Evening, and welcome to the Preliminary Revenues Presentation twenty twenty five First Half of Casa de Motto, Brunello Cucinelli. The speakers will be Brunello Cucinelli, Executive Chairman and Creative Director Luca Alisantroni, CEO Ricardo Stefanelli, CEO Dario Pipitone, CFO Moreno Tarapica, Co CFO, Senior and Pietrarna Baldi, Investor Relations and Corporate Planning Director. Now I'd like to give the floor to Brunello Cucinelli, please. Good evening, ladies and gentlemen. Well, here we have 27, 28 degrees of temperature. So we have been going through very hot days and well, it's very hot. Thank you. Thank you very much to the analysts, journalists, investors. I'm not going to speak too fast because we have a translation, so especially for you, Luca, and you start being translated. So this is a half year call, which is extremely positive for us. And it's a very positive atmosphere. This morning during the board meeting, we talked a lot. So it was a very beautiful board meeting and we said we talked about what we can change on a daily basis and what we cannot change. So we are as usual in front of you. We are ten today. So we would like to organize the call as follows. I will read out the first half results, then we will give you a forecast for the closing of the current financial years. And then at this time especially, we would like to pay great attention to the way everyone works. And so I'd like to spend a couple of words on smart working because this has been a topic that we discussed extensively during this morning's Board session. Then Luca will give you an overview of the luxury business worldwide. But so we will give you our own perspective and then Ricardo will update you on the progress of our factories, which will all be completed by November. So the schedule, the plan that was '24, 2526 will end in 2025 and this will provide us with a great chance for the following decade. Let me now read out the results. I will not go into the details. Excellent revenues equal to EUR $684,000,000, up 10.2% at current exchange rates and 10.7% at fixed exchange rates. Although we always consider the current exchange rates because this is what we have to declare in our financial statements. Major increases in all geographical areas, Americas plus 8.7%, plus 10% at fixed exchange rates, Europe plus 10%, plus 9.6% at fixed exchange rates, Asia plus 12.513%. Turnover up in both the Swiss channels, retail plus 10.3%, wholesale plus 10.1%, fully confirming the excellent judgment regarding the content of innovation, creativity, quality, artisanship and exclusivity of our men's and women's collections. We are about to complete the major investment plan for Made in Italy Artisan production twenty twenty four-twenty twenty six and this plan will be finished eight months in advance by November. And this project will enable us to work with peace of mind for the next decade. The results achieved in the first half of the year together with outstanding early sales of the fallwinter twenty twenty five connection strengthen our confidence for the end of the year 2025 with healthy growth in turnover of around 10%, accompanied by fair and balanced profits. May say we often use these words, fair and balanced, but we like them. Excellent start to the order intake for the SpringSummer twenty twenty six men's collection presented some days ago at Pizzi and in Milan during the Milan Fashion Week. And so together, we've managed to organize the best menswear fashion week worldwide with a particularly positive response from our managers who manage our stores, multi brand stores that we are very keen on and the specialist press. From the May, the third Universal Symposium on Soul and Economics was held in Solomayor, three days of intense dialogue between science, art, philosophy and technology whose participants included some of the most authoritative international experts in technology and human artificial intelligence. To tell you the truth, I never see them with a mobile phone in their hands and this surprises me positively. And we reflected on the harmonious relationship between humanism and innovation. At the event, we shared with our friends the developments of the Brunello Cucinelli AI project considered by many to be a true invention on the global scene. We did not expect that in reality for this idea of uniting artificial intelligence and human creativity. We will dwell on that afterwards. Well, at the end of the year that we expect to be prosperous, We will have two important events. December will be marked so by two events as I said of profound significance for our Casa De Monter in London on December 1. Brunello Cucinelli will receive the prestigious Out Outstanding Achievement Award conferred by the British Fashion Council, the recipients of which over the years have included Ralph Lauren, Miocha Prada, Giorgio Armani, Karl Lagerfeld. And on the December 4, the world premiere of the documentary film on the life and works of Bruno Luchacinelli will take place led by director Giuseppe Tornatori, a friend of mine with music by Oscar winner Nicola Piovanni. And this documentary film is entitled Brunello, the Gracious Visionary. It was not an easy task to find the title but this is the title of this film. This is what I wrote, the first half of the year has ended with excellent results. Perhaps we are now reaping the rewards of our philosophy of working and living