Good afternoon. This is the Chorus Call Conference Operator. Welcome, and thank you for joining the Tod's presentation of nine months 2023 consolidated sales results conference call. As a reminder, all participants are in listen only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Emilio Macellari, CFO of Tod's. Please, go ahead. Hi, good evening to everybody. As usual, before commenting into results, I remind you that analyzing quarterly figures is not fully meaningful due to the discrepancies in the flow of industrial revenues on a monthly basis. In the first nine months of 2023, the consolidated turnover of the Tod's Group amounts to EUR 828.4 million, up 14.3% from nine months, 2022. The impact of currencies was negative by approximately EUR 161 million. At constant exchange rates, I mean using the same average exchange rate as of the first nine months of 2022, including the effects of hedging, the group's revenues would amount to EUR 844.3 million, up 16.5% compared to nine months, 2022. All group brands registered a solid double-digit revenue growth in the first nine months of 2023. The individual trend of each brand obviously reflects the geographical and channel sales mix. The Tod's brand confirmed its strong momentum in all product categories. Also, the Roger Vivier brand registered strong results worldwide. The trend of Hogan and Fay reflects the different timing of wholesale deliveries, with great volatility across the quarters. Both of them are mainly distributed in Italy and Europe. All product categories posted solid double-digit growth, and we are also happy with the results registered by the iconic families of each brand. We are happy to see a solid growth across all the group's core markets. The domestic and European markets confirmed the resiliency of sales in terms of both local consumption and purchase by tourists, especially from American, intra-European, and Middle Eastern clients. The American market registered a positive third quarter, despite the shift abroad of a large part of the purchases of the American cluster. The Chinese market registered a slowdown in the third quarter, as already commented also by other peers, with a lot of volatility in Mainland China, while Hong Kong and Macau remained very strong. The rest of the world area remained very strong, even after the normalization of the growth rate, due to the more demanding comparison basis of 2022. Japan performed particularly well. Both distribution channels reported solid double-digit sales growth. The retail channel, which represents approximately 73% of the group's turnover, registered some weakness in the third quarter, mainly due to Mainland China, but confirmed a double-digit growth in the first nine months. Also, the e-commerce channel was positive in the nine-month period, consolidating the results of the important investments made by the group in the digital world. As of September, the end 2023, the group's distribution network consisted of 344 DOS and 94 franchise stores, compared to 327 DOS and 85 franchise stores as of September, the end of 2022. Also, revenues of the wholesale channel grew double digits in the nine-month period. As repeatedly reminded, it is not significant to analyze the trend of the individual quarters of this channel, which is hugely influenced by the possible different timing of shipments in the various years. As far as my introductory presentation, that's it. So now I leave the room for your questions, if any. Excuse me. This is the Chorus 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 touch tone telephone. To remove yourself from the question queue, please press star and two. Please pick up the receiver when asking questions. Anyone who has a question may press star and one at this time. The first question is from Andrea Randone of Intermonte. Please go ahead. Thank you, and good evening. My first question is about the current trading. I mean, we are reading a lot of comments in the sector, and not only in the sector, about softer trends, and so if I wonder if you can provide us with a comment, especially about Italy and Europe, and this is probably the most important question. The second one is about space contribution. I know that you don't comment on a quarterly basis, but if you can give us an idea of the trend you expect in the second half of this year, and also if you can comment a reasonable assumption for 2024. Okay, that's it. Thank you. You are welcome. Let's start with the question on the current trading. You were asking in particular performances or trends in Italy and Europe. In these parts of the world, let's say that the demand is still good enough with some slowdown in the purchases of the, say, of the residents in the month of July and August. Then we saw some, so to speak, normalization of the growth rate that is for sure a bit lower than previously. However, as far as our group, Italy is still positive in the period, and also Europe is continuing to grow double-digit. If we look at what's happening in the other regions of the world, we see how in China, as many other players already commented, there is a slowdown in consumptions that started at the beginning of the third quarter and that is still going on. However, it remains positive, as I commented when I gave you the figures of the nine months. We are still growing double digit. In the nine months, China grew by 25%, and we are