Good afternoon, everyone. Welcome, everyone. As you know it, we are really all together delighted to welcome you to our investor conference here at Hôtel du Louvre in Paris. You'll know later why Hôtel du Louvre. I'm very happy to be here, as you can guess it, to share an overview of the company as we've made tremendous progress over the last few years, setting a clear strategy, executing on our growth pillars, and significantly improving the financial standing of the company. There is one key message I want to convey to all of you today. Coty is a beauty powerhouse with deep European roots and a strong ongoing commitment to Europe, and we are unleashing our profitable growth engines as we capture the significant untapped potential in front of us in this very highly attractive beauty category. Let me first introduce the team who will be presenting with me today. As background on myself, I spent close to two decades at L'Oréal, leading and transforming the company's largest brands like L'Oréal Paris and Lancôme, before leaving to found ultra-premium skincare brand, Orveda. In mid-2020 i joined Coty as the CEO of this company, and in the last two years and a half, my team and I have been leading Coty's amazing transformation into a beauty powerhouse. Today, you'll hear from our CFO that most of you know, Laurent Mercier, who has brought a very high level of financial discipline and skill set to significantly improve the financial positioning of Coty. You'll hear from Caroline Andréotti, our newly appointed Prestige Chief Commercial Officer, who has deep knowledge not only on our core fragrance, skincare, and color cosmetic categories, but also within Coty, having spent 15 years in the company. You'll also hear from our Consumer Beauty Chief Commercial Officer, Alexis Vaganay, who brings extensive knowledge of the complex mass beauty market, both through his extended tenure at Coty and other leading consumer companies. Our leadership team has worked diligently to achieve the tremendous progress we've had over the past few years, and we're very excited to finally share that story with you today here in Paris. We're going to start today with an overview of who Coty is. I'll then focus on our strategy, the progress we've made so far, and more importantly, the significant white space opportunities in front of us. Alexis will focus on consumer beauty strategic pillar, and Caroline will discuss our prestige strategy, covering fragrances, makeup, and skincare in both divisions. Laurent will review our strong financial progress over the past two years, our near-term, sorry, outlook, and our attractive and balanced growth algorithm. Let me first summarize the main messages we want to leave you with today. First, Coty is successfully delivering on the new strategy my team and I unveiled in 2021. Second, we continue to see robust beauty demand across markets and across categories. Number three Coty has differentiated and scaled end-to-end capabilities and industry-leading IP to propel our next phase of growth. Number four we are a company rooted in Europe with over 120 years of European heritage, innovation, and operations driving business momentum. Number five, we are actively capturing white space opportunities as we grow market share in China and in travel retail. Number six, we are making strong progress towards sustainability and digital leadership. As you know it, we are increasing our fiscal 2023 revenue and EBITDA outlook, which is a true testament to the attractiveness of both the beauty industry and our strong execution. Finally, we are delivering a best in class medium term growth algorithm, including a mid to high 20% EPS CAGR, active deleveraging, and capital returns as we propel our growth story and strengthen our position as a true beauty powerhouse. Let me first start by sharing with you an overview of Coty. As you know it, we are not only an established player in beauty with a strong European heritage and operations, but we established ourselves as a beauty powerhouse with significant untapped potential in the portfolio. Last year, we reported $5.3 billion in revenues, over $900 million in EBITDA. We operate in over 125 countries. We have roughly 11,000 employees, eight manufacturing plants. In fact, we operate the largest fragrance manufacturing plant in the world, which is located in Spain, and we are top three globally in both fragrances and mass color cosmetics. As you can see on this slide, our portfolio includes some of the leading and most desirable global beauty brands. These include well-known brands like Hugo Boss, Burberry, and Chloé in the prestige channel, and Rimmel, Bourjois, or Max Factor in the consumer beauty channel. At the same time, we have beautiful brands that are only building buzz and awareness, like Lancaster and Orveda, which we will be scaling in the coming quarters and coming years. We are a company with a rich history, whose legacy is rooted here, right here in Paris. Coty was founded in 1904 in France as a fragrance pioneer, opening fine fragrance to all society with the launch of La Rose Jacqueminot. We've been a global leader in beauty for the past 120 years with over 50 brands. You can see on this slide some of the major milestones in our rich and storied history. Whether it's the opening of our first Coty boutique in La Place Vendôme, nearby here in 1907, the move of Coty's operations to the U.S. in the leap-up to World War II, or the acquisition of some of our iconic European brands. I'm thinking about Lancaster, Chloé, or Bourjois in the 90s or in the 2000s. With such a rich heritage, it's only fitting that on the 120th anniversary of Coty, we would come full circle to our roots, not only by exploring the dual listing of our shares in Paris, but also launching a Coty-branded fragrance line called Infiniment Coty Paris, which you will hear more about today. Our French and American identity has been at the root of Coty from the beginning. This Coty ad from 1947 underscores two core pillars on our ongoing legacy in beauty a commitment to technological innovation and product excellence, and our deep ties between France and the U.S. This very hotel has a special connection with Coty. We're just around the corner from the Grand Magasin du Louvre, where François Coty famously dropped the La Rose Jacqueminot perfume on the floor, with the scent attracting customers and igniting the modern-day fragrance industry. We're also very close to La Place Vendôme, where the first Coty boutique was opened. At the same time, this hotel is in and of itself emblematic of Coty's ambitions. Almost 150 years ago, this very room hosted the fundraising event for the Statue of Liberty, which commemorated the historic relations between France and the USA. Today, we are similarly aiming to unite our French and American roots and centers of gravity by engaging the investment communities in France, in Europe, and in the U.S. This video gives a great introduction into Coty's rich history and our beautiful brand portfolio, spanning different channels, different categories, and different price points. Let's have a look now. Sound, please. That would be helpful. I think that's a good summary. We are one of the few companies operating with two divisions that reach consumers across price points. This is a critical element in our business diversification strategy. As we've continued to drive the premiumization of our portfolio, our prestige division now accounts for 62% of our sales. Our Consumer Beauty division accounts for 38% of the sales of the company. Our portfolio, as you've seen, it is diversified across categories. Fiscal year to date, through the third quarter, prestige fragrances accounted for over 50% of the mix. Mass cosmetics in the second is the second-largest category at 25% of the mix of the company. Skincare and prestige cosmetics are still fairly small, with