Good evening, morning, everybody, depending on your time zone. For over a year now, health, economic, and social conditions have been deeply affected by the pandemic. However, over the last few weeks, we have all become more confident about the future, thanks to the speeding up of the vaccine campaigns. Performance in the first quarter of 2021 does not at all reflect the one that we are expecting over the coming quarters, as the first three months of the year were still affected by high number of store closures in our main markets. Since mid-March, we have been seeing strong improvement in performance. Over the last few weeks, stores have begun to gradually reopen, allowing us to record a significant growth in our direct channel and to complete deliveries to the wholesale channel, which is now ready to receive goods once again. By the end of May, we're also expecting our direct store network to be fully operational again, thanks to reopenings in a number of countries that are currently still being affected by restrictions, namely Italy, France, and Germany. The combination of these factors will allow us to close the first half of the year with very positive results, leading high single-digit growth in sales by the end of June. During the first quarter, we must also highlight the excellent trend that continued to be recorded in those channels and markets not being affected by lockdown measures. Russia and China are growing by 50% and e-commerce channel by 85%. During the first quarter, we have also accelerated the rationalization of our store network and all the other measures necessary to define new, more streamlined, and more efficient business model that is in line with the consumer's new buying behavior. These measures are fundamental in order to free up more and more resources for the activities with greater potential, such as the e-commerce channel, advertising, research and development, and sustainability. The results achieved over the last few months are giving us confidence in the validity of the path we have taken. Spherica, the most innovative product of the new spring collection, which we've supported with an important TV ADV campaign, is reporting very significant sales figures. In fact, over the last few weeks, we have been selling around 10,000 pairs a week, despite many stores still being closed. Conditions are still complex, but we are convinced that the gradual return to normality will allow us to further enhance the results that we are already achieving. Thank you for attending with us, and I give the floor to our CEO, Livio Libralesso. Thanks once again. Good afternoon, Enrico. Good morning and good afternoon. Thank you for joining us today to discuss Q1 2021 net sales, net financial position, current trading, and some trends for full year 2021. Let's start with slide number two with the highlights. Sales at EUR 149 million, down 19%. This is a result not coherent with the trend for H1 2021 expected to be positive by single digit, and the full year 2021 expected to be positive double digit. In this call, we will also disclose information regarding the second quarter. There are three main reasons behind top line decrease of EUR 35 million in Q1. EUR 7.4 million due to the ongoing network rationalization in exchange of a better profitability, and then a couple of temporary and contingent factors. I mean, EUR 16 million related to temporary store closure due to the stricter lockdown measure in Q1 2021 versus Q1 2020. EUR 10 million due to the requested shift in wholesale deliveries from Q1 to April. On the other side, the performance has been solid in the geographic areas and channels not impacted by these contingent lockdowns. In particular, Russia is delivering a +48% and China a +54%. The online channel continues to outperform as well with a sound +85%. I invited to this call Giulio Salvucci, our Global Web Director and Digital Transformation Leader, that in a while will share with us some reasons that underpin this jump. Net working capital is under control at EUR 183 million versus EUR 208 million recorded in Q1 2020, and the net financial debt at the end of March is EUR 110 million versus EUR 100 million at the end of December last year. Current trading on the right. The start of Q2 is completely different. Like-for-like is really positive due to the easy comparison base and the reopening trend. Like-for-like, week 18 to date turned out to be positive 3%. We completed deliveries in wholesale, this channel, April to date, is up 9%. Total sales did an improvement and are flat at the end of April. We are also experiencing encouraging initial sales figures for the new innovative project launched with the Spring/Summer 2021 collection, Spherica for adults and PlayKix in kid, driving also important reorders in season. Net financial debt at the end of April is EUR 125 million. We may consider this as the seasonal debt affected as with the ongoing lockdown. Our plan is to stabilize the debt within June to generate cash within year end. Please go to chart number three. Here there is a summary of the ongoing network portfolio optimization. The number of monobrand stores at the end of March is 835, compared with 950 in March last year. We did 115 net closure in the last 12 months, with an impact in this quarter of EUR 7 million in terms of sales. There are additional 63% net closure planned within year-end. 17% franchising, 31% DOS, and 15% from our distributors. Please go to chart number four to see the DOS operating status and like-for-like by month. The blue boxes contain the average percentage of closures by month. In this quarter, this network has been closed 34% versus 15% in Q1 2020. EUR 15 million in terms of sales. On the other side, you can see that starting from mid-March, the comparison base in