also positive if compared to 2021. The nine months two-year stack from 2023 to 2021 is 18%. Obviously, this 18% came from a much, much stronger first half of the year, but the comparison base with 2022 was particularly favorable, and with a lower level of growth in the second part of the year, I mean, starting from Q2 and Q3. In particular, again, if we consider the two years from 2023, comparison between 2023 and 2021, let's say that even the third quarter of the year is positive in the region of, let's say, low- to mid-single digits. So basically, China is still continuing to grow, and the comparison base was, let's say, particularly tough in the second half, as already anticipated. But from now on, we have a slightly better base of comparison, and so, the performance should remain as good as that from here to the year end. In Europe, as I said already, we are continuing to grow double-digit. In the U.S., we are flattish as a performance of the local market, despite, this flattish performance has also been impacted by the closure of a couple of stores and the, let's say, temporary location of the most important store we have in the U.S., I mean, the New York store, for both Tod's and Roger Vivier brands. So basically, with, let's say, not at full speed kind of store, for, six months, of the, of the year, we had a decent performance, that we consider absolutely positive. Then, if we add on top of what the U.S. market gave as a result, itself, also the purchases of the American cluster abroad, the situation with the American market is, let me say, more than encouraging. Particularly strong continues to be the performance of, the area that we call rest of the world, with a particular, a particular, particularly brilliant, performance of the Japanese, market. I n this part of the world, the weakest market we have, we still have, is South Korea, the exception of few, very, vital brands that are still having a good performances. I am referring to brands not belonging to our group. Then, you asked about the space contribution. Obviously, there is also some contribution coming from new selling surface, due to the fact that the company continues to expand its retail network. In 2023, we opened a net number as of the end of October; we opened additional 11 DOS, that out of the number of 300-something means a sort of 3%. And if this number represents 3% as number of stores, in terms of selling surface, it is less than 3%, because the stores we are currently opening are smaller as a dimension if compared to the overall average. Because we already have in the network the flagships all over the world, the biggest stores, and so the ones we are opening now are so to speak less important and smaller than the previous ones. This explains why 3% as a number of stores doesn't is not the same than 3% of selling surface. It can be, let's say, between 1%-2% of selling surface. So there is for sure a contribution, but this is not the main contribution to the growth. The main contribution to the growth is a very good performance in terms of say improvement of the performances of organic growth. So the store productivity and the ability of the existing stores of generating a higher level of sales. Also contributes to this result, the more than proportional growth of the product category of leather goods, that is a product category with a higher ticket, that is able to generate a higher turnover, and to improve the performance at the store level. Yeah, this is basically my answer. Thank you very much, Mr. Macellari. Just a quick follow-up, if you can spare a comment on current consensus? Thank you. Yeah. Okay. I let you ask the question because you just are anticipating the same questions coming from one of your colleagues. So basically, answering to you, I am going to answer later on. As of today, consensus, that didn't change significantly after we released the six months, the half year results. To be sure that we are on the same page, I, from now on, I will refer to, the consensus I have in mind, that is, top line of EUR 1.138 billion of sales, meaning 13% growth, compared to the EUR 1 billion rounded figure of 2022, with, an EBIT of, EUR 93 million, meaning an 8.2% margin, to be compared with the 5.8%, the, of 2022. Obviously, this consensus that has been generated, with, let's say, under the eyes, the figures of the first half of the year, seen today, could be considered a bit, challenging, not impossible for sure. To be honest, this figure exactly represents the midpoint between our best case and our worst case scenario as far as 2023 is concerned. So basically, what I'm saying is that, I consider this figure achievable. Obviously, to be achieved, the situation doesn't have to deteriorate from now on, and, hopefully can have some benefit, given by the base of comparison. So, it can be done, it can also be better than that, but it really depends on the performances of the last quarter of the year. The last quarter of the year is important because there is the Christmas seasons, and, this can really make the difference. So, making the long story short, I should say that, the consensus can be done, even if I should say that, considering the current situation, the slowdown in China, some difficulties, all around the world, even due to the situation of the Middle East, tension and fears, this can be, somehow, a bit challenging. This challenge is even