, closer relationship because of these acquisitions? Thank you. Rolex remains half of our business. It is our biggest partner, the biggest player in our markets. They are around 40% of the luxury market, U.K., U.S. They are over 50% of our business. We over index in Rolex. Rolex and all the brands have change of control clauses. We would discuss in advance any acquisitions that we would make. Rolex have been supportive of the acquisitions that David presented, all of them, or they wouldn't have happened, Mayors and Betteridge and through to the most recent, Deutsch & Deutsch. We will discuss together with something like this format that we have done of the family remaining equity holders. That really gives them a comfort that the transition, the management of the client relations, the management of the teams and so on, will all be maintained while we can bring the benefits of our scale and corporate resources. They are very positive about that, and they were clearly aware of it, supportive of it, approved of it. Immediately, the allocation that Deutsch & Deutsch have becomes part of our group allocation and becomes part of the arm wrestle that we have on an annual basis, if not more frequently, about allocation. Clearly we do well ultimately on that arm wrestle. We have grown our Rolex business over the years at a much faster pace than we have grown in total. It is the bedrock of our business still. Having said all of which, the other businesses are growing very well, too, as you have heard. I think coming out of this period of volatility, the success that we have had in pre-owned, the success that we have had in e-com, the success that we are now enjoying in jewelry is all great and it all just adds further momentum, I think, to the growth that we can enjoy. There will never be a time that somebody stands here and says that Rolex is not important to Watches of Switzerland. It clearly is a critical partnership, but a very strong one. I don't think it has ever been stronger. Okay, you're on. Perfect. Embarrassing. The one from UBS doesn't know how to use it. Zuzanna Pusz from UBS. I have two questions. Maybe first of all, on the Roberto Coin acquisition, would you be able to share with us maybe sort of your key learnings about the category or anything that I guess surprised you since you've been operating the business? Secondly, on M&A, are you happy with the mix of the business now? Obviously, you outlined today which parts of it you expect to grow faster. In terms of your M&A, are you going to now solely focus on some bolt-ons when it comes to the distribution in the U.S.? Or if some opportunities in jewelry arise again, is this something you'll be willing to consider at some point given the experience with Roberto Coin? Thank you. Yeah. Taking the second question first, I think by all means, we got to appreciate the Roberto Coin brand from having it in our Mayors stores. It was doing very well. We got to know the team, particularly in the U.S. We didn't know the team in Italy initially. It was a success of the brand, in our stores that got us very positive about it. We then learned that there was some interest in it being sold, the rights in the U.S., David started a negotiation with Peter that eventually led to us buying the business. I think what we learned, I think we really understand better now than we did previously just how great the American market is in jewelry. American women love jewelry. They're buying it for themselves. They're collecting, they're accessorizing. It really is a fantastic category. I think we knew in buying the business that Roberto Coin was about great product, not about great brand investment or brand elevation. It was entirely wholesale distribution, which will change. Having said that, the wholesale distribution is fantastic. There's a great love of the brand and the distribution that's out there. Peter Webster has really managed a very great development of partnership overall. They have so much product. I think that's been a learning. They're so prolific in product development, and it's a strength. On the other hand, they don't have iconic success stories, that you really build a business on, like Love Bracelets or Alhambra from Van Cleef. A lot of things there that we're going to work on and we are working on with them, but it's a fabulous business and a great market. Did I answer everything there? It looks as though I didn't. Oh, yes. If there's other opportunities like that, the team that are distributing the brand, selling the brand around the country are fantastic at what they do. Could they handle others? Yes. Are we actively looking at the moment? No, we don't have any specific, but there is potential. That sales organization is very valuable. Okay, thank you. Piral from RBC. Two quick questions, please. Thank you for providing all the building blocks around CapEx and all the detail around that. What you've given us in the past is also a component around acquisition CapEx. Is that something you have an idea of in terms of numbers going forward, and is that something you could share with us, please? Well, we don't exactly know, and it's probably the most difficult thing to project how much. I think we made good progress about what we said a couple of years ago. We spent a lot, and we've done great. It's not that easy to say it's going to happen in sort of six months, 12 months. For sure it will happen, but within what timeframe, it's really difficult to say, actually. I'd refrain from giving a number on it. Most of you guys anyway, don't model it in into your models, so I don't think it's that relevant given the audience I'm talking to. Yeah. I think looking at our history would be the best guide rather than us just coming up with an estimate. Just quickly, housekeeping, but will you make this presentation available? Yes. Yes. Thank you. YouTube, it'll be on tomorrow. Any other questions? You have one? We got one on the webcast just asking if you can give some more color on the shape of the e-commerce business, any particular products or brands that do particularly well online, and where you see opportunity. You guys want to take, give a good e-com business you want to add to this or? It largely follows the same pattern as our showrooms. Is it on mic? It's not so dissimilar. I'm still mic'd, right? It's not so dissimilar from our showrooms. Trade partner brands, the five or the eight that we talk about all the time, Omega, Cartier, very significant online. Our CPO in general has become very big over the last 12, 18 months. Of course, the big advantage online is we've got 1,300, as an example, 1,300 pre-owned Rolex watches at this moment in time in stock. In a showroom, you might find 50 of them. Online, you'll find all 1,300 of them, and they can be delivered pretty much the next day. Our advantage is next day delivery, great client experience, virtual boutique, as you've seen, 30,000 SKUs to choose from, and a really high level of service. Our e-com business can sell anything. Actually, here's the truth, from a GBP 100 trinket to a GBP 50,000 Vacheron pre-owned, it's all there to be had. I think another observation on our e-com business, A, Rolex and Patek, you can just take that away because these brands are not transactional