each at a low- to mid-single-digit percentages of the mix. These are the areas we plan to meaningfully grow in the coming years. Body care and mass fragrances are each mid to high single-digits. We're also diversified geographically. North America is roughly one-third of our revenues. Western Europe is less than 30%. We are still small in China, in Asia-Pacific, and Latin America, of course see a lot of white space opportunity to grow meaningfully in each of these markets. This is particularly true in China, which currently accounts for roughly 4% of our sales, represent a low teens percentage of the global beauty market. Travel retail accounts for 8% of our sales year to date, continuing to grow at a tremendous pace. As I mentioned earlier, Coty was founded in Paris almost 120 years ago, our ties and commitment to Europe have been unwavering ever since. We hold leading positions in the European fragrance and cosmetics markets and a direct presence in over 10 European countries. We also have a very strong presence and commitment to Europe, more generally, with over half of our employees based in the EMEA region and half of our eight manufacturing plants located in Europe, which underpin our Made in France and Made in Monaco ethos. Not only do we have extensive operations and footprint in Europe and leading positions in our categories, but many of our brands were also founded here in Europe. You can see on this slide many of our iconic European brands spanning from prestige brands, think of Hugo Boss, Burberry, Chloé, and Davidoff, to consumer beauty brands like Rimmel, Adidas, Bruno Banani, or Bourjois. While there are many beauty players competing globally, we are one of the few to have true end-to-end beauty capabilities, spanning brands, marketing and digital, innovation and R&D, manufacturing, and of course, high reach distribution. Let me spend a few minutes going into more details on each of these critical areas. Starting with the first component, which is our brands. You can see here, our beautiful portfolio of brands and how they truly reach consumers across all price points. Starting with mass brands like COVERGIRL and Rimmel, with many product priced below $10, all the way up to ultra-premium, with prices ranging from $150-$450, led by brands like Orveda, Chloé Atelier des Fleurs, the recently launched Lancaster Ligne Princière, and the just-announced Infiniment Coty Paris fragrance collection. As you can see here, our brands truly resonate with Gen Z consumers because of our commitments to sustainability, our ability to do digital activations, and of course, our partnership with the leading Gen Z cultural icons. First, we are leader in clean, vegan, and sustainable products, whether it's Rimmel's Kind & Free, vegan and cruelty-free makeup brand, or Gucci Where My Heart Beats, the first globally distributed fragrance manufactured using alcohol from 100% upcycled carbon emissions from factories. Next, social media has made our launches and campaigns go viral. For example, COVERGIRL Yummy Gloss latest campaign has been a viral hit with Gen Z consumers, reaching over hundred million views on TikTok, while the Clean Fresh TikTok challenge reached six billion views. Finally, we are partnering with brand ambassadors. Think of Kylie Jenner, Kim Kardashian, or Miley Cyrus who all combined together has close to a billion followers on social media. Coty is also a company with very strong expertise k now-how, and IP in each of our core key categories. As you can see here, our R&D organization is anchored in category-led R&D centers of excellence. We have a fragrance center of excellence in Switzerland. We have a cosmetics, color cosmetics center of excellence in North America. We have a skincare center of excellence in Monaco and increasingly, China. We have a body care center of excellence in Brazil with a focus on what we call melanin-rich skins. Let me now take a few minutes to discuss Coty's extensive expertise and technology across our key categories fragrances, cosmetics, and of course, skincare. Starting with fragrances. As you know it, this company has been reinventing modern perfumery for the last 180 years, starting with Rimmel's first perfume in the 1800s and François Coty La Rose Jacqueminot in the early 1900s. In this area, we have close to 130 scientists and industry experts, and we have over 80 patents and patent applications in this space. As you can see here, at Coty, we leverage fragrance and technology to bring disruptive, olfactive innovation. With biomimicry, we sample the molecules released by the plants and the flowers and leverage our analytical equipment and technical perfumery experts to masterfully reproduce the captured scent. Similarly, as color is one of the identities of a fragrance, and some ingredients tend to change color over time, our technical teams have developed sophisticated algorithm to deliver a broad range of color alternatives for our fragrance brands. We also have industry-leading IP around what we call cyclodextrins or sugar molecules and sugar derivative molecules. Both of these technologies adjust the volatility of fragrance molecules, allowing the release of specific fragrance notes over the course of the day. They also enable us to create unique scent profiles. This technology is unique to Coty and position us as a clear technological leader in the fragrance area. We have integrated these proprietary technologies into some of our fragrances, and they are increasingly being integrated in our ultra-premium fragrance innovations as a key point of differentiation, particularly as consumers are more and more looking for long-lasting and high-diffusing scents. Finally, with alcohol as the number one fragrance ingredient by volume, we've become the global leader in co-developing carbon-captured alcohol, which meets the quality standards of prestige fragrance formulations. In fact, we recently launched the world's first globally distributed fragrance, manufactured using ethanol from 100% recycled carbon emissions in a partnership with biotech Lonza Tech. We are also coupling our fragrance know-how with growing research of fragrance and neuroscience research. In last 10 years, we've partnered on research in key areas like fragrance and sleep, fragrance impact on sports performance, led by brands like Adidas, and we have also been elevating in our products the connection between fragrance and happiness or confidence. All of these research areas underscore how fragrances appeal to consumers at the neuro level. Shifting now to our deep expertise in color cosmetics. We've also been fueling innovation with color cosmetics for over 160 years, and we've been pioneering new technologies in skincare for over 70 years. As you can see on this slide, we have large teams of scientists and industry experts working on each of these critical beauty categories. In fact, as we've actively expanded clean product ranges for each of our cosmetic brands, we've become the global leader in clean cosmetics. We continue to be very active in our research and patent activity, with seven patent applications under review across these key categories. One of the key areas in cosmetics where Coty truly excels and leads the industry is mascara. Our brands have been at the forefront of the biggest mascara innovations. In fact, for those who don't know, Rimmel invented the first mascara. Bourjois created recently a very innovative design that functions as two mascaras in one which was the number one mascara in France last year. True to our leadership in mascara, we recently launched COVERGIRL's new Lash Blast Cleantopia mascara, which is the brand's first plant-powered clean mascara. While our skincare business is still small, it's important to highlight that we have been leading skincare science and technology now for half a century. We have over 50 leading skincare patents, among