in harmony with creation, always believing in great craftsmanship, quality and exclusivity. During most recent quarterly company meeting held on April 3, the day following the announcement of the tariffs, we said to one another, let's consider this moment as something extraordinary, a time that demands the utmost attention. For this reason, one of us should commit even more deeply to changing what can be changed until accepting what lies beyond our control. So we must become even more creative, kind, gracious, admirable and open to collaboration. All with the greatest dignity and respect towards every human being. The order campaign for the SpringSummer twenty twenty six menswear collection presented during the Milan Fashion Week, as I said, is progressing extremely well. Well, the judgment given by the press is extremely important. If this judgment is very positive, you will face the following quarter with the utmost confidence, then we don't know what will happen, but we are happy to know that our collection now has had a very good feedback. The favorable atmosphere we're currently experiencing around our Casa Nimboda allows us to confidently envision sound and beautiful revenue growth of around 10% for the years 2025 and 2026. Well, 2026 because has allowed us to look at menswear for the first half twenty twenty six and women's menswear will come next week. Before moving on to further topics, we'd like to confirm our forecast for the current year, which is exactly the same as what we announced during the last call of April 15. Turnover growth, plus 10%, EBIT margin slightly improving, investments 10.5% instead of 9.5, 10% as already defined. But please consider one important thing, 2026 and 2027 will be two years with investment equal to about 7% because we're not going to invest in the production in the headquarters or in the company. The spring summer collection was issued last week with outstanding results as I said, and we are very confident for the men's wear half year 2026 and hopefully for women's wear too. And now let's come to exchange rates and tariffs. As you know, we have always fixed our exchange rates prior to issuing collections because we want to achieve profits without benefiting from any alterations. This has always been our history and we've always tried and minimize fluctuations in exchange rates. Tariffs have led to increases on The U. S. Market equal to 3.54%. So wrapping up, the major topics that we are focusing on and then with Ricardo, we will open up for questions and we will also talk about the AltaGamma research study. So we work in the absolute luxury segment only. We strongly believe in exclusivity and we are very keen on the quality and craftsmanship of our products. This is in our DNA. As for communication, remember that in the future we would like to be less well known than today. If it is true that we are close to 500,000 people a year. Well, if we reach 300,000,000, well, it's better. And so we need to keep focus on communication. Please note that during these two days, lots of discussions were held and multi brand stores, brand customers have been a hot topic. These are the guardians of our brand. When they come and look at the collections, if they give you a judgment, their opinion on the collection, you have to pay the utmost attention because they understand well in advance if there is something which is getting older. And they account for 40%, 41% of our business. It may be a concession based type of business. This is not important. This means that you sell within Harrods Neiman Marcus with a completely different spirit than in Brunello Cocinelli stores for example. Of these multi brand stores, we have about 400 worldwide. And I think they are very beautiful. They are very serious and we've never wasted money or lost money. And this is important. In general terms, when dealing with multi brand stores, it is usually referred to four, five department stores, but it's not correct. If you consider for example Mitchell in The USA, Brown in Hamburg with 150 of track record in Amsterdam for example or two in Italy, we have the Zena Fauste in Bergamo. It's really beautiful. Sattrani and other beautiful stores. And now also in the Eastern part of the world, there are beautiful multi brand stores in Korea, in Japan, especially in Korea where high end multi brand stores were established. And then we have also issues concerning deliveries image. We usually deliver our items to multi brand stores as the very last well, I'm not talking about us in general. So deliveries usually are the very last deliveries and margins that are applied to multi brand stores are completely different than those applied to our stores. But as far as multi brands are concerned, let me tell you something with my soul. Multi brand customers are often considered as nuisance. In reality, however, I think that we all want to retain all profits for ourselves but it's not correct in our rules, in our corporate rules so that you know very well. Well, the very first rule is greed and we wrote that greed is not beneficial for human beings because it forces the rules of nature. A greedy company cannot, can hardly survive many years. And then we have events that take place every year that are very important with 150 attendees. And I must tell you, I often have to participate, but we have seventy, eighty couples, 150 people. We exchange gifts. We