Welcome, everybody. Thank you for being with us. In a scenario still impacted by the pandemic, the result of the first half shows significant improvement compared to last year. Revenues are substantially growing double digits, marginality of stores in strong progress, costs continue to decrease, cash and the main equity and financial indicators are under control. These are the first fruits of the initiatives undertaken since the beginning of 2020. These are strong signs that encourage us to look with more confidence to the future and to continue with more determination the work started in these months. Months in which we carried out a deep reorganization of our business model to make it more efficient, digital, and in line with market trends. We are therefore exiting from non-profitable and non-strategic activities in order to free more resources to invest in high-value assets. In the first half of these markets and channels on which we are most focusing our attention, continued to grow in a significant way. Russia reported revenues up by 64% and is already above the pre-pandemic levels of 2019. The digital channels, which now represent a third of the group's revenues, showed a + 50% growth. In the second quarter, revenues practically doubled in all main countries. Spherica, supported by a major television advertising campaign, has today a sell-through of 85%. The start of the third quarter is showing further consolidation of our performance. In July, with all our stores open again, sales are up 23% and are close to the pre-pandemic levels. Also, an even more important aspect that's been underlined. Sales are increasing with a significant reduction in markdown. This shows that our reverence for customers and our level of service are improving. The scenario remains complex, but we are convinced more than ever, that our work is leading us in the right direction. Wishing for a gradual return to normality, we are persuaded that in the next quarter, the results of our efforts will be even more tangible. Thank you, everybody. I leave the stage to our CEO, Livio Libralesso. Thank you. Good morning and good afternoon. Thank you for joining us today to discuss H1 2021 financial results. Let's start with slide number two with the highlights. Sales at EUR 264 million, up 8.4% or 10% at constant Forex, driven by a strong second quarter that is up 90%. Gross margin at 47.9%, delivering 690 basis points of improvement in comparison with H1 last year. EBIT at -EUR 29 million, with no special item incurred this year versus an EBIT adjusted of EUR -70 million in H1 2020. This improvement has been supported by the gross margin expansion and further cost reduction, -8.5%. Net working capital is under control at EUR 169 million, well below H1 2020, that was at EUR 223 million. Net financial debt adjusted before IFRS 16 lease liabilities is EUR 108 million, in line with March after the peak of April. May and June generated EUR 12 million of cash thanks to the reopenings. In December, you remember it was EUR 100 million of debt. Current trading. Today, the full network is open. Comparable store sales year to date, week 29, are up 17%, thanks to a good like-for-like also in July. That is up 23% versus 2020 and - 6% on July 2019. Please go to page three for a quick overview on the restructuring plan. Mission accomplished in H1. Finally, the unpleasant job is finished, and now we should focus on the strategic revamping of the brand. During the last 24 months, we closed 177 stores or 18% of the network with a strong acceleration in the last 12 months. The optimization will be almost completed within year-end with additional 50 net store closure. In Canada, we closed 10 stores and the remaining 20 are now at variable or discounted rents in 2021. In the U.S., we exited from brick- and- mortar retail, focusing the business on web and wholesale key account. In Europe, we implemented a general network optimization, including the closure of the franchise branches of the Italian retail company. We moved the optimized network into each country subsidiary for a fully omni-channel approach and material administrative savings. A special focus has been dedicated to U.K. and Germany with two successful out of court restructuring. We closed three stores out of six in U.K. and 11 out of 27 in Germany. The remaining stores are now with reduced rent in 2021. In Japan, we are going to liquidate the subsidiary, closing seven DOS and moving the business to a new distributor that is taking over the best locations. We'll add additional wholesale business starting from spring/summer 2022. Finally, today the group announces the shutdown of the Serbian plant following the decrease in demand of dressy leather shoes. As I said, the group did not incur any material restructuring costs for this staff and faster reorganization. H1 has been positively impacted by the reduction in expenses. H2 will increase the savings that will be at full speed in 2022. Please go to chart number four. Here there is a summary of the ongoing portfolio network optimization. The number of mono-brand stores at the end of June is 810, compared with 936 in June last year. We did 126 net closure in the last 12 months, with an impact in this half of EUR 9.5 million in terms of sales versus June 2020. As said, there are additional 50 net closure planned within the year-end, 16 franchising, 26 DOS, and eight under license agreement. The final number of mono-brand stores will be at year-end in the region of 760. Please go to chart number five. There are some interesting details for your review. You can see that H1 percentage of closure by country and the reopening calendar. 