as you heard earlier today. That sort of disqualifies 50% of your revenue. I said it's 10% of our business in the U.K. that is online, right? Which means that it's 20% of the balance. It's really significant if you think about it that way. The other factor that distinguished e-commerce is also that it has a higher penetration of jewelry than the balance of our network. Yep. As a result, I spoke about profit accretive, the U.K. business. The mix of that consumer that goes online, is more sort of gender agnostic, if you want to call it that. In a watch store, you have more male traffic. In a watch and jewelry store, you have more mixed gender, as we do online. Actually jewelry is outperforming our overall average online as well. I think it's fair to say by brand, the average selling price is a bit less o nline, a bit more steel, a bit less gold and whatever. It's still very much a luxury. Yeah. It's really supported by brands that have less distribution. Cartier that has only 40, + 42 points of sale in the U.K., is a much higher penetration online with us than maybe TAG Heuer would be that's got near 200 points of sale. Just one thing on Rolex, just to say there is no purchase on Rolex online. The virtual boutique deals with around about 1,500 inquiries a month, which come via our website to our virtual boutique team who then arrange for appointments. It's that whole kind of ecosystem that I was referring to before, that kind of full omnichannel approach. It plays its part even though it doesn't retail Rolex product. Yep. The other thing that comes with scale in the e-com space is the data itself, right. Once you reach a certain critical level of traffic, Google gives you special treatment and insight to sort of the traffic data, which is very valuable because it can actually link to also store performance, who's clicked on an item, came to the store via geo-targeting and so forth. You can see what kind of footfall is actually directly correlated to traffic online. It's that omni-channel proposition that Craig alluded to. That drives a lot of our marketing decisions into this channel because you can target your ROAS quite scientifically, actually. How much do you actually want to invest in spend behind the traffic? As a result, look at the return. Scale is important. Yeah. Just, well, you got us all excited about e-com with a lot of answers coming. I don't know whether Craig presented web-enabled sales, which is the mechanism whereby all of our stores can access all the product anywhere in our network, and how to do it with customers. When a customer says in a store that doesn't have Cartier, we have Cartier in our network, and we present it, and they make the sale effectively from their iPad that's been designed to be customer facing. The product, they do the transaction there and then, the product arrives the next day, we adjust the bracelet and so on. It's a very nice part of our business. It's very incremental. We don't include it in the online sales. It's technically online. The transaction kind of happened in the store. They give the store the credit, our online is even bigger if we were to include web-enabled in that mix. One last one. We have just one behind you just before that. Thanks. Camilla Ayling from Legal & General. My question was around the store rationalizations in the U.K. Have you done enough there or is there a lot further to go? Just on that, some context around the, if you look at stores on an individual basis, how many of them would be more of that break-even point? Thanks. Craig, you want to? Yeah. I don't know if you've seen the numbers. We went from 158 showrooms down to 118 as planned for the fiscal year 2027 end. I would say in a deliberate sense, it's complete. The ones that we went after very deliberately to say we don't want to be in that particular location, we don't want to be in that town, or if we close that TAG Heuer boutique, we can move the TAG Heuer agency into multi-brand. All of that is pretty much complete. I would say there's probably another 10% or so of showrooms that when they come to the end of lease, we'll consider as we will any other business to say, do we want to then go and spend capital putting that into its kind of luxury state? If we don't, then we'll consider it, we'll discuss it as a team, and maybe we'll close it, and if we don't close it, we'll invest in it. I wouldn't say we'll get much lower than 118. I don't think we're going to see the number that we've seen in the last two years because it was predominantly monobrand stores, and some depending on those tertiary brand that didn't meet the thresholds, and as such dropped out, and we put the sales back into our multi-brands. The significance of it will not be the same going forward because I think we've sort of cut most of it behind us. It was two big batches last year and this year. Yeah. It was a consequence of. Post-COVID period when sales went in, prices went up, volumes went down, and what looked like very viable propositions two years before no longer were. We look at it, we make our decisions. I was just going to say, you may see a few of these as well that aren't essentially closures. In some shopping malls, we may have four premises in there, and we might just decide to expand the Goldsmiths to 5,000 sq ft instead of 3,000 and then bring all the brands back under one roof. It's effectively a closure in that situation, but you're not closing the brands, you're just taking them all under one lease. There might be a little bit. That sort of activity, for any two that we consolidate, might be opening a store somewhere. That's normal. The last couple of years was abnormal because of the impact of what happened during this volatile period, and that's done. The abnormal correction's done. Yep. Good one. Other? Just last one. On Hodinkee and the potential for any plans to further monetize or leverage that platform, how are we thinking about that? Well, I got a great presentation from Ben. It's a phenomenal success story that Ben's created that's unique within the world of luxury watches. There is so much more potential to come. We keep talking about there's a lot we're already working on of limited edition watches of monetizing VIP, of effectively monetizing the traffic that goes into Hodinkee through our commercial operations. There's so much more to come that we're working on. The priority up front has been to reestablish the great reputation of Hodinkee and the momentum to invest again in the editorial team to get Ben doing back what God intended him to do and run that Hodinkee business. You heard the enthusiasm that he's built the business with. That's what we've been doing. The app is a big investment that we're making, and it's going to be the key center of the ecosystem that's there. I think a lot to come from Hodinkee. With thanks everybody for coming, for your questions. I hope that answers most of your questions to presentation, your questions since. We're having drinks across in the Broadgate store. It's probably 300 yards away, and it's a free drink, so we expect to see all of you there. If we don't see you there, nice to see you all here. If we do see you there, we'll look forward to having a drink together. Thanks all of our presenters. Thank you.