terms of closure percentage is really easy and consequently like-for-like is jumping at +100% in March, +108% in April, triple-digit again in May, so that like-for-like year to date, week 18 is +3%. Please go to chart number five. You can see Q1 percentage of closure by country and the reopening calendar. Italy has been closed 39% on average, Germany 84%, U.K. 100%, so no one day of opening during the Q1. We've been really successful in the negotiation and obtaining support from the government in this country in order to mitigate the impact. The Netherlands, 75%. Today the view is completely different. Reopenings are going at full speed and within the end of May, we hope that 100% of the network will be operative, especially France expected to reopen on May the 19th, and commercial centers in Italy expected to open also during the weekend from May the 22nd. Please go to page six to comment Q1 top line by channel. Wholesale is down 10% due to the requested shift in deliveries. As said, April to date is up 9%, and the same pace is expected in H1, also thanks to good reorders, especially in kids and Spherica. Franchising is down 20% due to the lockdowns and the rationalization. However, reopenings are in progress and also in franchising, H1 is improving and is expected to be flat. DOS is down 31%, totally explained by the like-for-like decrease to the additional stricter lockdown closures and the perimeter for the rest. However, in H1 it is expected to deliver a high single digit growth due to a good second quarter. All in all, as you can see in the chart down on the right, total sale in H1 are also expected to grow high single digit. On page seven, there is a very quick view to net sales by region. Italy is down 30% and has been more impacted by store closure, 20% over the perimeter, given the concentration of DOS and franchising stores in this country. Online is up 55%. Europe is down 20%, being less affected by the rationalization, just 13% of the perimeter, and having online up 98%. North America is down 48% due to the heavy reorganization implemented with the closure of 12 DOS in Canada and the total exit from brick-and-mortar retail in the U.S., focusing the business on online, wholesale, and key account partnership, both for brick-and-mortar and online. Rest of the world is flat or +7% at constant exchange rate, thanks to a good performance of Eastern Europe, +7%, driven by Russia, +48%. Also, China is doing well, +54%. Again, the chart down on the right, you can see that in H1, Italy and North America will be slightly negative, eventually close to be flat. Europe up low double-digit and the rest of the world up double-digit. On page eight, net sales by product. Just to say that ready-to-wear is more impacted by the pandemic, with the ready-to-wear specialist really prudent in buying new product, especially in spring/summer. We have to wait the second half in order to see an improvement also in ready-to-wear. Let me now give the line to Giulio Salvucci for some insights regarding our online. Thank you, Livio. Good evening, everybody. Today, I would like to share with you some insights from the web business. Let's start from the actual results. We are at page nine. As anticipated at the beginning, the first quarter recorded a plus 85% in revenues, which is, of course, a very good result. When it comes to the share between online and offline sales in retail, online accounted for 33% compared to 13% last year. That's really an interesting result. Some insight of the categories, the kids is growing significantly, and for us, also represent a driver to acquire new clients, which is, of course, our goal to convert also in the adults product afterwards. The second quarter, we focus a lot in order to reduce promotions, and at the end of the day, increasing the average ticket and also the marginality. You can go at slide number 10. Here, you can see that we, over the last few quarters, we have been able to, of course, increase the traffic on the website, but also increase the conversion rate together. That's really well. Most of the time, those two metrics goes the opposite direction. In the next few slide, I would like to explain you some reason why we have been able to achieve these combined results. At slide number 11, you can see that in Q4 2020, we made a major release on the website. It was in October 2020. This major release was affecting two main areas. The first one is the checkout process. Here you can see in the red line what we call the cart abandonment rate. Basically, the number of clients that start the purchase process, but they finally do not complete the order. We've been able to reduce this rate by 800 basis points. I would say that we also been able to increase the conversion rate and maximize the revenues, optimizing the checkout process. In the next one, slide number 12, you can see the same major release also, again, in October 2020, was also about improving the experience on the mobile navigation. The mobile is, of course, the first source of traffic. The interesting thing is immediately after we released this new layout, also the sales coming from mobile exceeded the desktop version. Starting from December 2020, not only we recorded some record month in sales overall, but mobile started to be the first source also for revenues. Lastly, at slide number 13, again, about the optimization of the business, we always try to improve the data analytics part of our job, and we try to make decision on data-driven. There's an interesting partnership. It's a pilot we made with Google. We've been selected among many, many partner and brands in order to pilot for the first time worldwide, integrating data coming from the social platform into our advertising platform. The result is an optimization of the web marketing