which we have several patents that cover the top skincare trends of today and tomorrow, including vectorization of active ingredients and full light protection. Over 80 published skincare scientific studies and over 120 dedicated skincare scientists and industry experts. All of this brings a robust innovation pipeline for the coming years. On this slide, you can see that Coty, and specifically our Lancaster brand, has been bringing leading-edge skincare technology to the market since 1948. Lancaster was the first to patent retinol formulations. It was also the first brand to introduce DNA repair enzymes technologies, retinol vectorization, or oxygen delivery molecules, and the first and still the only patent that covers what we call full light protection, be it visible or invisible light. With long-term patents on these core skincare technologies and more breakthrough innovation now launching in market, including the ultra-premium Lancaster Ligne Princière line, the Orveda new OmniPotent serum or philosophy dose of wisdom serum, it's clear that this company is a beauty company deeply rooted in science. A key pillar in our leading end-to-end capabilities is our manufacturing footprint. As you've heard it, we have eight manufacturing facilities across four continents. We have advanced several of our facilities to become carbon neutral. Each facility specializes in key beauty categories, including the largest fragrance factory in the world, located in Spain. In total, we produce over a billion products annually in state of the art facilities, which we continue to upgrade, to automate, and continuously improve in terms of productivity and rates utilization. In a world where global supply chains have been disrupted over the past few years, where localized manufacturing is increasingly paramount, and where scaled players are prioritized by suppliers, our manufacturing capabilities are a crucial competitive advantage. In fact, we manufacture roughly 80% of our products in-house. Hand-in-hand with our leading manufacturing capabilities are our extensive commercial and distribution reach. We have distribution centers and warehouses all over the world, which process and ship over half a million customer orders every year. We also have sales organizations directly running our operations in over 20 countries and directly and indirectly reaching over 125 markets. This means our brands are able to reach over hundred thousands doors globally, spanning from the leading luxury department stores to perfumeries, specialty beauty retailers, drugstores, mass merchants, duty-free stores, niche boutiques, and of course, e-com pure players, as well as social media platform, which are increasingly transforming into pure commerce platforms. There are very few players who rival our commercial scale and reach in this beauty industry. Of course, the combination of our deep multi category beauty expertise, a portfolio of key technologies and patents, leading manufacturing capabilities, and extensive distribution and commercial capabilities, all this reinforce the scale of our platform and position Coty as the partner of choice for global beauty brand licensors. For Coty, our core existing business and forward strategy are fueled by a very balanced between our own brands and licensed brands, playing across the prestige and consumer beauty divisions. It's clear that for global luxury houses, we have spent decades building long-lasting desirable brands. Coty is a natural partner to expand their brands into the world very competitive world of beauty. To this long and enduring partnership we bring some of the best IP and beauty know-how, including patents for long-lasting fragrances, which is, as you know it increasingly a key priority for consumers around the world. We have proven and multi-category beauty industry expertise and best in class consumer insights and testing in key markets, which in turn results in a track record of launching market-leading, successful innovations. We have, as you've seen it, state of the art manufacturing capabilities, including, again, the largest fragrance manufacturing plant in the world, which manufactures over 180 million units every year. We have an extensive distribution sales and marketing capabilities across the globe, as we have local affiliates directly managing close to 30 markets, enabling our top brands to reach over 20,000 doors globally. These internal capabilities truly highlight the scale of our beauty platform which very few in the industry can match. Building up such capabilities in-house is prohibitively costly, as you can imagine, time-consuming and risky, which is why we have been partnering with many of our brands for over two decades. In exchange for the global brand rights, we compensate our brand partners with a royalty stream as a percentage of the sales. In fact, there are only a few players in this industry who can manage the complexity of a licensing model and offer fashion brands such end-to-end capabilities at the appropriate scale and, of course, reach. As you've seen it, we have a highly concentrated, high-quality portfolio of licensed brands with long-standing relationships lasting over 25 years. We don't have any sizable licenses up for renewal in the next five years. In fact, the average remaining duration of Coty's top seven licenses, which account approximately 90% of our prestige fragrance business is now 11 years. It's important to highlight that our business model is anchored on driving balanced growth across Coty owned brands and Coty licensed brands. This is true in our existing core business of prestige fragrances, but also in consumer beauty. In prestige fragrances which is a 40 billion market, growing mid to high single digits, our incredibly strong partnership with our leading licensors, I'm thinking of Hugo Boss, Calvin Klein, Marc Jacobs, Gucci, Burberry, mean that on average we have over a decade remaining for top seven licenses. At the same time, we have attractive entry-priced fragrance brands that we can continue to expand in the 18 billion mass fragrance market, including in markets like Brazil. We are also well established in the 40 billion consumer beauty makeup market, which is growing low to mid-single digits, and where our own brands, like COVERGIRL, Rimmel, and Max Factor, are excelling. Looking forward, we are actively targeting significant white space opportunities in prestige skincare, in ultra-premium niche fragrances, and in prestige makeup. Here again, we will be leveraging a combination of Coty owned brands and licensed brands to win in these very attractive categories. The 70 billion prestige skincare market continues to grow in the mid to high single digits, and we have begun activating core Coty brands. Think of Lancaster, philosophy, or Orveda with promising, sorry, initial results and much more still to come. The ultra-premium niche fragrance market is still relatively small, at roughly $4 billion, but growing very, very quickly, our extension of some of our lines of the brand, like Chloé, with Atelier des Fleurs, or Burberry with signatures into this segment, are both already proving successful. We will be supplementing this with our recently announced Infiniment Coty Paris fragrance brand, which we have developed 100% in-house. Finally, the 30 billion, sorry, prestige makeup market, which continues to grow in the mid-single digits, and we have there expanded some of our brands, think of Burberry or Gucci, while at the same time driving the strong Gen Z appeal of brands such as Kylie Cosmetics. A critical part of our strategy is our unwavering focus on driving a balanced growth. As you can see on this very important slide, our Q3 fiscal 2023 year-to-date like-for-like growth is very balanced across segments, across regions, across volume, price, and mix. We delivered double-digit growth in both divisions