a bit higher if we speak about EBIT, because on top of the lower contribution in case of lower sales, and so, a lower level of operating leverage, we have also considered those activities that we always have been mentioning this year, aimed at increasing and improving the quality and the quantity of the communication we are going to perform, that is more concentrated in the fourth quarter of the year. So, can be done with some challenge in terms of profitability, more than in terms of turnover, obviously, provided that the situation will not further deteriorate. Again, thank you very much. You're welcome. The next question is from Charles Scotti of Kepler Cheuvreux. Please go ahead. Yes, good evening. A couple of questions from my side. Follow questions on the A&P spendings. As the demand is slowing down, I'm just curious to know if you are tempted to actually step up further your A&P spendings, in order to, you know, boost your share voice, or if on the contrary, you are planning at some point to, you know, adjust a little bit your A&P budget into Q4, considering the client base might be a little bit less responsive, currently. Second question, more on channel trading. Some of your peers pointed out continued weakness with European locals, during the first weeks of October. I'm curious to hear what you are seeing in your staff in October and very early November. What is the level of business you are doing with tourists currently? And my third question is on the designer. We saw that your former designer joined another brand recently. Any news to disclose on this front from your side, and when should we expect you to announce the new designer? Sorry. Thank you. You're welcome. Let's start from A&P. A&P, or communication, as we call it, is something that we considered and anticipated to the market that we were considering to increase compared to the previous to the previous year, because we really want to take care of this company and to to drive this company into its future, and not just to how can I say provide the market with decent or better results into a quarter or also into a full year set of results. So basically, what I'm saying is that it is for sure that currently the market is a bit tougher than it was at the beginning of the year. It is for sure that there is a slowdown in the consumption and in the demand of customers. Here, facing this situation, one can say, "Okay, let's save some money, and let's protect our profitability." Someone else can say, "Okay, let's invest more and try to push on sales and to generate a higher level of contribution to profitability." I am not saying the first position is better or is worse than the second. What I am stating is that what we are doing is that we are not—how can I say—we are not avoiding to invest if necessary. We are not willing to waste money, if not necessary. In other words, we will not look for savings at the expenses of communication. That is the simplest measure to be taken, because, you know, in one minute, you can cut EUR 1 million spending. We believe that we need to keep on investing in communication, because communication is the key word in a very crowded scenario of brands and products, and, you know, the share of voice, as you said, has to be somehow maintained. So, we prefer to not disappear in the communication, not to abandon clients after we engaged them with the digital communication, with the events we have been organizing all the year long. And it wouldn't be a tough quarter that will induce us to stop our investments and activities. So basically, among the two situations, we are more in favor of keeping stable our, say, initial plans, slash reducing only those activities that are not considered to be generating, let's say, a sort of response in terms of, additional sales or additional visibility to the brands. As far as the current trading, somehow I believe already to have already answered to your question. More specifically, you asked something about October and beginning of November, that was somehow included in my, previous answer. What I mean is that, October somehow confirmed the normalization trend already seen in the third quarter of the year. So October was very similar to the Q3 period. November just started. We are looking at last week that was, let's say, better than 2022, the corresponding week of 2022. So, if you consider important to evaluate the performance of a week, I can tell you that November, as the first week of November 2023, has been better than first week of November 2022. And this is true and valid, substantially, somewhere more, somewhere less, but substantially in all the regions of the world. Also in Europe, performances, there is a part of the world that you were interested in, the performance is still, let's say, as good as in the third quarter. Finally, your third question was related to the creative director. As I already commented in our previous call, when we reported the first half results, after the announcement of, say, the not renewal of the agreement with the previous designer, Walter Chiapponi, we started the activity of, let's say, finding a new one. We have already a very short list of two names, and this very short list will be reduced to the only candidate that we will confirm, and very likely, in a near future, we will make, let's say, we will disclose the name of the new creative director of the group. Just