100% of the store network is open from July 1st. The trend has been really different country by country. In some countries in Europe, lockdowns have been really tough, you may appreciate some really positive like-for-like. To give some example, Italy has been closed on average 28% of the time versus 41% last year, like-for-like is + 20%. France has been closed 52% of the time versus 38%. Notwithstanding this fact, the like-for-like at + 12% can be considered really strong. Like-for-like in Russia is up 109% and China 26%, confirming the strong momentum of the brand in these countries less impacted by lockdown this year. Please go to chart number six to see the DOS operating status and like-for-like by month. The blue boxes contain the average percentage of closure by month. In this half, the network has been closed on average 28% versus 35% in H1 2020. On the other side, you can see that starting from mid-March this year, the comparison base in term of closure percentage is really easy, and consequently, Geox experienced a progressive improvement in like-for-like. Second quarter like-for-like is up 56%. It is important to underline also strong year-to-date reduction in markdowns with 700 basis points on 2020 and 400 basis points on 2019 year-to-date. Please go to page seven to comment H1 top line by channel. As said, top line grew 8.4%, driven by strong performance in wholesale, that is up 16.8%. The company has been able to reduce cancellation compared to the previous season and delivered a really good season management with an increase of EUR 9 million on reorders and EUR 7 million in the sale of old season stock. On top of that, customers asked for EUR 5 million of fall/winter 2021 early deliveries. Franchising is flat, driven by the positive like-for-like and by a favorable timing effect on the different season deliveries. DOS is flat and missed a little bit the expectation due to the longer lockdowns and restrictions experienced in Germany, Austria, France, U.K. and Canada. The strategy is working because the positive like-for-like and the growth for the online compensated the negative perimeter effect. On page eight, there is a very quick view to net sales by region. Italy and Europe had a very similar high single-digit growth, supported by wholesale up in the region of 20%. By like-for-like, up 20% in Italy and 5% in Europe. A little bit depressed by Germany, Austria, and the Netherlands. Both Italy and Europe delivered a +100% in the second quarter. This is quite remarkable considering that these are our core markets, but also the more impacted by the pandemic. North America is down 11% after the heavy reorganization implemented with the closure of 10 DOS in Canada and the exit from the brick-and-mortar in the U.S. Rest of the world is a positive double-digit as a combination of two performances different by geography. Asia Pacific is down 9% with two exceptional events. I mean, the liquidation of the Japanese subsidiary, moving the business to a new distributor, and the closure of the contract with the wholesale mainland China distributor. However, like-for-like in China is positive, 26% in our network, and the new strategy to have different distributors by provinces is gaining traction under the drive of the new general manager. On the other side, Eastern Europe continues really to outperform. It is up 28%, with Russia up 64% on 2020 and up 9% on 2019. Like-for-like in Russia is impressive. It has been +100% on 2020 and +25% on 2019. The brand momentum in Russia is really, really strong. On page nine, net sales by product. Just to say that ready-to-wear is more impacted by the pandemic, with the ready-to-wear specialists really prudent in buying new products. On the other side, performance of the footwear has been fostered by Spherica performances. Please go to chart 10 to comment direct online evolution of top line. There are a couple of important messages. Online sales are up 30% on H1 2020 and 80% on H1 2019. However, as you can see, Q2 2021 has been -7%. In order to better understand this result, let's analyze the performance by gender and by channel online and brick-and-mortar. You can see that Q2 2020, kid was up 153% as a consequence of the full lockdown of the brick-and-mortar network. In Q2 this year, kid like-for-like online was -36%, but like-for-like kid brick-and-mortar was +60%. There is in place a normalization of customer behaviors after the reopening, coming back to the physical stores. Men and women did not suffer from the abnormal comparison base and are positive double digit. In addition, this chart shows really important information on brick-and-mortar and also on web. Our stricter full price approach in all channels in the second quarter, with an average 900 basis points decrease in discounts and markdown in all the channels. Please go to chart 11 to comment working capital and net financial position evolution. Net operating working capital landed at EUR 169 million, the lowest in recent years, mainly thanks to a good performance in credit management, EUR -28 million in receivable, and also the good performance of our vendor payment agreements that allowed the payables to grow EUR 33 million. Also, inventories are under control thanks to the action taken on a careful buying for full winter 2020 and spring/summer 2021, with a reduction of EUR 100 million in new purchases compared with the previous correspondent seasons. In addition, the progressive reopening of DOS and outlet delivered mainly in June a positive cash generation, so that the debt