campaign, allowed us to achieve a return on advertising spend of 6% and also a time saving in campaign management of 30%. That's all from my side, and I will leave you to continue. Thank you. Thanks, Giulio. Just to add some flavors to the performance of online, also to reconfirm that the digital and online are fundamental pillars of our strategy, we are starting to see the results of the investment in people and technology we did and continues to do. I'm really proud of my team that is able to deal with the champions in this industry like Salesforce, Webranking, Google, as peers. All the results derives also from these skills we have been able to keep inside our company. Please go to chart 14, the working capital and net financial position evolutions. Net operating working capital landed at EUR 183 million from EUR 208 million in Q1 2020, thanks mainly to a strict management of receivable, -EUR 36 million. We have seen last year, really an improvement in cash collection in the second half, and also the first quarter of this year is not bad. Also, inventories are under control, thanks to the action taken on a careful buying for fall/winter 2020 and spring/summer 2021. For a total amount of EUR 100 million lower buying than the previous couple of seasons. However, the lockdown is penalizing our net financial position, but it's a seasonal peak in April at EUR 125 million. As another effect, the second and the third wave of lockdowns shifted the expected improvement in cash generation to the second half this year. In any case, that is under control. There is no issue regarding liquidity. We have plenty of credit line committed and not used. Please go to slide 15. Geox is honored to have received two additional rewards regarding sustainability. Geox has been included by la Repubblica and Affari & Finanza among the best 200 companies in Italy in terms of sustainability commitment. According to a survey made by a German institute based on I would say a pure social listening. I mean a deep analysis of positive and negative posts, comments, engagements, and activation made by people on the web linked to our brand. Geox position is second in Italy in consumer goods after Nike. There is another survey, Il Sole 24 Ore and Statista, included Geox in the list of 150 companies considered sustainability leaders after an in-depth analysis on 1,500 Italian companies based on 35 KPIs disclosed in the non-financial statement. This is a little bit more, I would say, technical. We are really proud that people are starting to consider the approach of Geox to sustainability. We aim to be, first of all, a sustainable company and a sustainable brand. As you know, we would like also to have a sustainable product, but it is necessary to create a movement, and this is the reason why we joined the Fashion Pact, in order to be able to change also the entire supply chain. Please go now to page 16 for the outlook. The summary, considering all what we have said, is that the strong improvement in performance from mid-March is due to the easy comparison base, the fact that the like-for-like is positive at week 18. Also, sale is positive, plus 9% starting from April. The initial order collection of fall-winter 2021 has been positive, mid-single digit. Assuming that the U.S. network reopenings will be completed by the end of May, and no more stores lock down in second half 2021, we may assume that H1 sales will grow high single-digit, and full year 2021 sales will grow mid-low to mid double-digit. In addition, we may forecast an increase in gross margin due to our approach to reduce the promotion in the region of 250, 300 basis points. We reiterate our strong commitment to keep expenses under strict control and to complete the rationalization of the geographical footprint within this year. Last but not least, Geox transformation journey is well on track. On the next page, there is a summary at a glance that we will comment deeply for the first half results, including also the profit and loss. What I can say today is that in the future, it won't be the same company. We are really working to change the brand perception, the relevance for our customers, our merchandising approach in order to have a merchandising boost on profitability, also supported by Boston Consulting. Then we are changing, as you know, the business model toward perfect integration between digital and brick-and-mortar in order to get really an omni-channel approach. We are also starting, supported by Accenture, to what we call Wholesale 2.0. I mean the new wholesale ecosystem in order to transfer our skills on the digital, also to wholesale, in order to foster productivity, to reduce the cost to serve, and also to be a front company also in changing wholesale rules and the way to do business. We are now ready to open the Q&A section and take your question. Excuse me, this is the 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 touch tone telephone. To remove yourself from the question queue, please press the star and two. We kindly ask you to use handsets when asking questions. Anyone who has a question may press star and one at this time. As a reminder, if you wish to register for a question, please press star and one on your telephone. The first question is from Marco Baccaglio with Kepler. Please go ahead. Yes, good afternoon. Two questions to start. The first one is including the 63 net closures that you expect to perform for the rest of the year, what will be more or less your assumed guidance, the negative impact from these closure of shops? The second question is a more general one. Reading your guidance, you will be somewhere between EUR 600 million and EUR 650 million sales in 2021. Quite far from the EUR 800 million that you had in 2019 when you were, on an adjusted basis, at