to, how can I say, take out and reduce some pressure that the market is putting on this item. Obviously, I am not trying to say that the creative director or the designer is not an important person into the company. But what we are looking for, as we already commented in the past, is not a star to be the only reason why someone can buy a product. The kind of designer we are considering is someone very talented, with a good creativity, that can interpret the brand DNA, and that can translate into modern attitude what is the brand's roots and the brand's image. So basically, as already anticipated, not a revolution, not a big jump in the world of fashion, but someone who can coordinate the work of the team, taking care of the brand's, say, collections, production, and offer. So basically, it is an important choice, but it is not a crucial or a a question life or death. So it's not, it's not something like that. So no pressure, no rush, however, we are prepared, and absolutely we will be on time for our next meeting with presentation and fashion shows or whatever is the next phase of our activity. Thank you very much. You're welcome. The next question is from Thomas Chauvet, from Citi. Please go ahead. Good evening, Emilio and Cinzia. Firstly, a follow-up on Charles' question on the designer of the Tod's brand. Do you expect any sort of disruption in the transition from Mr. Chiapponi to the new designer, whether on inventory management or perhaps the lack of newness or freshness? I think Chiapponi did the last spring/summer collection, if I recall well, and in February you have the autumn/winter show. So, will there be a gap in terms of new products, and do you have to deal with some kind of seasonal inventories from the old collection? And secondly, on your shareholding structure, I looked at page nine, which is always very detailed and useful. I think the slides perhaps has not been updated, because it looks like there's been a change in the voting rights between Q2 and Q3. I don't think that's the case. But if I look at Q1 versus Q2, could you just explain why the voting rights of the Della Valle family have come down, and the voting rights of the Delphine SAS, so the LVMH Group/Arnault family have increased? There must be something related to the type of shares, perhaps, because I think the shareholding structure hasn't changed. It's only the voting rights. So that's Q1 versus Q2, but then Q3, I think, is not up to date. So is there any change in Q3? Thank you. Welcome, Thomas. Okay, let's go back to the first question. From my words, I supposed, maybe I'm wrong, but this was my intention. I supposed it was clear enough that we are not looking for a revolution for a complete change of trajectory for something that can be a sort of a real disruption from what Walter did in the last four years. So basically, what Walter did, and did very well, in my opinion, was to give his own interpretation of the brand, the DNA of the say signs of the brands of the brand. And making those products season after season in line with the current trends of the market. As a strategy of the Tod's brand, we are not too much exposed to fashion and to the seasonality linked to the fashion. We are much more exposed to carryover kind of products, so what once upon a time, we were calling evergreen products, and these is and will remain our main philosophy. Most of our sales are generated by products that are repeating season after season. For this reason, I do not foresee a great issue with the change of the creative director, and as a consequence, with some issues with the creation of old, in sense of let's say with an old image kind of product that due to a new designer become something that has to be sold on promotional sales or sold into a secondary level of distribution. So basically, the simple answer to the simple question is, I don't see an issue of disruption and the problems related with this change of the designer. It shouldn't be that dramatic as a change. At least, the research of the new one has been made, having in mind someone, the image of someone that can continue the kind of work done by Walter, of course, with his own creativity, with his own, say, contribution. Obviously, we are not looking for a carbon copy of Walter. With his own, say, contribution, obviously, we are not looking for a carbon copy of Walter. Then, yes, the other point you mentioned, the question related to the voting rights. It's a very simple, it's a very simple matter because in April 2021, LVMH bought from the family 2 million point something, I don't remember precisely, but I presume 2,000, 250 shares from the family. Those shares has been kept stable in LVMH hands, and after two years, and so in May/June 2023, they gained the double voting right, and so 2 million shares, 2 million+ shares with a double voting right means that the voting rights of the family diluted as a consequence, and the voting rights of LVMH proportionally and consequently increased accordingly. So if you make a calculation, a simple calculation, you will see that this explains the difference. You are right when you assume that no change into the capital structure of the shareholding happened in this period, and not even in the third quarter. So it's not only a matter of not being updated, it's only a matter that no more shares are vesting the double voting right in this period, and so