year-to-date, fueled by low single-digit volume growth and high single-digit expansion via price and mix. Geographically, our growth was broad-based, driven by all regions, as you can see particularly Americas and EMEA. Our Q3 fiscal 2023 year-to-date sales growth is also very balanced by brand. Not only do we have a broad-based portfolio of brands, with even our leading brands at or below approximately 10% of revenues, but as you can see on the graph, we aren't overly relying on any one brand to drive our growth now and for the future. The 10% core like-for-like growth we delivered in the first nine months as of the year were driven by a balanced mix of prestige brands like Hugo Boss, Calvin Klein, Burberry, and consumer brands like COVERGIRL, Rimmel, and Monange in Brazil. As we've continued to drive the premiumization of our portfolio, our prestige division now accounts for 62% of sales, up from 52% in fiscal 2019. This 10% increase in prestige revenues mix is proof that our strategy to premiumize by accelerating our luxury fragrance business, led in particular by female fragrances, establishing a presence in prestige makeup and building out our skincare portfolio, is working. We still have ambition for further premiumization and expect that prestige will account for roughly 67% of our revenues in fiscal 2026. Key differentiator of Coty today versus the Coty several years ago is this company is now led by a team of seasoned beauty executives. Most members of our executive committee have 20-25 years of experience in beauty. I myself spent two decades at L'Oréal and then started my own skincare brand. We have altogether 300 years of combined experience in beauty. As you know it, for over a century, our brands have empowered people to express themselves and to create their own vision of beauty. In October 2022, we unveiled our purpose, vision, and values, which a step further codifying our corporate values and culture under the framework of Being Forward and Being Fearless. In our processes, in our businesses, and of course, with people, we are all encouraged in the same philosophy. We see fearless kindness of ourselves, of others, and our planet as a strength, as a value to live by, and a commitment to stand by. To sum up in prestige, we're excelling in each of our three categories. In fragrance, we have a top-three market position globally, with strong category momentum in each region and large innovation pipeline. Our skincare strategy is in full motion with an attractive brand portfolio, strong patents, IP, and expertise that started already to resonate with consumers, especially in China. In prestige cosmetics, our brands have increased productivity and reach with expanding distribution and assortment for brands like Kylie Beauty, Burberry Beauty, or Gucci Beauty. At the same time, our consumer beauty business captures the value-conscious consumers with high quality and cool beauty products at affordable prices. Our leading global brands are at the forefront of clean color cosmetics and are back to share growth with especially strong performances in the U.S. and in Europe. In mass fragrances, we are seizing white space opportunities, including in Brazil, which, as you know it is the largest fragrance market. In skincare, we are capitalizing on the success of local Brazilian brands and white space areas for a brand like Adidas. We're also using our existing cosmetics brand to expand into hybrid skincare offerings. With that overview of who Coty is, let me now share the great progress we've made in executing on our strategy and the significant white space opportunities still in front of us. As you know it, in a complex global environment, beauty remains one of the fastest-growing consumer categories, consumer demand for beauty product remains as strong as ever. Globally, the category is expected to grow at a CAGR of roughly 6% by 2027, with roughly 8% CAGR in China and roughly 11% CAGR in travel retail, which are two strategic regions with significant white space opportunities for our company. Beauty is an advantaged category with consumers at the sweet spot of affordable luxury, self-care, confidence-boosting, and health trends. We continue to see the fragrance index and premiumization in full effect with increased fragrance usage by Gen Zs, by men, by Hispanic consumers in the U.S. further underpinned by social media activities. All of these supportive secular trends, coupled with Coty's strategic vision and innovative pipeline in an offer-driven industry, position us well to win. Against the backdrop, we remain committed to our six pillar strategy, which includes, number one, growing our consumer beauty business. Number two accelerating our luxury fragrance business and establishing Coty in the prestige makeup arena. Number three building our skincare portfolio. Number four building e-com and DTC capabilities. Number five expanding in the high-potential regions that are China and travel retail. Number six becoming a leader in the sustainability area. I'll turn it over to Alexis to discuss our first strategic pillar, which is, of course, growing our consumer beauty business. Alexis, the floor is yours. Good afternoon. I suggest we deep dive into the Consumer Beauty division now and looking at how Coty is capturing the value-conscious consumer. The first good news is we operate in a very dynamic market that posted high single-digit growth. I'm thrilled to share with you that actually Coty outperformed its market, posting +11% in the past three quarters. That's thanks to a fabulous portfolio of brands, heritage brands that managed to evolve to meet today's trends. The first one being Rimmel, which was founded in 1834, known to be encapsulating the London look, and to be extremely appealing to Gen Z consumers with refreshed values. We see how we've managed to dial up the cool factor of the brand. Max Factor was founded in 1909 in Hollywood. It's got the power of transformation. Today it's growing its inclusive consumer base across emerging markets, mainly. Bourjois was born here in France in 1863. It's synonymous with effortless French beauty, with a new omni-channel go-to-market approach. COVERGIRL, a staple of America founded in 1961, which today managed to attract a lot of Gen Z-ers and drive penetration among Latinx and Hispanics, which are very strategic consumers for mass beauty. Adidas, founded in 1924, a truly global brand at the intersection of personal care and wellness. When you harness in full force the power of those amazing heritage brands, you get very strong market positions, obviously. This is a snapshot of their respective performance. Rimmel in the U.K. undisputed leader, but also with great presence across Europe, all the way to Latin America, posting 15 basis points of share growth, you know, recently. Max Factor, number six across Europe. Interesting fact, we relaunched the brand in China, and just this past month, in June, during the 618 key consumption period in China, we've managed to secure the number one spot of foundation in the whole country for that month. Bourjois, number one in France, but also strong in countries like Saudi Arabia and the Middle East, and very strong across Europe, with stable positions. COVERGIRL, number three in the U.S. and growing share in key segments such as lip, eye, and concealers, which are so strategic for Gen Z. adidas, the number one sport brand in beauty, posting high single-digit growth. With such a portfolio and such a huge, credible heritage, we appeal to the Gen X, notably by leading the skinification of makeup in Consumability. Max Factor and its pure Miracle Pure foundation delivers instant transformation with more radiant and glowing skin, for instance, which is precisely what Gen X are looking for. For more than two decades, COVERGIRL has been mixing up, in its formulations, some skincare ingredients with the