exchange the phone numbers. We take pictures. And some relationships, some friendly relationships can also be established. And I was in an event I was given caviar and I was recommended that I had to eat caviar first and immediately. But all these events are very important. Last year we had about 500 such events at different levels. And this year we would like to repeat all these events because these are very special and very interesting. Now let me draw to the conclusions prior to handing over to Luca. So again, let me reiterate the main values. The value of the family, the great value of the local area of Solomeo and this is what we notice on a daily basis. So we have people coming to visit us almost every day. Oprah Winfrey came to see us. Well, we had lunch together and she said, before garments, I want to see how you manufacture them. So great value, the great value of authenticity, the great value of training as you know, this is very important for us and the great value of the supply chain. And this is what we discussed this morning during the Board meeting. If the supply chain is not profitable, we cannot be successful. Hence the great value of identity and style. Last but not least, two easy topics. Well, an update on Salome AI, artificial intelligence, a great success Now by November and Ricardo, you are a fan of that. Well, by the October, November, we should also be ready with our e commerce platform. And I think this will be a very nice thing. I have already looked at it. And well, if you have dinner in Milan, we will give you some piece of advice on how to dress. This is a project pertaining to a company which lies outside of the scope of the public company. It's a group of mathematicians, philosophers mathematicians, philosophers, technicians. Half of them are women by the way. And all started from a question that Brunello asked two and a half years ago. He said, all these websites look all the same. And so this intuition started. In the meantime, artificial intelligence developed and we decided to use it as an opportunity. And so this project started. It's outside a brand new opportunity SPA, it's a Salome AI. Now we have a web site following the customer's journey and provides also services to the public company. The project is now coming to an end with the e commerce platform. It is interesting because on this new website, people stay twice as long as in the old website. And this is an important metric in our industry because this is also related to purchases. Well, we're not interested in that. Well, we do have interest in that, but it's not the final goal. Right, last topic, just one minute on the value of smart working. This morning we debated a lot because we start having serious problems. Some board members said we still have people who have two days of smart working per week and we never introduced this policy. In 2020, we closed down the company for twenty one days and that's it. But I've always believed that this is of great damage for the company, for society and for the human beings as a whole. Well, this is my personal opinion because you miss collective creativity. If we do not meet, if we do not gather together, we cannot discuss. So we cannot exchange views. There's no distinction between private life and work. It's a mix that I don't like. And younger generations must learn and you have to instruct them. And those who were 26, 25 years old have now been working with that idea for five or six years. And now they are convinced that they will have to work at the workplace for just a couple of days a week. A lady came a couple of days ago to our company and well she said that she usually spends two, three days per week at home for smart working. So some people say we miss opportunities but I don't believe in that. Blue colors cannot do smart working. Well, there's a huge discrimination between blue and white colours. The store staff too or they cannot stay at home. We are a manufacturing company and so smart working is not possible. And we debated this topic today because we heard that many companies are struggling. We are discussing the lack of creativity but the lack of creativity doesn't only come from products. You cannot develop creativity if you do not exchange reviews between styling, product management and so on and so forth. So we may spend our time together and be extremely concentrated without distractions. So this is the end of the first part and then I will hand over to Luca. So let's work in a serene way. Let's be concentrated in our work. We set as a goal that we will not receive anybody for the next five to six days, anybody who wants to propose something extra to our work. As soon as we get back to normal, we will be able to receive something additional or to accept something additional again. Now we must be focused on our work. And if we are concentrated and focused on what we can change on a daily basis, I think we can also be slightly more creative. Luca, you have the floor now. You can start. Thank you very much, Brunello. I would like now to start analysing the first half of twenty twenty five. As we said, this is also great satisfaction both for the quality of the results that we got and for the good planning. So it's an harmonious half year in terms of growth and we had two quarters that are almost identical in absolute values and they share a very homogeneous growth. We can thus say that