nothing is expected to happen from now, from now on. We don't have other shareholders already recorded into the book of the vesting rights of double voting. Very clear. Thank you, Emilio. You're welcome, Thomas. As a reminder, if you wish to register for a question, please press star and one on your telephone. For any output question, please press star and one on your telephone. The next question is from Paola Carboni of Equita. Please go ahead. Yes. Hi, good afternoon, everybody. Ciao, Emilio. I have just a couple of questions, a bit of a follow-up, actually. The first one is still on the Chinese consumer. If you can please comment, not so much about the Greater China, but more about the Chinese cluster on a two-year stack basis. It's not very clear to me what the trends are. What are you seeing, when looking to the Chinese cluster, which maybe is probably performing a little bit better than what we are experiencing, just looking to China? And the second point is instead on the outlook and your comments about consensus. I noticed a bit more positive tone in the Mr. Della Valle statements about the outlook for the year, both in terms of revenues and profitability. So if you can help us understand, I mean, what he's relying on, possibly, and, I mean, how to reconcile the possible positives and negatives, let's say, what we should actually bear in mind for the second half, at least in terms of marketing expenditures. You mentioned something already in the H1 call. So if you can help us basically to understand how much increase in the marketing budget we should see H2 this year compared to H2 last year, this would be of help. Thank you very much. You're welcome, Paola. Let's start from the first question. The China consumers cluster. What I commented referred to China, substantially since I was using the, the word, China, I had in mind Greater China, not Mainland China, and somehow is recapturing substantially, let me say substantially, the Chinese cluster. Because, for the 2023, in terms of tourists and travelers, Chinese restarted to travel, but for the moment being, their trips are not to Europe or to Italy or to many, other locations. More, more frequently, they are traveling throughout China or at least, Far East. In other words, performances of Chinese buying abroad are contributing to the results of Hong Kong, in particular, that is growing triple digit, rather than Macau, rather than maybe partially Korea, partially and a bit more, even Japan. So these kind of countries are benefiting from the contribution of the Chinese. However, when we were commenting the China performance, the performance of Greater China, we were capturing almost the performance of the Chinese cluster. The two-year stack I mentioned before, that if we compare 2023 versus 2021, in the nine-month period, the growth rate should be in the region of the high teens, so something between 18% and 19%. That is much more in Q1. In Q1 it was maybe above 40%, and with a slowdown in the second quarter. Let me remind you that in the second quarter last year, in 2022, the market in China reopened, and so the performance and revenge shopping and blah, blah, blah contributed to a, relatively speaking, slower growth rate for Q2. In Q3 2023 compared to 2021, it is positive in the region of the low- to mid-single-digit, something like 3%-4%, to translate words into figures. That is the growth rate of the two-year stack of the Chinese cluster. To be honest, it should be a bit more than that, a bit better than that, because I continue to mention, because I have with me figures related to Greater China. But if we add on top the performance of Chinese travelers buying in Hong Kong... No, Hong Kong is already inside. Buying in Japan or in Korea, I presume that these performance should be a bit better. So, China and Chinese people continues to represent a positive market, even if we have, as a base of comparison, 2021. Second question related to the consensus, and according to you, a different mood between me and Mr. Della Valle. I don't believe is really different. I was commenting a consensus that was generated into a different period of time, with a different outlook, with a more optimistic view on the rest of the year. And I was trying to update that scenario and that forecast made by the analysts that had to put into account what's going on right now. So basically, I was trying to explain why I am not saying for sure, we can do why I am I cannot say for sure we cannot do that. And I was trying to, how can I say, coordinate the idea that if sales will have a good, a good contribution from the Christmas season, I can also imagine that that consensus, I mean, the old consensus, can even be met. However, the optimism that you read into Diego Della Valle's words, in my opinion, is in a way justified. If you consider that even in my, let's say, worst case scenario, let's say for a moment, and I am not saying that this is the situation, but let's say for a moment, that we can be in the position of doing a, I don't know, let's say, for instance, 7% EBIT margin. Last year it was 5.8%. This means 120 basis points margin improvement, despite higher investment, despite a difficult market, despite whatever the situation has become in the most recent months or weeks, and top line growing at least double-digit, let's say, from 11%-13%. I presume that someone can say that he is satisfied