pigments of color cosmetics under its franchise called Simply Ageless. In addition to be being attractive to Gen X, those brands also managed to pivot their model to make sure to attract the new Gen Z generation. Leading the clean makeup movement has been a game changer for these brands. Sue presented and shared how Rimmel managed to launch a full sub-branch of clean makeup that happens to be vegan and cruelty-free. It's also true for Bourjois Healthy Mix Foundations, for instance. You see also how Max Factor or Sally Hansen are leveraging the power of plants-based formulations to also deliver some clean nail polish. In order to sustain our growth momentum on CB, we had to really simplify and reshape our portfolio. What have we done? First, we focused. Focused on the five brands that I just highlighted, which account for 70% of our portfolio, and much more in terms of weight of our investments. The second thing is we cut through the clutter of complexity by reducing by 30% our SKU count, and also, in the meantime, drastically exploding the productivity of our SKUs. We also repositioned all our brands to make sure that they were true to their DNA, but also very relevant for the new generation. I have to mention Brazil, which accounts for 10% of our net revenues on Consumability, where we have a portfolio of unique local brands that are posting double-digit growth and associated with market share gains. We've made great inroads with e-commerce, where we've reached 10% penetration. After stabilizing our distribution across the world in Consumability, we now managing to make some incremental gains in our developed countries. What I suggest to do is to walk you through each of our brands, right? You can have a flavor of what they stand for. Let me start with Rimmel. Rimmel, as I said, has managed to really dial up its cool factor. It's been Leaping Bunny approved, which is essentially the official way to be recognized as cruelty-free. Judging by the amount of comments on digital from consumers and influencers, this is a big deal, because it was the first certification of a brand of this size. We also mentioned that Rimmel stands for mascaras, Sue shared the Thrill Seeker launch that happened a year ago, which was our biggest mascara launch ever under Rimmel. With this, I'd like to share with you the commercial, so you get a flavor of the brand. Everybody see me when I walk in. I'm the best thing. I'm a thriller. When I'm in the room, you can feel it, and when I'm in the zone, you can see it. Bold volume to thrill. In one, two, three- Four. -without the wait. Thrill with it. New Thrill Seeker Mascara from Rimmel London. Let's move on to Max Factor. We said it was all about the Hollywood glamour. This is known as the makeup of makeup artists. In order to really turn around the brand, we used the superpowers of a superstar, Priyanka Chopra Jonas. We'll see now in the next commercial how this marked the turnaround of the brand, and you will understand why we are enjoying such a momentum with Max Factor, especially in emerging markets these days. Step forward. Step into the light. Max Factor introduces new FaceFinity, our first three-in-one foundation, created to combine primer, concealer, and foundation to effortlessly transform skin with a professional finish that lasts. Reveal your extraordinary. FaceFinity three-in-one foundation from Max Factor. Moving to Bourjois, you see how we wanted to highlight how the brand pivoted towards clean makeup and cool makeup, securing excellent ratings on Yuka. We also diminished our impact by moving our plastic blisters cards in the French retail into cardboard blisters. That happened just a month ago here in France, successfully, of course, this is a great way to further evolve the brand. Speaking of clean makeup, I want to share the newly released innovation, Tinted Beautifier. With this commercial, you'll see how we've managed to reconnect Bourjois to its core DNA. COVERGIRL. COVERGIRL is a beacon of America. It's the easy, breezy, beautiful brand for everybody. We completely rejuvenated COVERGIRL's equity with great success, and lately we launched a game changer for Gen Z-ers, a lip product called Yummy Gloss. I wanted to share the commercial with you, 'cause a great example of how we've boosted the equity of the brand in a way that's super relevant and current. Hey, COVERGIRL. New Clean Fresh Yummy Gloss. For a deliciously clean, glossy shine. Mm. That's vegan and gluten-free. New! Clean Fresh Yummy Gloss. Yes. Easy, breezy, beautiful COVERGIRL. If you want a fun fact, this is the very first edible lip product that you can that's been launched on the market, right? Moving to Adidas. adidas is going through a complete revolution, and we are poised to really turn it into a very powerful proposition, differentiated, with a much more elevated equity. It's all about products that are looking after your skin and your mind together with superior active ingredients, notably 10% of a hyaluronic acid complex, but also much more sustainable formulas that are sulfate-free and wrapped in a 100% recycled and refillable bottle. This new range secured a 93 score on UCA. I mentioned early on how we take seriously China as a market, and we just launched, and relaunched, actually, Adidas this past week in China, with this specific range of shower gels and new deodorants. For this, we harnessed the power of a very iconic sport figure in China. He's Chinese, his name is Su Yiming, superstar. He's a gold medalist of snowboarding and a world champion. You see how he endorses the brand and demonstrates all the hydration benefits that we're now delivering. I cannot not mention our beautiful portfolio in Brazil. This is made of four winning brands Monange, Risqué, Paixão, Bozzano, all staples that resonate really strongly with Brazilian consumers. Take Monange, for instance. Monange is the number three master brand in for female in mass. It's the number three deodorant in female, and it's got 50% household penetration in Brazil. Risqué, the undisputed market leader in nail polish, with 30% market share, and the first choice for 80% of Brazilian users of nail polish. Paixão is the number one body oil, and we know how oil is a big deal for this population. The number two body lotion, securing almost 4 points of market share gains in the past year. Bozzano is the leader in pre and post shave, the leader in styling, and the number three deodorant brand. We're on a mission to take this portfolio and further elevate it towards more beauty propositions, premiumizing the proposition of those foufour brands. The biggest white space opportunity that we have in Brazil, and Sue mentioned it, lies with our mass fragrance portfolio. Brazil is the biggest mass fragrance market in the world, with the highest level of consumption per capita. We just recently launched our mass fragrance portfolio there in 2,000 doors. successfully. We are further tailoring our portfolio to the local consumer requirements and preferences, and our ambition is to reach 15,000 point of sales in Brazil down the road. To conclude on this very important section about Consumability, you see how much momentum we've got, but more importantly, how much leeway for further growth we've got ahead of us. Let me highlight four of them. We mentioned that we've got fabulous portfolio of heritage brands that are extremely well positioned to win with Gen X and Gen Z. I mentioned how viral these brands went in social media, especially with the superpowers of influencers, highlighting how much these brands are the smart choice for the value-conscious consumers. Number two our footprint is heavily reliant today on Europe and North America, but we're on a mission to really expand in emerging markets such as Middle East, Latin America, Africa, Southeast Asia, China, just to name a few. Number three post-COVID, there is this massive