break-even point in terms of EBIT. I understand that your online business is much more profitable than the other channels. If we have to take a picture of your company back to EUR 800 million, what would be potentially the profitability that Geox could deliver? If you can share, maybe not the number, but a few considerations about how to build that kind of scenario. Thank you, Marco, for these two questions. First of all, the perimeter effect on our DOS and franchising network. You are right, we expect 63 additional closures, out of which 17 franchising and DOS. As far as the perimeter in DOS is concerned, we are assuming today that the new openings and the conversion, because 31 is net of these two actions, will be, in any case, able to balance the negative perimeter effect. In my opinion, DOS will be able to deliver a good performance at the year-end without being materially affected by these additional closures. On the other side, we will experience the reduction in franchising. It is EUR 2.4 million in the first quarter, and it is expected to be in the region of EUR 5 million-EUR 7 million at year-end. The second question. You are right. Today, we think that we'll be able to hit the consensus regarding the top line. As I said, we are really hard-working in order to not to be the same company in 2023. With the less revenues, the profitability should be better. Our plan is to do our best this year because it is a little bit difficult to fix a clear indication in terms of profitability, but for sure, to be at breakeven next year as operating results without the same EUR 800 million level of turnover experienced in 2019. In 2023, we should start again a story of growth and profitability. For sure, the level with a positive EBITDA, it's difficult to say today because, but I would say need to high single digit EBITDA in 2023. For sure, the commitment is to do better in case all our projects regarding brand revamping, regarding the increase of the relevance for our final customers. Also the merchandising boost, I mean, the new project under the support of Boston Consulting will start to drive results, and maybe we can do better. For sure, what we are really far into the process is the reorganization process. I want to disclose some additional information. We started the real reorganization in Canada, and we have been able to exit from the process. Now Canada, this year, 2021, is at breakeven for sure because all the remaining 20 doors are either with a really important discount or on a variable basis regarding the rent. In addition, the state is really giving support to the company. In U.S., we exited from brick and mortar retail, we've been able to really cut the losses. Within June, also U.S. will exit from the restructuring process. In Europe, we have been really successful in doing an out-of-court restructuring process in U.K. We closed three stores with no penalties, now there are four stores open, out of which a couple under only variable rent on turnover and the other two with a 50% discount. Now Germany is under the same process with a really tough negotiation with the landlords. Going to Asia Pacific, we decided to change the business model in Japan. We are going to liquidate the subsidiary and to have a distributor in Japan that is placing the orders for winter 2021 and spring/summer 2022. In Japan, we will substitute the loss with a profit. The two countries where we are investing, and we are going really fast, is China, but China, for us, unfortunately, is really a small country. Eastern Europe is giving really good results. In Russia, the like-for-like, we decided to invest in Moscow and St. Petersburg, and the like-for-like is really brilliant also in this period. What I want to underline is that in any case, the improvement of profitability must come from the core market, especially Italy, France, Spain, and Germany. It is clear that our project for 2021 is focused on the core, investing in the core markets, especially in advertising, to have immediately volumes that will improve the profitability. Then starting from 2022, bigger and better. Both on these core markets, but also having the first sign of additional improvement in China and in Eastern Europe. Thank you. When you talk about EBITDA, you obviously are referring to the pre IFRS 16 margin, right? Yes. Sorry, unfortunately. Because- We are saying that when we achieve to disclose the EBITDA before. Yes, for sure. The next question is from Francesco Brilli with Intermonte. Please go ahead. Good evening. Congratulations for the development of results. Thanks for taking my questions. The first one is on the online channel. If you can share with us some additional granularity on the KPIs of the online channel. In particular, can we have a sense of the average order value that you are experiencing in the online channel? Do you think that the conversion rate has reached, well, what is the goal for the mid period in conversion rate for the online channel? The second one is that on the working capital and the evolution of the net financial position. What we should expect for the coming quarters, in terms of evolution absorption, in particular for the inventories for the next couple of quarters? The net financial position, if you can share with us the landing point that you're expecting for the full year of the net financial position compared to full year 2020. Thank you. Okay. Francesco, I'm lucky today. There is Giulio, for e-commerce, I can rest a little bit. Yeah, of course. When it comes to e-com, about the average order value, we are very close to EUR 100. That's the average ticket we recorded in Q1. The conversion rate is slightly below 2%. In terms of opportunity of still increase the conversion rate, I really believe in the future we'll be able to