with a double-digit top line growth rate and with 120 basis points, 130 basis points, 150 basis points, I don't know exactly how many, basis points improvement into the EBIT margin. So, maybe, I am a bit more cautious because I know that you take note of whatever we say, and it's dangerous to give you figures, if, and also messages, if we are less than sure that what we are anticipating can really happen. I presume that Diego's words were released from an higher, say, level, and flying at 10,000 m from the ground. I am flying at 1,000 m from the ground. Okay. Thank you very much. Very clear. Just I have a couple of follow-up. First, if you can confirm indications for wholesale growth for the year, which I, if I remember well, was suggested to be low teens. And also, what do you envisage, at least for the first part of 2024, based on the order backlog you have on the spring/summer season? And secondly, on the other side, on retail for next year, how many stores have you secured so far for, for new openings going into 2024? Thank you. Okay. As far as wholesale, let's say that the simple answer is, yeah, more or less, we will be in that range you mentioned. When you mentioned the low teens, I am satisfied with that. Obviously, in the wholesale, you know very well that even deliveries can make the difference, not only the real business that you are generating. Sometimes clients, in particular at the year-end, sometimes clients demand for anticipated deliveries of the spring/summer season. In particular, if you can grant the possibility to be paying the goods as if the delivery would have done at the proper time, I mean, mid/end of January. So, these anticipated delivery, if requested by the clients, because if they don't, don't ask, we don't give, can also contribute to a better performance. In the forecast, we tend to estimate which parts of the season can be delivered in December and which part in January, so the difference can be what can make the difference between low teens and between the beginning of low teens and the mid of low teens. So, yes, the simple answer is, I can confirm this expectation also because the order backlog from the wholesale was up double digits. And so, if the deliveries will be exactly according with the due date for deliveries, the growth will be in the region of the low teens. Finally, as far as the retail is concerned, the idea of opening a process of stores remain similar for 2024 to 2023. The number of stores to be opened will remain between high single and low double digits, and this will be, as usual, the combination between opening and closure, because sometimes we have relocations of stores. And out of that high single, low double digits number of stores, you can consider at least out of them already secured, even 60% maybe already secured, and the other under discussion, currently under discussion, to be opened those to be opened in the second half, third quarter of next year. Thank you, Emilio. Just a clarification. My question on wholesale was also on the backlog, you have and the visibility you might have for the spring, summer 2024. Yeah, yeah, yeah. Okay. I understood, and I confirm that the order backlog was up double digits. Okay, perfect. Thank you very much. You're welcome, Paola. Thanks. Bye. We can have time for a final question to someone else, if any? Then the next question is from Chris Huang of UBS. Please go ahead. Hi, good evening, Emilio, and thank you for taking my questions. I have three, please. Firstly, on the performance by brand, it's very good to see that Roger Vivier is still holding up on a two-year stack, if we look at it that way, given, you know, the importance of the Chinese consumer for the brand. But at the same time, it seems like Tod's is seeing a little bit more pronounced softening in trends in Q3. So would you be able to help us understand what is the potential driver of this? Where do you think the slowdown is coming from in terms of consumer segment? Is it the more aspirational clients or the more, you know, mature clients? Or are there any external impacts we should be aware of, maybe from less promotional activities or the annualization of price increases you did recently last year? That's my first question. Secondly, Japan, because Japan, I think you've been calling out that the market trends are is very, very strong. So can you just give us a rough idea of how much the Japan market is as percentage of group sales, as I feel like it's probably getting more and more meaningful for you? And what are you seeing in terms of trends by locals and by tourists? How are the locals doing? And my last question is is probably focusing more on the long term. If we, if we think from a long-term perspective to realize the, the true potential of the group, from different drivers, can you, could you give us an idea of how much you think we can expect as percentage of sales from leather goods and how much from Roger Vivier? Because we understand that both of these segments are accretive on your margins, so it'd be very helpful for us to think about a long-term margin expansion trajectory, given the, the outperformance of these two segments. Thank you very much. You're welcome. I hope my answers will respond to your questions, because the line was not that good. Hold on please a moment. The line was not that good, and I am not sure to have well understood the