well-being trend, and we extremely well positioned to leverage it with brands such as Adidas or Monange. Number four even in a mature market, we manage to make distribution gains on e-commerce, few players, but also new distribution channels. With this, I want to conclude and leave you with this key message, w e're enjoying great momentum, and it's only the beginning. Thank you very much. Over to Caroline. Ladies and gentlemen, good afternoon. I thank you very much, Alexi and Sue, you know, for the great presentation. Now, I'm absolutely delighted to take you through our prestige business. As you will see, you know, with prestige fragrances and makeup brands, we are now able to capture the luxury consumer. Now, as many of you have seen, the prestige fragrance category today has been on fire in the last couple of years, this is not a function of post-COVID recovery. There have been concrete drivers for this acceleration, which we expect to fuel and continue the robust growth today. Now, what are those drivers? The first driver is consumers in the U.S. and in China are increasingly gravitating towards fragrances. Great news. Fragrances as both mood boosters and affordable luxury. Fragrance consumption today is also being fueled in store as well as online. The third one, across all markets, we are seeing consumers premiumizing in the fragrance purchases. Social media, as you all know, is also a key platform for fragrances discovery and storytelling. Now, here you can see the results of latest consumer studies we have conducted. Fragrance consumption in the U.S. has accelerated, and as you can see here, among women, there has been a significant 5% uptake in the users of ultra-premium fragrances in the last couple of years. Among men, also, fragrance penetration has increased by over 2%, which is a significant market expansion. If you look at both men and women, there has been a significantly uptake in heavy users on fragrances, and in general, in both the U.S. and in Europe, we are seeing more fragrance users using fragrances more often and purchasing more premium products. We are seeing significant prestige fragrance momentum in the U.S., but also in Europe. Prestige fragrance growth in the U.S. as you can see in here, is 60% higher versus three years ago. In the last three months, we have also seen consumption accelerating by over 15% in the U.S., very much supported by premiumization as well as more fragrance users. In Western Europe, prestige fragrance growth is almost 30% versus three years ago, while it has accelerated by 16% in Europe versus the last three months. We are also seeing quite big changes in the way consumers are purchasing fragrances today. Whereas fragrances were historically seen as a gifting-driven category, the data now shows that consumers are increasingly buying fragrances for themselves rather than for others. In the last year, the fragrance market in the U.S. and Europe grew by a strong 14%. In that same period, single bottle sales increased between 1%- 3%, while gifting, gift sets have actually declined between 1%- 3% of the total mix of sales. This is clearly very positive implications, not only for the overall fragrance penetration, but also from a profitability point of view. As you can imagine, single bottle sales or single bottles have a much higher margins than gift sets. What our studies also show very distinctively, that there are four very distinct, clear drivers for increasing fragrance usage. These four drivers are, first of all, fragrances are a confidence booster. They provide a feel-good factor. They are also a great social connector, and they are also a great source of escapism. What you can see here are quotes from consumers on reasons why they wear fragrances today. What is very clear is that for young consumers, fragrances are a source of confidence. Fragrances make them feel good or feel better by themselves. They are also a very strong component in their wardrobe and a natural conversation starter. In a world that has been confined for several years, fragrances also allow consumers to mentally escape into exotic destinations. Looking at the fragrance market today, there is a great opportunity for Coty. If we assume that fragrance penetration among U.S. consumers, which is currently around 20%, reaches the one of Europe, which is about 50%, this represents an incremental $1.4 billion in sales opportunity for Coty. If you look at China, where fragrance penetration today is still modest at 4%, if we assume that China's penetration, which is only 15% in the medium term, which is a conservative estimate, that would be approximately $300 million of additional sales for Coty based on the current market share. All in all, this represents a massive opportunity for Coty, about $1.6 billion dollar from prestige fragrances alone. As for the brands that consumers are gravitating, we see two key trends. The first trend is designer brands. Designer brands today still dominate the fragrance market and represent 75% of the overall mix. What you can see as well is that they are growing ahead of the overall market, of the overall fragrance market, at +28%. This clearly shows the importance of our leading designer fragrances, such as Burberry, Hugo Boss, Gucci, Chloé, Marc Jacobs. At the same time, niche pure-play of fragrances are still very small, but growing at more than three times the market growth rate. We are going to discuss more about the niche pure players in the fragrance category. This is definitely an area that we at Coty intend to build our presence. Let's have a look. Let's talk about Chloé. Chloé, a French brand. Chloé has been extremely popular premium brands with our consumers. In 2008, we launched our iconic Chloé signature that is ranked today among the top 15 female fragrances worldwide. In 2018, we launched Chloé Nomade. In 2019, we stepped with Chloé into the ultra-premium fragrance market, launching its high-end collection called Chloé Atelier des Fleurs. Chloé Atelier des Fleurs continues to be a spectacular success in Asia, and particularly in China. Sales of Chloé Atelier des Fleurs have grown five times in the last couple of years, and the collection today is ranked number four in China travel retail. In order for us to meet the strong consumer demands for Chloé Atelier des Fleurs, we are rapidly expanding the distribution in all markets. We will double the already large presence that we have in travel retail and in Asia Pacific in the next three years. In EMEA, we plan to grow one and half times. We plan to triple our presence in the U.S. This significant white space opportunity is an area, again, where we absolutely intend to build our presence. Let's have a look at our top-breaking innovations. Launched last year, we have achieved tremendous success on our fragrance innovations. We are continuing that momentum this year, where we have launched the hugely popular Hugo Boss Parfum, our Burberry Hero fragrance, and Gucci Flora Gorgeous Gardenia Jasmine. As we enter fiscal 2024, we are all very excited about innovation pipeline that is including the newly announced Burberry Goddess female fragrance, which is just being launched. The test results of Burberry Goddess on the juice, on the packaging, and on the marketing concept are absolutely outstanding. We are very pleased to confirm that our retailers are sharing the enthusiasm that we have about the potential of the fragrance, as well as the first results of this launch. In addition to this premium segment launch, we are also actively pursuing the ultra-premium niche fragrance markets, which is relatively small. It's currently at roughly $4 billion, but is growing very quickly. Within this, the extension of some of our licensed brands like Chloé, like Burberry, into the segments are already proving to be very successful. We also have great news to share with you today. We're