potential points of attention proved to be strength during the first six months of the year. I would like to start with the performance of the American market. Northern America is up 8.7% and this goes to show that this negative psychological effect due to the introduction of the tariffs has not had any negative consequence up to now. So we discussed all this during our meeting early in the morning. So there was a great degree of continuity between the first quarter and the second quarter. And there was a minor difference in terms of percentage growth. And this is just due to exchange rate consequences, which was positive in the first quarter, negative in the second quarter. So with constant exchange rates, you will see that there was a 10% growth in both quarters. In the first quarter, I should like to remind you the fact that in 2024, we went up by 19% in Northern America. So that was very good. Our multi brand stores did very well in both quarters, a double digit growth in both quarters and department stores did also very well. Once again, the category of garment and clothing had one of the best performance levels. Fast Global, we're talking about high end luxury retailer, More than €10,000,000,000 revenues and more than 11 customers worldwide. So basically, we will point out that our customers are basically providing their own assessment on our daily basis. Mark Bania and and Jeff Bezos, they they, you know, told several times that we should not be worried. So from a rating viewpoint anyway, we can tell you that the sell out values are almost ready for this season. So we have a very constant growth. We have a good presence both centrally and locally. We don't have any issues in terms of payments. And honestly, we believe we will be able to complete yet another year that will be surrounded by gracious growth. Let us now look at China. China in the first half of the year guided the performance in the Asian continent with sales growing up in Macau, Hong Kong and throughout all the Asian countries where we are present. So basically throughout of the Asian geographies, we see that the brand is considered to be extremely fashionable and as you know, we have always been concentrating on the relevance of the brand rather than anything else. As you know, our brand is young and it is even younger in Asian countries. So we do deeply believe that we really need to go in-depth and work on the depth of the brand rather than anything else. And we really love welcoming new customers every day, getting closer and closer to to a brand so that they have a more depth knowledge of our brand and of our product and of our values. A couple well, one week ago, we had a Chinese ambassador, the Chinese ambassador here in in Italy. He was accompanied by seven people and so people were people working in business. And when they saw Confucius sitting next to Plateau in the building, and they love that. And I must say we spent two hours together. It was extremely interesting. They know that we buy cashmere from China, and we will then have dinner with them at the embassy in Rome. So they came here and they really appreciated our way of operating. And they respect us. We respect them. And then the ambassador also asks us, are you willing to to set up business to to have a manufacturing company in China? We said, no. No. No. We don't even think about it. We have along with Kariaji some commercial operations there with about 70 employees. This is a case in point. This is a very good example of, you know, the attention and institutions are attaching to us as a fashion house. And this attention is then being supported by, you know, some offers for new commercial premises, for retail activities, and for the Casa Cucinelli, which will open up in 2026. You know, among all the skies, great peruse again, there are these three houses going back to the year 1300. And we said, just give it to us because we're going to have a nice library there with Italian, Chinese, and English books so that everybody can go there and have access to the books of of our universal library. We feel honored of course because this is an acknowledgement of the attractiveness of our brand. And we always try to strike the right balance. On the one hand, growth and investment and at the same time we want to protect exclusiveness of our brand. So we received several offers, several proposals. And for 2025, we will have a new opening in the ball ISC in Abu Dhabi, which will be our only new opening in domestic China and Greater China for the year 2025. Then another topic I would like to draw your attention to is tourism in Europe. As you know, we have very loyal customers in Europe and we've always considered tourism as a very precious add on to our customer's base in Europe. And now we can say that the number of foreign customers coming to European boutiques is very reassuring. So, yeah, I'd like to be very honest. I don't really look at statistical numbers, but if you look around, there's plenty of American tourists especially where very high prices are usually applied. Let me go back one second to wholesale. As you know, we've always been very focused on this channel and our customers trust the wholesale channel. And we have the opportunity to meet new customers through this channel. Customers that haven't got very close to our brand just yet. And we feel that the brand approach is extremely modern. We're