questions. However, I'll try to give you answers and then if not, please ask again. You mentioned the performance of the two brands, Roger Vivier and Tod's, and in particular, the trend they showed in the last couple of years, so the two-year stack kind of performance. I presume that in this period, the comment I can give you is that Roger Vivier and Tod's both grew in this period with let's say, a sort of usual kind of trend as far as Roger Vivier, with Tod's growing, even thanks to the addition of new clients, that in terms of demographics is also represented by slightly younger clients than the old ones. With an engagement that comes from the activity of communication that we are performing, thanks to the digital instruments and the digital media, and the adoption of brand ambassadors, and so on. So basically, I can confirm you that Roger Vivier, compared to Tod's, has a higher exposure to the Chinese cluster, while Tod's is a bit more international and a bit less exposed to the Chinese. This can generate the difference into the relative performance of these two brands. In a few words, what I can say is that both brands are satisfying and are matching with our expectations, and we are getting from those brands the kind of results we were looking for. So we just have to continue and to improve into these activity of communicating better our brands. Then, you asked the question that was related, as far as I understood it, was related to the contribution in terms of profitability of different product categories. What I can tell at this regard is that we are growing faster in leather goods than in shoes. We are growing faster in apparel than in shoes. From the addition, in particular, of sales coming from leather goods, we expect that performances margin-wise will be better. This is because leather goods generate a higher margin than shoes, and as a consequence, the more we grow in leather goods, the more the company can enjoy a better profitability. If this growth comes from leather goods more than proportionally, I mean, leather goods, China and retail, the three drivers are working together to generate a better profitability. This is the direction of the profitability. I don't remember if you had another point. If yes, ask it again, otherwise, thanks. Yes, so thank you for the question, the answers. I'll just do some follow-up. So firstly, on the leather goods point, my question was also about what do you think is the long-term potential of the leather goods category and Roger Vivier as a brand for the total group, so in terms of percentage of sales contribution? And then also my third question is on Japan. Can you maybe give us some color on how much Japan currently takes up for the group sales? Thank you. Okay. Well, in terms of long-term potential, to be honest, who can say, really? What I can tell you is that to imagine that a brand like Tod's can have a 30%, even 35% proportion of turnover represented by leather goods, is something absolutely achievable, absolutely logical. It's completely full of sense. Currently, it is lower than 25%, so basically, we have, let's say, room enough for an expansion in that direction. In terms of Roger Vivier long-term potential, again, this brand, for this brand, we are following a strategy of exclusivity. We want to keep it really exclusive, and we are limiting its distribution. However, despite these limited distribution, despite these breaks on we are using in distributing the products, it is continuing to grow with a solid double-digit growth rate. So basically, even in this case, to imagine that in five-year times, this brand can generate, let's say, at least, 2.5x, 3x the current turnover, is something that can be done. It's only a matter of deciding how fast we want to be in, in, expanding, the store network and the product categories also inside the Roger Vivier offer. Finally, as far as, Japan, let's say that Japan is having, for the entire 2023 year, a very positive performance. In this year, we have had, in, every single month, a growth rate that is, very strong. I... Yeah, I believe I can say that with the only exception of Hong Kong, but there the issue is the base of comparison, particularly easy, I mean, as far as Hong Kong. But apart from Hong Kong, Japan is the market where we grew faster all over the world. Japan is still, let's say, a small contributor of our sales. We are not disclosing precisely the kind of turnover we are generating there, but you can imagine that Japan is part of the rest of the world. And it is not completely only Japan, but Japan represents a good part of it. You can imagine that Japan can be itself a single digit percentage of total sales of the group. Okay, thank you. You're welcome. As far as this conference call, my time, sorry for this, it's over. I need to catch a flight. If there is some unasked question, you can get in touch with Cinzia, as usual. You can email her your questions, and she will be more than happy to provide you with her answers and her help to better understand what I also tried to explain to you. Thanks a lot to everybody for joining us to this conference call, and our next date will be for the full year results, beginning of March, according to the financial calendar that we published today. Thanks a lot, everybody. Bye-bye. Thank you. Bye. Goodbye. Ladies and gentlemen, thank you for joining. The conference is now over. You may-