actually supplementing this with our recently announced most ambitious, most premium fragrance project totay, Infiniment Coty Paris fragrance brand. We are absolutely thrilled to develop this fragrance in-house, we'll be launching the brands globally in 2024. As you can see, we are leading, we are driving today the fragrance industry across subsegments, across brand territories, and across price points. I remain personally extremely confident about the fragrance opportunity that we have ahead of us in Coty. Talking about Infiniment Coty, as you may have seen, on the eve of Cannes Film Festival, we officially launched our plans for Infiniment Coty Paris. The collection will ultimately include a range of 14 distinctive and diverse scents, with patent spending for both the formulations and the packaging. This truly represents a return to Coty's roots as the fragrance pioneer, founded in 1904, with now a new cutting-edge vision for fragrances. Coty was the first perfumer to advertise fragrances and prioritize packaging. He was way ahead of his time. We were the first company, actually, to combine flowers with synthetic molecules to access a much wider range of scents. Now, building on the extensive expertise in fragrances, Infiniment Coty Paris will be a leading pioneer in the industry, fusing beauty, science, and arts. Now, complementing our strong position in prestige fragrances is also our growing presence in the prestige makeup. Prestige makeup represents today a large, untapped opportunity for Coty within our existing brand portfolio. By broadening our makeup offering, we are expanding the productivity and reach of our prestige brands. Now, it is important to highlight the underlying trends that exist in the prestige makeup today. As you can see in here, in the last five years, the two parts of prestige makeup markets that are continuing to gain market share are the couture makeup brands, as well as the indie brands. These trends are expected to continue in the next coming years. Now, the growth of the couture makeup brands clearly confirms the potential and strength of our prestige brands, Burberry and Gucci. Similarly, growing penetration of indie makeup brands also confirms the immense potential that we have for Kylie Makeup. We also see that by adding makeup offering into our counters for Gucci and Burberry, we increase the productivity of our counters by over 30%. We're able to attract a broader consumer base to our counters, and our beauty advisors are also able to cross-sell and increase the basket size. This is clearly a very key positive trend for our broader prestige division, increasing the reach and productivity for our brands online as well as offline. We have been ramping on our presence in prestige makeup in a record time. You can see a picture of one of our beautiful counter. While we were not present in the category in fiscal 2019, by fiscal 2022, our prestige makeup already accounted for 4% of our sales, led by Gucci, Burberry, and Kylie Cosmetics. We continue to target growing in the segment and reach approximately 10% of our sales in makeup by fiscal 2026. In order for us to achieve this very robust growth in prestige makeup, we actually embraced a new strategy, which has actually led to a strong growth momentum in the category. What is this strategy? For our couture and indie brands, we actually moved to a business model where we have fewer stores, but a larger online presence, which is more profitable and requires much less, as you can imagine, capital expenditure. In addition, we partnered with Kylie Jenner, and the growing penetration of indie makeup brands confirms the potential of Kylie Makeup, given her tremendous reach as one of the most followed female on social media. In China, we recently launched our long-wear foundation under both Burberry and Gucci as part of our strategy to enter the high-loyalty complexion subcategory. The new Burberry Beyond Wear Matte Foundation is inspired by the iconic fabric of Burberry's trench coat, and provides 24 hours wear and protection against natural elements. The launch is off to a great start, with consumers in China already naming it the trench foundation, and sales are above our targets. In the U.S. our prestige makeup brands continue to outpace the category and thrive, with both Gucci Makeup and Kylie Makeup sales growing over 30% faster than the category growth in the U.S. prestige market, so doing extremely well. Finally, on Kylie Cosmetics, the brand's makeup sales have grown double digits in the last quarter. This growth was fueled by an increased distribution, including a growing footprint in Macy's and a recent successful launch in Dubai. We have also expanded the assortment of the brands, and we recently launched Kylash. This is Kylie's latest coming, first-ever mascara, that is off to a great start and has started fueling a very positive momentum. I would like to focus on skincare, which we believe represents today the biggest and the most profitable white space opportunity for Coty. Very importantly, we intend to capitalize on the skincare opportunity through Coty's superior skincare technology, through our IPs, and of course, our strong and differentiated skincare brands. As we shared at our Skincare Investor Day last September, our ambition is to double our skincare business to over $500 million in the coming years. As you can see in here, we have a very robust brand portfolio covering the full range of price points and sub-segments. From Monange and Paixão at the entry level in Brazil, to philosophy at the entry premium level, to Lancaster at the prestige and ultra-premium levels, and to Orveda at the ultra-premium side of the market. We have a very comprehensive skincare strategy, with exciting initiative across each of our skincare brands, whether it's Lancaster, whether it's philosophy, whether it's Orveda, and many more to come in the next quarters and years. Beginning in fiscal 2022 and fiscal 2023, we made already very large and very necessary investments in the foundation of our skincare strategy, whether it's on R&D, whether it's on marketing, analytics, and digital capabilities. Over the past few months, we have undertaking a number of Coty skincare launches, in-store activations, new campaigns in the stores, as well as communicating and new ways of communicating with consumers. The most exciting of which was the launch, and I'm personally very proud of, Lancaster's ultra-premium skincare line called Ligne Princière. Ligne Princière is bringing to the forefront Lancaster heritage as the exclusive brand of the Monaco Princely family. In fiscal 2024, we will initiate local market launches across key brands and will fully build out our multi-year innovations pipeline. In fiscal 2025 and fiscal 2026, we will fully activate and will accelerate skincare. Let's look a bit about China and skincare. As you know, skincare in China represents 70% of the overall business in 2022. Chinese consumers have always been or always had a very strong preferences towards highly premium, science-based, highly efficacious skincare products. Product efficacy is crucial to this market, absolutely crucial. These reasons actually make China a market to focus for our strategic skincare efforts, which have kicked off with the successful launch of Lancaster ultra-premium skincare line called Ligne Princière. In addition to covering all price points, our prestige skincare brands also have very distinctive positioning and very clear, differentiated sense of purpose. What is the differentiations among our skincare brands? Lancaster is behind the science of fast cellular recovery for Monaco. Orveda is all about highly concentrated French biotech that works with the skin and not against it. philosophy is the American dermatologic wisdom authority. Kylie Skin offers Gen Z's consumers the skincare toolbox. SKKN BY KIM is democratizing