living in a period of time where people are trying to assert their personal style. And we have seen that over and over again by looking at the results of the Boston Consulting Group survey that were illustrated during the latest Delta Gamma meeting. So multi brands occupied this ideal space. So if we look at our figures, we believe that the 10% increase of the wholesale channel testifies to the good health status of our brand. So we are earning new market shares, conquering new customers. The sell out values of the last season are very high and we delivered the winter autumn collection very punctually. Yes. Punctual deliveries. This was a very important topic. And then for the spring summer twenty twenty six, the water intake is going very well. So let me conclude my analysis by pointing out how important events are. As Brunello was saying, we generally have events with 150 people in attendance. We had three main events in Miami, Pietro Santa and Amalfi, Three different locations with three different focuses. And these events are very powerful communication tools, very effective tools with you know, customers being put front and center. So these are the conclusions that we can draw about the last six months. And if I have two more minutes, I would like to give you a flavor about the planning for the next half of the year. In the first half of the year, we did not have any new openings, but we enlarged the store in Vienna. Then for the second half of the year, everything has been confirmed. All our plans have been confirmed. Maybe the store in Vancouver, the opening will be postponed between the last part of this year and the beginning of next year. It's a new shopping mall. In terms of products, the beginning of the sale of the autumn winter collection for 2025 was very positive, and we received extremely good feedback. We got very good feedback when the collection was first presented, the women's and men's collection. So we are really very optimistic about the quality of the product offering we're going to have in our stores as of next month. Eyewear and fragrances, we are delighted with the results and with the high level of creativity that we reached in our cooperation with Luxottica. In June, we introduced this new eyewear proposals. So eyewear that is also to be considered as jewelry with a retail price above €5,000 which means that over a limited period of time, to this cooperation with Luxottic, our brand managed to assert itself in this segment as well. We are equally delighted with the presentation of fragrances with the Incanti Poetici, new family of fragrances. This family was presented at the beginning of the year. So we are now present in the luxury fragrances segment about $350 for every fragrance that would be the retail price. And then by the end of twenty twenty six, we are optimistic and we think we will be releasing new products. Over the weekend, Brunello will be in London and he will be attending the finals in Wimbledon. In October, we will travel to Korea and Japan. And then in December, we will have nice celebration of the award of the prize Brunello will be awarded. And we will have again the final presentation of documentary film. So these two very prestigious events will enlighten our path for new successes in 2026. Ricardo, could you please give us an update as regard to manufacturing facilities? I'll be very quick. I'll share three facts with you. So we will come to the end of our investment plan for deconsolidation of manufacturing facilities, sorry, for Made in Italy products. This will come to an end in November just ahead of time. And for the next ten years, our manufacturing capacity will be secured. We still believe in gracious and ammonia's growth. So the new manufacturing facilities will be of service for the growth over the next few years. I'm not just talking about the consolidation of the manufacturing capacity, but also of IT investments. So we have a higher amount of investment this year. As of next year, we'll go back to our normal level of investments on an annual basis. We keep hearing a lot about the health condition of our supply chain. So we have a direct relationship with our 400 contractors, external suppliers that have more than 8,000 employees in turn. So the companies we cooperate with are healthy companies with generational change in places so they don't have debt. So they earn fair profits. So this is for us of paramount importance. And of course quality remains one of our most important tenets, authenticity and quality. Alright. Let's open the floor for questions. Well, this is really very, very interesting. If we look at the survey that was recently released by the Boston Consulting Group, again, it's it's very interesting. So we're now going back, you know, to normal expectations after a one off three year period. This is the Chorus Call operator. We'll now open the floor for questions. In order to leave the list of people who would like to ask a question, star followed by two. And please make sure that you use a receiver when you are to ask a question. If you want to ask a question, press star followed by one now. A few seconds of silence will now follow to make sure that we book all your speaking requests. The first question is by Andrea Randone of Intermonte. Please. Thank you, and good evening, everyone. Good evening, Andrea. I have three questions. Looking at the margins associated