keep increasing, especially for the main project that even Livio mentioned about, for example, the merchandising optimization. We are working in order to have a much higher availability of products. That's crucial for us. Of course, everything related to the optimization of the interface, which is for us a continuing project. We are trying to keep building on the website. In terms of additional KPI, I can even mention the return rate, which is about 20% and is absolutely stable. I would say slightly better than last year. The combination of increasing traffic, increasing conversion rate, and keeping stable the return rate, it's the good way for us. As far as the working capital and net financial position are concerned, before this third wave of lockdowns, I would have said that our goal was to reduce the debt compared to December last year, where we hit the EUR 100 million that we disclosed in July and November. Today, our goal, due to this, as a matter of fact, lockdown that is impacting the cash generation in January, February, March, and April, our target is to be in the region of EUR 100 million-EUR 120 million, just to be prudent, but we will do all our best as we have been able to deliver last year to improve this guidance. Thank you. Maybe, if I may, a follow-up question on the online channel. If you can share with us some additional color on the difference in profitability between the two channels. For sure. You are right. At this stage, web online is more profitable than our DOS chain because there is really a volume effect and economy of scale. For sure, e-com has the most of the cost variables. It is a little bit more promotional. The profitability is really important. We want to improve the profitability of the e-com. The target of Giulio and also of our supply chain is to be able to be more efficient, especially in the supply chain and the fulfillment of this channel. We say one channel. The reality is that maybe we should talk about four different channels. Giulio, if you want to elaborate a little bit on this? Today, we just mentioned the direct sales coming through web. Of course, we have a lot of wholesale partner. That's the first one. We consider the first channel, web. The second, we have some partnership with our stronger than others, basically they are wholesalers, but we manage some part of the value chain, like content, like merchandising, so on and so forth. We recently also launched the so-called marketplace project, which is the e-concession business model, and the preliminary results are really satisfactory for us. The roadmap is to launch many new platforms during this year and even 2022. Okay. What about DOS? For sure, in any case, brick-and-mortar should deliver better profitability. The main reason why I believe that we should be able to deliver better profitability is the fact that we are to increase the percentage of sell-through during the full price season. This is really important, and this can only come from a different merchandise approach, what I call merchandise and from a different relevance of our brand and of our products in front of our final customers. The two strategic, in my opinion, main projects are the strategic and marketing approach with the customer-centric strategy we have now, starting from nine months ago. Spherica is really a clear example. We created this project planning the success, and we have been successful because there is really a sync of all the functioning companies to be ready when it was needed. We have seen the first new way to communicate the value of the brand, after starting from April last year, really deep surveys regarding our final customers, what it is important for our target personas, which are our target personas, and the other customers closer to this in order to be able to increase the range of customers. We have really fine-tuned the values of the brand. We're being able to build the new brand narrative, and now also to create a really important media reach because, as you have seen, we've been in TV, in television with Spherica, but also on the social, but also with really many advertorials. Consequently, today, we have seen for the first time since many quarters, the fact that people, notwithstanding the lockdown, is going to our stores and is asking for the product, and it is really an easy-to-sell product. To give an example, today, we are at 62% of sell-through completely full price, notwithstanding the fact that France is still closed and Germany is still closed. Maybe we did some mistakes in terms also of buying, but we invested 200,000 pairs, wholesale and retail and web, on this project, and it is really a pleasure to see that we've been too much prudent, having seen the result after the windows. When we decided to create the windows, the sales improved four times, and after the TV campaign, 10 times. It is really a different way to manage the business. For sure, it would be important to invest much more to have really a stamping of the brand. This is not the time. Maybe next year. It is now important to rationalize the business in order to free up resources for the CapEx, and also regarding the business model transition, and also later to invest in marketing. Thank you. Once again, if you wish to register for a question, please press star and one on your telephone. A final reminder at this time. If you wish to join the question queue, please press star and one. Gentlemen, there are no more questions registered at this time. Okay. Thank you very much for your time. Feel free to contact Simone or myself for any doubt you might have, for any clarification or additional information. Keep in touch, and see you in July for the first half. Thank you very much. Bye. Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your telephones.