Welcome, everybody. The start of 2023 results show growth primarily driven by sell-in wholesale or the portfolio related to the Spring/Summer collection. The good performance was partially offset by a slowdown observed in May, which was affected by bad and unusual weather conditions that negatively impacted sales in our stores and could mean seasonal reorders by wholesaling in our key markets. Comparable sales from our network, digital or DOS, increased both compared to 2022 and 2019, thanks to the strong rebound in June and [the again performance] on the right time in the second quarter. This growth, however, did not fully compensate the effect resulting from the rationalization of the network carried out in the last 12 months and now nearing completion. July is on track, with a strong performance in all markets during the sales period, showing 8% growth compared to 2022, and 13% compared to 2021, along with a significant reduction in discounts. The supply chain is now gaining reliability with excellent market service levels and a significant reduction in transportation costs. These factors together led to sales growth by approximately 4%, a significant improvement in the industrial gross margin, and EBIT margin return to a positive operating result. We observe our first half 2023 with good results, influenced by a certain international geopolitical and macroeconomic situation. The results achieved at Europe in uncertain and volatile context, give even more value to the path that we have taken by allowing us to look forward to the medium and long-term prospects of our brand. Thank you. Let me hand over the conference to the CEO, Mr. Livio Libralesso. Thank you. Good morning and good afternoon. Thank you for joining us today to discuss the first half of 2023 results, current trading, and some trends expected for full year 2022. Let's start with slide number three, with the executive summary. Net sales were at EUR 345 million, up 4% on June 2021, driven by wholesale. Gross margin was above guidance of 51%, with an increase of 300 basis points, primarily driven by the reduction in discounts and from higher than expected efficiency in the supply chain. Operating return was positive at EUR 3.6 million. It was negative at -EUR 11 million in June 2022. Net working capital amounts to EUR 113 million, or to a financially sound 15% on last quarter of net sales, EUR 94 million at June 2022. The adjusted net financial position before lease liabilities was -EUR 89.5 million. In December last year, it was -EUR 50. Current trading is positive. Like-for-like, year to date, week 29 is up 3.6%, both in 2022 and 2019, delivering also a relevant improvement in lockdowns, in the region of 160 basis points. For Winter 2023, wholesale deliveries are in progress with the excellent level of service already experienced in Spring/Summer. Supply chain also is well on track in terms of Spring/Summer 2024 production schedule and on the reduction of freight and transportation costs and lead time. In the next page, there is the status of the optimization of a brick-and-mortar retail network. During the last 12 months, we closed approximately 60 stores, affecting sales by EUR 6.9 million, however, with no impact on profitability. Today, the network is composed by 678 stores, out of which 277 are dealers. This optimization will be almost completed within 2023, with the remaining 25 net closure. Just go to chart number five to comment top line. Total sales arrived at EUR 363.6 million, recording a growth of EUR 13 million or 4%. New growth is totally due to brick-and-mortar, while digital sales, including our direct e-commerce and the other web players, is flat. This trend in digital is absolutely aligned with market trend and reflects the stabilization of volumes after two years of overperformance due to the severe lockdown in brick-and-mortar. Total digital sales, however, represent 26% in total turnover, in line with best practices in our industry. Please go to page nine to comment top line split by channel. The general context is that our industry experienced a good trend until April, May, having a real task due to the heavy, unusual weather conditions. The key message is that our direct sales was good in April, +9%, then negative in May, -8%. Shops experienced a fast rebound in June, +6%, and an acceleration in July, targeting a double-digit growth for this month. Due to the fact that in core countries, sales period has been shifted at least over 1 week, consequently, July will be stronger. We're up 10% despite an initial backlog that was up 17%. The way down the performance is due to a material decrease in in-season reorders, both full price and promo, influenced mainly by the weather condition, mean EUR 15 million less than last year. The franchising channel was almost stable at EUR 28 million versus EUR 29. Like-for-like is positive, low single digit. This like-for-like has not been able to compensate