decreased from the seasonal peak in April at EUR 125 million to EUR 108 million at the end of June. On page 12, there is the income statement. Sales at EUR 264 million, as already commented. Gross margin is EUR 127 million or 47.9% on sales, with an increase of 690 basis points. This is a combination of + 860 basis points due to material reduction in markdowns and no needs of additional inventory write down. -1 70 basis points, totally due to the different channel mix with a lower weight of DOS revenues, and also in this case, the impact has been mitigated by the lower average markdown. The total operating costs are EUR 156 million, down and with an additional 8.5% reduction or EUR 15 million. In particular, G&A at EUR 125 million, are down 9% or EUR 13 million in H1 2021, and includes EUR 7.1 million of furlough contribution, EUR 5.7 million of government supports on rents and structural costs, EUR 4.3 million of rent reduction, and a 20% increase in advertising and promotion. At the end, EBIT is at EUR -29 million with no special item recorded this year. In H1 2020, EBIT adjusted was negative, EUR -70 million. Again, the company decided to maintain a prudent approach, not recording EUR 11.5 million of deferred tax assets. To give the precise information, there are in the region of EUR 40 million of deferred tax assets on losses not recorded in our financial statements. Consequently, in the next years, once we will be profitable, we can recover this amount of tax assets. Please go to chart 13 for the balance sheet. It remains quite safe. The invested capital is decreasing in line with the strict control over CapEx, over working capital, and the depreciation of the right-of-use regarding stores. Please go now to page 14 for the cash flow statement. I would like to comment the restated before IFRS 16, because this is the real net financial position versus banks. Look at the right part, before the last column. The operating cash flow is negative EUR 29 million due to the loss. There is a mitigation because the decrease in working capital generated EUR 30 million of cash. CapEx are still under strict control, we invested EUR 7.3 million versus EUR 9.1 million the same period last year. Considering also EUR 4.4 million of positive hedging valuation, the net financial debt is EUR 108 million before IFRS 16 liabilities. Please now go now to page 15 for the outlook. It remains unchanged. Consider that we are experiencing a positive start in Q3 for the U.S. The like-for-like of July is +23%, the total year to date is +17%. Considering that we have been able to collect a mid-single digit positive for Winter 2021 initial order collection in wholesale, we assume that in case no more market lockdowns will happen in second half, we may deliver a low double-digit growth in top-line. Considering the fact that we will keep maintaining a really strong focus to cost management and also in markdown reduction, we believe that in terms of EBIT, we will be able to reduce the loss also in comparison with the first half. Let's say that the transformation journey is well on track. On this respect, please go to page 16. Just an update on our transformation journey. It won't be the same company. In green, the update. Let's say that as far as the team is concerned, now it is completely done. A new brand officer is joining the company, and a new merchandising officer on footwear just joined the company, and he will add his seniority in footwear and accessories. He spent 25 years of his career in also luxury brand in this industry. We don't want to increase prices. Our dream is to increase the perception of the products in front of the final customers, more style, Italian touch, and so on, in order to be more relevant for the final customer, joint with our, let's say, revamping and relaunch of the brand that we plan in 2022. The rationalization process has been completed, and as said, we today announced the closure of the Serbian plant. We are now ready to open the Q&A section and take your questions. Thank you, sir. Excuse me, this is the call conference operator. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. To remove your question, please press star and two. Please pick up the receiver when asking questions. The first question comes from Francesco Brilli of Intermonte. Please go ahead. Yes, good evening. Thanks for taking my question. Congratulations for the results and for the achievement and the progression of your plan. I have a quick question based on the results achieved, mainly on the cash generation for the second part of the year. Can you provide some additional indication on net financial position at the end of the year? Probably, is it fair to consider a better number compared to what indicated in the last conference call? Let's say that there is a high degree of uncertainty also regarding this new Delta variants. I think that we should stay in the region of 100,000 or 110,000, like in June. In case reopenings will be, let's say, at full speed, maybe we can also improve the situation. You know that in my opinion, the fact that we decided to cut for winter 2020 buying of EUR 40 million, and then spring, summer 2021 of EUR 60 million, was really the most important decision we took last year. Today, we are in the position to protect our inventories. We are not forced to sell off inventory. We can protect the product, we can protect the brand, and we are delivering, let's say, a sort of a positive like-for-like, with a really material decrease in discount. Starting from June, fortunately, also our really strong outlet network is fully reopen. There are