with the revenues that you mentioned today. Now looking at this beautiful revenues, looking at the retail segment that has been growing beautifully without any new store openings. So we have a very positive feeling if we consider the like for like situation. But at the same time, in the second quarter, we have the impact of the dollar. So you said that you're well protected against this situation, but if you could just give us further information in this regard. So how these two things offset each other? Shall I ask all the three questions at once? And then, yeah, I'll ask then the other questions as well. So second question, it's just out of curiosity, if you could just add some color on this very strong value that you announced about multi brands and which is also written in the press release. So if you could just give us some further details about deliveries. Because again, it's a very strong value, the one that you're announcing. So how do you see this value, this result evolving over the year? And then one last question about Dubai. You already entertain relationships with customers in Dubai. If you could just tell us more about expectations in Dubai, how you think the situation will evolve. Luca, you will reply about Dubai and I will reply to the question about Italian multi brand stores. Multi brand stores in Italy are really of extremely high quality. There are about 160 of them. And as you know that they account for about 42 and you know what sort of relationship that we entertain with them. So we're not worried in any way. And now I would like to talk about the dollar. The dollar, you know, it has gone as high as $1.50 but we're not worried about that. If you pay $4,500 for a Blazer and the price goes as high as $4,600 that doesn't really change the situation too much because if the blazer flows beautifully, that doesn't really matter. I mean this small amount of price does not really matter. We have an American friend sitting on our ward and he gave us earlier on in the morning some very good advice about the stock market in The US right now. So if we are looking at the real luxury market, we don't really have many problems unless our products look old. So that's why we have to make sure that our products always look very fresh and very modern. So this is the big topic, Andrea. Well, as regards Dubai, you know, Dubai is the stepping stone for us for further developments in The Middle East. We have two beautiful stores in the mall Emirate Mall and Dubai Mall. 110,000,000 visitors. I received an email the day in which the number of visitors went as high as 110,000,000 visitors So this is a real value of multi brand stores in my view. Dubai belongs to that part of the Middle East that is opening up to the rest of the world. And this is providing us with a great opportunity. As I was saying earlier on, as of the end of this year, we will be then opening a new store in Abu Dhabi, that's another emirate, that's another equally interesting market. And as we have already done almost everywhere in the world, we will try and put down deep roots through direct knowledge, entertain direct relationships. And so we went down to Dubai last year with all the three generation at Altair and that gave us the opportunity to have an in-depth knowledge. You you need to be brave enough to travel all around the world. And you know, if you're not brave enough to travel all around the world then you should change jobs. Yes. As you know, The Middle East is a very important area in the world for Formula one. Two, Formula One races still have to take place for this season. And we were talking earlier on in the morning with Stefano de Medicale and he reassured us about the geopolitical situation. So this provides us with some sorts of trust. Yes, we really enjoyed talking to Stefan earlier on in the morning. Thank you very much to both of you. Next question, Oriana Cardani, Intesa Sanpaolo. Good evening and thank you. My first question is about the growth of our stores. You please quantify the impact of the pricemix during the first half? Then I have a second question on the order intake for the springsummer collection twenty twenty six. Are there any differences between the different geographies, Europe, America and the rest of the world? Or do you see a balanced growth throughout all the geographies for the time being? And the third question on online sales. Has this channel grown in line with the growth of the brick and mortar stores during this first half? And what are your expectations for the year end considering the October innovation? Well, as far as prices are concerned, our prices have grown 3%, 3.2%, 3.5% worldwide, and this is a fact. Tariffs will have an impact on the second part of the year, plus 4% only America. And as far as the spring summer collection is concerned, we've seen that there is a search for high end products, high quality price comes as a very last aspect. Exclusivity is important. And in those events we participate in and this applies for women's wear especially if you see that three ladies are wearing the same garment and this stands out. Well, these ladies are not happy. So you can well imagine how important exclusivity is. But product must be beautiful, exclusivity must be there, product must be handmade. And as I always say to Ricardo, well, 60% of the garments are manufactured manually. And both channels are growing, physical