the perimeter effect and a different timing in deliveries regarding Fall/Winter 2022 in January. The U.S. channel overall is likely negative, minus 2%. This is due to three drivers. Like-for-like in brick-and-mortar delivered a mid-single digit positive growth, partially offset the negative perimeter due to the 16 month closure down in the last 12 months. Online is down 3.5%. The good news is that the second quarter rebounded and is up high single digit, offsetting the low double-digit performance delivered in Q1. On page seven, there is a very quick overview in net sales by region. Italy was up 6.6%, supported by a double-digit growth on wholesale. Franchising is negative, and the DOS positive like-for-like, fully compensated the perimeter. Europe is down mid-single digit, suffering lower orders from the big online players like Amazon and Zalando, and also our website suffered jointly with our brick-and-mortar, especially in Germany, Switzerland, and Poland, the part closer to the war in Ukraine. North America was flat, thanks to the wholesale and the digital that are growing in double digit and fully compensated the optimization of brick-and-mortar in Canada. Rest of the world is positive, 20% in total, and it is a combination of performances, very positive and different by geography. Asia Pacific, finally, fully recovered and delivered a growth of 50%. Middle East and North Africa, a growth of 36%, and Eastern Europe countries continued to be positive, +15%. On page 8, there is the sales of the net sales by product. just to say that the growth is driven by retail, by footwear, that grew 5.4%, while ready-to-wear is still down 11%, impacted by the shortage of product, product during the same period in January and February, due to the fire event occurred in September last year. Please go to page 9 for the profit and loss. Sales were at EUR 354 million, as already commented, with an increase of EUR 13 million. The margin was EUR 180 million, or 51% on sales, which is over expectation, with an increase of 370 basis points. 110 basis point are due to the lower markdowns in U.S. channel, 260 basis point due to the supply chain efficiencies, especially on transportation costs. The total operating costs were EUR 976 million, or 60% on sale. It is 60 basis point, slightly better than June last year. It is a combination of 100 basis point of lower incidents, partially reinvested in 40 basis point of higher advertising promotion. It is now at EUR 17 million, reaching 4.9% on sales. EBITDA is back to positive at EUR 3.6 million versus -EUR 11 million last year. EBITDA reported is at EUR 40 million versus EUR 25 million last year. EBITDA before, IFRS 16, is EUR 14 million, it was slightly negative in June of last year. Finally, I would like to draw your attention to net financial expenses that increased by EUR 8.9 million. As a result of higher cost of debt, which due to the increased rate, coupled with higher level of leverage in debt instruments. This amount is EUR 2.5 million. There is a negative exchange rate differences on ruble, which is no longer eligible for hedging activities since the outbreak of the Ukraine invasion. This amount up to EUR 5.9 million. Our subsidiary in Russia buy the products in euro, and consequently, it is suffering from the devaluation of ruble. As a mitigation, we have increased the prices in Russia, this is also an explanation of the higher margin that we delivered at June. Now for the second half, we have again increased the, the prices using an exchange rate of RUB 100, so we believe to be able to manage Russia also in the second half. Please go to chart 10 to comment the balance sheet. The invested capital is EUR 431 million, with an increase of EUR 40 million. This increase is totally linked to the increase in net working capital, that is EUR 113 million. Net debt is EUR 89 million, excluding these liabilities. Please go to chart 11 to comment the working capital and net financial position evolution. Bank net debt as of June 2023 amounted to EUR 100 million, with an increase of EUR 25 million in comparison with end of December 2022. The positive fair value of derivatives amounted to EUR 11 million. Consequently, the negative net financial position before IFRS 16 equals to EUR 89.5 million. The cash absorption is totally driven by the expected and announced net working capital dynamics. It is finally back to a healthy 15% of last 12 month sales, in line with best benchmarks in the market. Please go now to page 16 for the cash flow statement. Sorry, page 12. We can look directly to the last two columns on the right, stated before IFRS 16. You can see that the cash flow from economic activity is EUR 5 million. Net working capital absorbs EUR 35 million. This effect is partially mitigated by the control over other current assets and liabilities. At the end, cash flow from operation is negative EUR 15 million. CapEx are EUR 8 million. Consequently, free