still important limitations to the traffic, to the tourism, and consequently, tourists are really important for fashion district outlet, and McArthurGlen and all the other champions in Europe. Consequently, maybe we can do better, but it is early to say. Yeah. Thank you. If I may, sir, a quick follow-up question. It's on the Serbian plant. Probably I just missed it. Can you provide us with some indication on the impact that it will have? The second one is on the online channel. I saw there's been some normalization in the trends between online and brick- and- mortar. Just if you can share with us what are your expectation for going forward for this year and most next year. Okay. Starting from the easy one, that is online. We did in second quarter this year, really an experiment. I mean, a 100% alignment of discount policy regarding both brick- and- mortar and online. Consequently, notwithstanding the fact that Kids was a little bit weak compared to the exceptional performance of second quarter last year, with a +153%, we decided not to push on promotion. As a matter of fact, our target is to reduce markdown. Now we are absolutely in line, in any case, with our expectation that is in the region of a +30% on 2020, considering the full year. As far as the Serbian plant is concerned, it's a pity, because let's say that when we built the premises and the factory, the project was really to increase the quality and the volumes of dressy leather shoes. Unfortunately, in the last five years, customers demand and customer behavior went in a different direction. It is not sustainable any longer to move production from Asia to Serbia in order to support the full production capacity of this big plant. We are being forced, let's say, also considering COVID, that drove to really a reduction in the volumes and also in this kind of formal back-to-work dress shoes. It was necessary to take this absolutely unpleasant decision. As a matter of fact, the factory in any case, is quite lean. As of today, to give an example, the raw material at just EUR 1.2 million, and a small depreciation has been fully recorded at June, because we will be able to absorb these raw materials in the other, selling them to the other suppliers. As far as the net book value of the CapEx, it is in the region of EUR 9.5 million. We assume to be able to sell the premises with no material losses according to the fair market value, that we received from one Serbian real estate advisory firm and one international real estate advisory firm. For the time being, we do not see material restructuring costs. The liquidation process in Serbia, according to Serbian law, is quite, let's say, light in terms of restructuring charges. In any case, we are in strict contact with the Serbian government in order to support at our best the transition to new investors that will locate their investment and production in our premises. With our support and the focus of the government, we will be able to mitigate the impact of this closure in Serbian society. Very clear. Thank you. The next question is from Oriana Cardani of Intesa Sanpaolo. Please go ahead. Yes, thank you. Good evening, everybody, and thank you for taking my questions. The first one is about current trading condition. July started very well. Is it true for both retail and wholesale? Do you think that the good start could continue on the same path in Q3? The second question is on gross margin in the second part of the year. Do you believe that any temporary closure of factories by your suppliers due to COVID in emerging markets may damage gross margin in the second part of the year? Finally, for the last question is on fall/winter collection. For spring/summer, you focused on two main products. Will you have the same approach also in fall/winter? Thank you very much. Okay. Thank you for your question. Current trading. In some countries, we are doing really well. Fortunately, this year, the sales period has been placed exactly as in the normal years, because last year was really a problem because the postponement of sales period induced the companies in any case to do promotion because people was waiting for promotion and for the sales period. To do promotion also before the sales period, and consequently we experienced like, let's say, the industry, really a longer period of markdowns. This year, fortunately, July is just the sales period for Europe, and starting from mid-June for Northern Europe. Let's say, I think that this performance is quite good compared to last year, also due to the fact that we are in July, in the full of the sales period, and maybe last year some countries were not in the sales period. However, it seems that people, once they can enter the stores, are really willing to buy, because this positive result we are experiencing has been obtained notwithstanding in brick- and- mortar, really a material fall in traffic in any case. It means that retail KPIs in terms of conversion of units per ticket, and also fortunately in terms of average price due to the reduction in markdown, are really working in this season. We hope that once movement restriction will ease a little bit in the second half, we should be able to improve the performance. Today we have, let's say, positive expectation for Q3 in retail, and for wholesale is more or less the same. The demonstration of this is the fact that we are being able to place EUR 9 million of reorders more than in Q2 last year. Let's cross finger and let's see what about lockdowns or not. Production problems in the supply chain. Let's say that the industry is suffering a couple of