and digital. We still see a lot of interactions. Yes, because you know, Oriana, the digital sales that we do not sponsor too much, but we do sponsor it because we want you to see the presentation because we have almost 70% of people going into the stores after having seen the collection online. But they need the customer experience in the brick and mortar store especially for menswear. You need the sales staff following you, recommending you this and that. Emotions do I trigger when I simply deliver a package? But you know, when we deliver a garment to you, we want you to feel a bit more handsome, a bit more beautiful. And this holds true especially for men and men trust the sales staff because they're not expert like ladies and so they want to get out of the store knowing that they got the right item for them. Thank you very much, Oriana. Thank you. Next question from the English conference, Louise Singlehurst, Goldman Sachs. Hi, good afternoon everyone. Thanks for taking my questions. I'll stick to two. I wondered if you could firstly confirm the 10% growth outlook and given the FX move. Is that on a reported basis? And if so, you'll that would imply that you're feeling more confident given the FX headwinds that we've seen in recent weeks? And then the second question, I was just going to ask about the factory and capacity. You must be delighted that they're opening and you're ahead of schedule. But does that bring benefits on the supply and volumes for 2025, but more so 2026? Thank you. So Luca, you can start with factories. We said during previous calls, factories those factories will extend our manufacturing capacity here at Solomeo. And we've been focusing on craftsmanship for men's jackets. And this is something we do not want to lose. So we do not want to miss that culture. And for this reason, we decided to invest specifically on that. We haven't changed our plans as far as deliveries are concerned. We've simply anticipated the real estate part so that the manufacturing capacity will be available. And as far as growth is concerned, our outlook is confirmed at 10% as reported and as commented on a few minutes ago. I'm slightly optimistic. Well, I don't know if I'm optimistic. I'm simply saying I have a good product, which is not oversold And customers always pay attention. And you always want to be more beautiful than the day before. But well, in the luxury industry, customers are rich, are wealthy and this means they earned money and so they pay attention to prices too. So they may wonder why are you increasing prices without any reason? And if they are fed up with that, they will hardly go into our stores. A couple of days ago, a very important customer of mine, a deep friend of mine in a store in Capri. He said, but why am I treated that way? And he's also a bit aggressive and he said, how much should I pay for this store to buy it and close it down? But when you go into a store, have to wait nowadays ten minutes because there's nobody welcoming you. There are certain things that are unacceptable in my opinion. I think we've gone a little beyond the threshold. We should take a step backwards and be a bit more polite in stores. I think this is a big topic. This happens to me personally and I'm also quite rude. Well, if a person tells me what would you like? Well, I've come to buy bread. What am I here for? If they are polite, well, this friend said there were three people on the phone and no one welcoming me. And this person said you have to wait ten minutes because the other three were on the phone. Okay, Louise? So be confident, be optimistic. Let's recover a little bit. The next question, Charles Louis Scotty, Kepler Cheuvreux. I The first one, could you please remind us your wholesale revenues breakdown by geographies or the regional wholesale penetration? And specifically, in The U. S, it seems that the merger between Saxe and Neiman Marcus appears to be facing some challenges. Could you clarify your exposure to this group and also Bloomingdoll and Nordstrom, who seem to be getting market share? And how this dynamic is affecting your wholesale business in The U. S? And my second question is on your debt position. It seems that the CapEx will be more front end loaded. So is it fair to assume that your debt position will peak at around, I don't know, 180,000,000 this year? And how fast do you think the debt will go down in the coming year? You very much. Paris for sure. So let me start from your last question. Well, clearly, we've built those factory and we have the next three years with 77.5%. But when you build factories, plan in advance. And so we spend a lot in 2024, 2025. So we expect our debt position to improve in the years ahead. And then as far as wholesale is concerned, wholesale is performing well worldwide. Again, we record 41% as usual. We have beautiful customers worldwide. Well, the breakdown by geography is a bit difficult. But well, going back to the debt situation, we got paid as we've always got paid. As Luca said, we have no liabilities. We trust our customers. But we rely on our customer. We trust the main retailers worldwide. And I regret a little bit because when you mentioned the multi brands, you just mentioned the main ones and not others, which may have EUR 130 EUR 40,000,000 revenues at famous specialty stores. Well, Chazy Young, you do not have such a great experience in the multi brand business