cash flow is negative EUR 23 million. We believe that the level of bank debt, I mean, EUR 100 million, will be maintained, hopefully improved also at year-end, with no additional cash absorption. Please go now to page 13. As another effect, we confirm the guidance regarding the full year sales, up 4%-6% in this bracket. We are a little bit improving, increasing the gross margin guidance, 220, 240, that is point for the full year. We maintain another 30, another 50, the response of improvement for the second half. There is a room to be a little bit better in case we will be able to maintain this level of reduction of the costs. We are quite satisfied in July with the trend in the sales period. The first three weeks are single digit. This week is delivering double digit, we are targeting to deliver for July an increase double digit in our like-for-like. For Winter 2023 deliveries are fully in progress, we are not expecting additional cancellation or material cancellation. In September, we unveiled a strong marketing project, we believe that in the second half, DOS, reorders, and digital performances may be better than what we experienced in the first half of this year. Hopefully, growth in top line full year, 4%-6%, and a good gross margin improvement. We are now ready to open the Q&A section and take your questions. Excuse me, this is the call of call conference operator. We will now begin the question and answer session. Anyone who wishes to ask a question, please may press star then one on their touchtone telephone. To remove yourself from the question queue, please press star then two. We kindly ask to use handsets when asking questions. Anyone who has a question, may press star then one at this time. Please hold while we collect questions. The first question comes from Oriana Cardani with Intesa Sanpaolo. Please go ahead. Y es, good evening, thank you for taking my two questions. The first one is on pricing. Are you planning some adjustments of pricing also for the Spring/Summer 2024 collection following the pricing increase that you made this year? The second question is on the current trading. Can you give us some more color on what's happening in each region? Thank you. Thank you for your question. As we know, we have increased prices in Spring/Summer 2022, and also in Spring/Summer 2023. Spring/Summer 2024, the target is to be more or less in line with the pricing and deliverable in Spring/Summer 2023. There's another effect we are seeing that during the sales period, our sales are up double-digit. Our outlet network is really flying this year, double-digit growth. It seems that all in all, people are really considering to be prudent in buying the full price. However, as you have seen, we will be able to deliver a growth also during the full price period. Given the current macroeconomic scenario, and given the fact that we will be able to deliver a really important improvement in gross margin, we prefer to maintain prices stable in 2024. Current trading regarding the sales period. Italy, France, and those other countries decided to shift the sales period at least for 1 week. This partially penalized June. In June, we were able to grow 36% like-for-like. July is doing better. Today, we have said in the region of 8-9% like-for-like, but this week is double digit. France is doing very well. Italy started very well. We are a little bit suffering in German-speaking countries like Germany and Austria and Switzerland and Poland, because maybe in this country the recession is a little bit tougher than what we are experiencing in the other European countries. Asia Pacific, we are flying 50% up, Middle East 36% up, from Europe in general at 15%. Also U.S. is doing very good. Unfortunately, our presence in these countries are not so important to materially influence the total performance of the group. Okay. Thank you very much. Thank you. The next question comes with Francesco Brilli with Intermonte. Please go ahead. Yes, good evening, Livio. Thanks for taking my question. A couple of questions from my side. The first one is on, just if you can provide us with, a little more color on the phasing of the next couple of quarters and 3Q and 4Q, and fourth quarter. I imagine the lower markdowns, in second quarter will reverse in the, in the third quarter. Is it correct? C an we will see with the, full Winter, a rebound, in margins in the fourth quarter of the year? Is this something that, makes sense, this reasoning? T he second one is on the net financial position. If I understood correctly, you're targeting almost the same level of first half, so around EUR 100 million for the full year 2023. On the guidance on margin in the second half, I see that in my calculation, it would mean in the second half an increase of 140-150 basis points would be more, more skewed for a full year gross margin increase in the region of 230-240 basis points. I n the upper part of the guidance, is