problem. The first one is that there are still some short-term lockdowns in Vietnam, in Indonesia, and in other countries. There is a sort of stop and go. They close one week, reopen two or three weeks, close one week. Let's say that maybe some delays may happen. We are really closely monitoring the situation in order to take all the necessary action to mitigate eventually the impact. One of the action may be air freight. As you said, the real problem of our industry in the near future is the increase in costs of transportation. Fortunately, we are one of the most important importer of shoes and apparel in Europe. Consequently, we have long-term contracts with the companies. Consequently, 2021 is not materially impacted by this increase in the cost of transportation. For sure, it will be a little bit, but not materially. We hope that in the second half, the pressure will decrease, and consequently, we hope to be able to, let's say, have a better situation in 2022. The price list of 2023 are reflecting a sort of a slight increase in prices because it is necessary to recover the margin, and consequently, in some cases, to pass a part of this impact on the price of the product. For winter 2021 approach in terms of advertising, yes, we will continue in this approach. Or better, in a little bit different approach, but with the same tone of voice and also the new language that we are using, like Spherica TV campaign. The TV campaign, we will have a couple of TV campaign. First one, really important in 12 countries regarding back to school. Also in order to promote an important collaboration we have with Disney, and also with Nintendo for the, let's say, Super Mario products. We will have a really strong collaboration. Disney, more for girls, and Nintendo Super Mario more for kids. In October and November, there will be a TV campaign regarding Amphibiox. Not just one product like Spherica, but a family of waterproof product that are really important for us in fall/winter, and also at the beginning of the spring/summer. It will be with the same, let's say, story like Spherica, with really important creative ideas behind, with the same agency that has been chosen for Spherica campaign. As a matter of fact, for sure, advertising will be part of the brand revamping and brand reactivation that we are planning also for 2022. This will mean also an increase in marketing spending. This is the reason why we are being so, let's say, tough in following all the necessary reorganization action in order also to free up resources for the investment. We are doing the digital transformation, but also to increase a little bit the marketing spending. Madam, has your question been answered? As a reminder, if you wish to register for a question, please press star and one on your touch-tone telephone. For any further questions, please press star and one on your touch-tone telephone. Your next question is a follow-up of Francesco Brilli at Intermonte. Yes. Just a quick one on prices. You mentioned you will implement, if I understood well, a price increase starting with the beginning of 2022 for the full category. Is that right? Something that you are envisaging for the next year? I would like to be a little bit clearer. Let's say that we are not going to increase prices, let's say, on all the products. The increase in prices will be on average, in the range of 2%-3%. Really a slight increase on average. The recovery of the profit of the margin should derive from our approach to reduce markdown. Once and when our, let's say, brand will be back in terms of consideration from the final customers, and also in terms of appeal and perception for the final customers, then in case the brand will have more pricing power, we may consider to create capsule or projects with a higher price, but really, really very prudent in this market situation. Let's say that increase in prices or rationalization of the collection in order to reduce the number of SKUs and to increase the quantities by SKU, will be the main action to protect the margin. I would like to take this question also to give a little bit of a flavor regarding gross margin in second half. You have seen that we are being able to deliver a really important improvement in gross margin in first half, also due to the fact that first half last year was heavily impacted by huge inventory write down. The second half last year was normal, I would say. We will have the same situation this year. Big improvement in first half, then more or less the same margin in second half. Provided that, in any case, we'll try to improve the gross margin, reducing markdown and discount. This is something that we can build week by week during the second half. For the time being, I would recommend to assume the same gross margin in the second half of 2021 compared with the second half of 2020. At year-end, 350 basis points of improvement on the full year compared to last year. Super clear. Thank you. Once again, for any further questions, please press star and one on your touch-tone telephone. Mr. Livio Libralesso, there are no questions registered, sir, at this time. As usual, thank you very much for your time. Feel free to contact Simone or myself for any information or doubt you may have. We are here, we'll be happy to answer to your question. Thank you very much. Keep in touch on November, we will inform you about eventually the new investor day that I think, in case of no lockdown, consequently normalization of the volatility, we will held in November. Thank you very much. Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your telephones.