because we've always focused on our stores. But we have always focused on the great value that multi brand stores have. And this is the first time that this situation is officially debated during these two years in Milan and so multi brand stores have become important again. But in the past, we've always done business with multi brands. In the last twenty, thirty years, we've also started with the mono brand stores in order to retain all profits, but multi brands are very important. Next question from the Italian conference room, Melania Grippo, BNP Good evening. My name is Melania Grippo from BNP Paribas. First of all, congratulations for your results. I have two questions. Well, before you ask your question, let me tell you something. Well, someone says outstanding results. I actually do not see such outstanding results. Well, I'm saying so before your question. Can we say that we've had a normal growth? Otherwise people would say, Oh my God, what kind of results? But we haven't doubled or tripled our revenues. This is our normal life. Okay, good. So I'd like to know as far as profitability is concerned, what can we expect for the first half of the year? And then I know that this quarter has just started. But can you tell us something about July? Damn you, Melania, no, I'm joking. Well, for the first ten days of July things are performing well. But we haven't found any particular differences and this is what we discussed this morning during the board meeting as well. So we are confident and as for profitability by the end of the year, we will slightly improve our profitability and we're very happy about that. And these are those improvements that belong to our culture that you know in detail. This has been the dream of my life. But the fact of having an Italian company paying taxes in Italy and reaching 10% net profit. In order to do so in Italy, you have to reach EBITDA of 10% and EBIT 16.8%, 16.6% in order to get a net profit of 10%. But this is our strategy. In order to improve the profits, we will never bring or transfer our company to The Netherlands, to Luxembourg. This is what I said to a gentleman. He came to Milan and proposed to transfer our company to Luxembourg. And well, he drove four hours and our company has no wheels instead. So it cannot be transferred. Our culture, Millennium Serious is that we want to be serious entrepreneurs, Italian entrepreneurs who believe in made in Italy manufacturing where it's high end craftsmanship, high end exclusivity, high end quality. We want to work on a local level in Italy behaving the right way so that the entire supply chain can profit from that, from raw material suppliers, as I said a couple of days ago to the Chinese ambassador to investors and analysts. But we want to have gentle and gracious and balanced approach. And this is giving us a lot of advantages and no high net worth individuals with whom I take pictures. And nobody ever told me how expensive we are. They say, we like buying your garments because you behave that way. And this is what I said yesterday at lunch. They had lunch, all my friends and me. And well, they all confirmed we need to recover dignity at the workplace. So we shall not forget that we have to guarantee dignity to blue collars otherwise certain items will never be manufactured. Again, managers are getting to work at 09:30 and asking their PA to stay till 06:30 in the evening. They should come at eight in the morning like all the other people because people have to leave then and to look after their family. We should go back to normal. Managers are saying that they stay at home because they can do everything from home but they simply sleep longer. And there are managers who are somehow incompatible So they have a conflict of interest with our strategy. But in our case, we have no managers with such a conflict of interest. If you realize that, we will take the necessary measures. We want our company to survive for one hundred years. Well, maybe this will not be the case but we will do our best. Well, everything is extraordinary. It seems as if we've become I don't know what simply because we've grown. Well, last year we drew and people said we did something extraordinary. We did nothing extraordinary. So this was a balanced growth, 3%, 4% in prices and the rest in value. Well, of course, if you deliver if your deliveries are better, well, you benefit from this. Just one final remark, I don't want to be boring. And Chinese investor came to us, a 20 year old Chinese investor together with other investors. And well, he said, now you have a great chance in China. You can open stores. And I said, no, no. You can go back Don't worry. We do not want to open in China. We do not want to reach 20%, 30% growth through China. We don't want to be bought by anyone. We want to have a balanced growth. But he insisted, you have a great chance you brought the brand to China. Well, but we didn't want to open the stores and we don't want you to invest and then go away after one and a half years. But this is what I told him. Okay, Melania. Okay, thank you. At present there are no additional questions. I don't know the translator, how she could translate at the last minute. Spoke too fast but I hope was clear. Right, can we close? Thank you very much. Thank you to all of you and bye bye. Thank you, Melania. Thank you to all of you. Thank you. Thank you to the interpreters. Bye bye.