something that makes sense for it? Thank you. Starting from this last question. Second quarter weight is higher than first quarter. Let's say another 30, another 50 is our expectation, and this will drive, given the fact that it takes more than the first half to the guidance that I announced. Frankly speaking, there are room for improvement. This is totally due to the factor from structural margin, because we are really experiencing a reduction in transportation costs, and also the fact that the U.S. dollar a little bit increased its value is also giving a room for improvement. However, the fact that transportation costs are really falling, means that there are really a low level of orders from Europe to Asia. This is a good news from one side regarding transportation costs. It is also a bad news because it means, it seems that industrial, the manufacturers and other industry are a little bit suffering and are ordering really low level of products from Asia. Our industry is a little bit mixed. I mean, our supplier, our vendor in Asia, are telling us that some brands are really reducing the orders, while we have increased. This is the reason why we are today, really an excellent level of service with more than 95%- 96% fulfillment level. That level will be the details. Gross margin is in the proper direction, also in second half. We are keeping under control the discounts. I believe that we will be able to deliver the same level of reduction as in the first half. We are around 60% at this point. In In my opinion, gross margin is really under control, and we can deliver this kind of growth. We will experience a good opinion in the third quarter, like we did in the first quarter, because the early deliveries in comparison with the last year, will really be material. Then, we will see the fourth quarter. You might remember that Q4 last year, has been really increased by the restarting of early deliveries of the Spring/Summer. After two years, three years, we delivered EUR 17 million. This first, sorry, fourth quarter, this year, we will deliver more or less exactly the same amount. As far as early delivery for Spring/Summer, the growth will be zero. Consequently, not considering the fact that the power for Winter 2023 order back in is up low double-digit, there is an important issue of a really strong comparison base, and past comparison base, and the reason why currently we are seeing to grow in the second half, exactly at the same pace of the first half. There is we know in the 20th of September, the unveiling of our marketing project, crossing the finger without really a bad weather condition in the second half. This, for us, is important to assume, to deliver for our device and digital channel, maybe a better performance than what we did in the first half. As a matter of fact, only maybe has been negative, -8%, all the other months have been positive in terms of like-for-like. In some months also, double digit, generally double digit during the sales period. April, 8%-9%. July is, we are targeting double digit. Let's assume for the time being that we will be able to deliver also, 4%-6% in the second half. Today, maybe we are in the low part of the bracket due to this tougher, first half and also but there is room to work to deliver in the second half. Thank you. On the net financial position? Net financial position, EUR 100 million. You know, we have paid in the first half, EUR 60 million more than last year from our Far East vendors. This is not linkable to EUR 60 million of additional product. This is really linked to the fact that for Winter 2022 was in delay, EUR 18 million paid in the first half. Spring/Summer 2023, really, we have been really able to anticipate and consequently we received the order from our suppliers, and we are going to pre-paid EUR 50 million more in the first six months. Now the level of net working capital in last month is at 15%, and we assume to be at 15%- 16% also at the end, consequently, more material, additional cash absorption. The good news is that next year in the first half, we will pay EUR 50 million less, because now the comparison base is absolutely firm, consequently, assuming that we will deliver a free cash flow, which will be higher than the CapEx. Let's say that 2023 is the peak of the debt, starting from 2024, we will decrease the debt. Thank you. Ladies and gentlemen, once again, if you wish to ask a question, please press five then one on your telephone. Gentlemen, there are no more questions registered at this time. Thank you for joining. This conference is now over. Thank you very much, and feel free to contact me or, Luca Amadini, that is the new Investor Relations Manager that joined the company one and a half months ago, and consequently, he is fully on board, and we will deliver a total level of Investor Relations in the next time. Thank you very much. Bye. Thank you for attending today's presentation. You may now disconnect.