dermatology secrets. Very importantly, winning in skincare is ultimately about delivering superior product performance. This is absolutely key. Our patented technologies, deep formulations, and know-how are absolutely central to our success. For example, we have patented until 2027 full light protection technology, which actually is rooted in biomimetic principles of reflect, absorb, and neutralize to protect our skin across the entire sunlight spectrum. We have a wide range of other patents that promote oxygen delivery, retinol vectorization, as well as DNA repair. We believe that the recipe for success in skincare requires three key ingredients. The first one is expertise, second one is patent and know-how, and the third one is superior product performance. As I mentioned earlier, in mid-March, we actually launched Lancaster ultra-premium skincare line called Ligne Princiere in China's leading stores, including Hangzhou Intime and Nanjing Deji. I had the privilege of being there at the launch. While we are at the very still and very early stages of Ligne Princiere launch, the initial results continue to be extremely positive and very promising. As you can see in here, our counters, the service provided in the store are absolutely on a very high level. Based on large, unbranded consumer testing that we conducted in China, where we have some of the most discerning customers in the world, Lancaster 365 Serum wins over number one and wins over number two market leaders, not only in efficacy, but also in texture and in fragrance. I have to tell you, this is absolutely a very proud moment for Coty scientists, and indeed, for the Coty Skincare teams. As I just mentioned, we launched Ligne Princiere and the results are very promising. Ligne Princiere today has reached the number one spot in social buzz across all social media platforms in China, which is a critical component in driving consumer awareness and trial in the market. In fact, a recent key opinion live stream on Douyin, which is, as you know, the Chinese TikTok version, generated over $300,000 in sales in only three and a half hours. Demonstrating its popularity to Chinese consumers is the nickname that they have given to our Ligne Princiere cream. They are calling it the Kelly Cream online. Coming from Monaco, having, you know, being the line used by Princess Grace Kelly, they have nicknamed it Kelly Cream. Now, the conversion rates at our new counters in China, especially in Hainan, are exceeding the leading beauty peers, with Lancaster Ligne Princiere driving the majority of sales. The consumer comments and reviews on Ligne Princiere are overwhelmingly positive, on the packaging, on the scent, on the texture, with an average product rating given at 4.9 out of five. We view those KPIs as social buzz, sales conversion, and product reviews as the most important metrics to measure the success of a skincare launch. Of course, we will continue to focus on these areas for each of our key skincare brands in the coming years. Turning to our ultra-premium skincare brand, Orveda. The brand was conceived from the very beginning by Sue and Nicolas, the Orveda co-founders, with key objectives to be one leveraging the power of biofermentation to create formulas that have 15 times more active ingredients than the average skincare without harming the skin. Okay? 15 times more concentrated than any average skincare you can find today in the markets. Clean, vegan, sustainable, and genderless. These are all the key attributes of Orveda. Orveda was one of the first brands to focus on the skin's microbiome, with the skin's market increasingly moving into that direction. As a very exclusive brand, Orveda is currently distributed in a selective number of ultra high-end stores and spas across the world, and we see, of course, tremendous opportunities for Orveda in key markets such as the U.S. China, and travel retail. Very importantly, the brand was designed from the start, from the beginning, with the Chinese consumers in mind, assuring that the formulas and the texture that we are using would work best and will work well in this critical market. Let's have a look at the brand's manifesto. I am ancient wisdom. I am future possibility. I am the wonder of nature and the progress of science. I am the power of French biotech and the mystery of nature. I am biocompatible, working with skin, not against it. I am fearlessly kind to skin, self, others, the planet. Green, clean, vegan. I am healthy in every way. I am beauty in every form. I am beyond gender, color, age, space. I am part of a new world, and I show a new way. With or without makeup, I glow from the inside out. There is a light inside me, and this is my signature. I am the luminous face known as Orveda. We are extremely excited about the brand, as you can imagine, and I'm personally very proud to share the clinical results of Orveda's latest clean, green, vegan, biotech formulation product line. Using our biofermentation blends, we have seen unprecedented improvements across key skin dimensions in just four weeks. These clinical results support Orveda's ambition as an ultra-premium skincare product. As part of the activation of the Orveda brand, we have recently also upgraded the merchandising at Orveda's flagship counters, whether it's in La Samaritaine, Paris, which you will see later today, as well as Saks Fifth Avenue in New York. We are happy to share that we have seen already great sales upside, and at both locations, sales have been doubling versus last month's run rate. Great results. Now, in the last few months, we have also begun to build the awareness, buzz, and desirability of this ultra-premium skincare brand among our target consumers. Who are our target consumers? The ultra-high-net-worth individuals, celebrities, opinion leaders, especially in the scientific community, and leading figures in the art world. Now, as part of our continued quest to power beauty with cutting-edge science, Orveda has created the Omnipotent Concentrates Serum, launching worldwide online on DTC in August 2023 and offline in selective markets in September. The new Potent Serum is a scientific innovations in the areas of microbiome and cellular longevity, with concentration of active ingredients up to 15 times more than any average skincare you find today. The OmniPotent Concentrate has shown very strong clinical results and is expected to further cement Orveda's leading position in innovation, in beauty, and in wellness. Now, in a blind formulation, that was conducted in Shanghai, Orveda serum beats leading luxury serums. Now, we are conducting other trials with ultra-premium skincare users in Beijing and Shanghai as we speak. And despite its very young age, Orveda has already won multiple prestigious awards, such as the Prix d'Excellence de la Beauté Marie Claire, which is considered to be the Oscars, you know, of the beauty industry. Now, this very young skincare brand is already most awarded skincare brands globally. Now, the third brands in our skincare portfolio is philosophy. philosophy was created over 20 years ago by Cristina Carlino and was a leading niche skincare brands in the early 2000. Actually, one of the first niche skincare brands. Now, our comeback of the brand kicked off last month across all touchpoints in the US, with first philosophy announcing a new brand formulation principle called dermatologic wisdom. Secondly, philosophy has launched its latest product innovation, dose of wisdom, bouncy skin reactivating serum, and while still very early, sales results are already over 20% ahead of our targets. Let's have a look at the campaign video. Do repair serums really keep skin at peak performance? Our philosophy introduces a better way based on dermatologic wisdom. The new dose of wisdom serum supports skin's own natural function with a patented vitality booster. Loaded with oxygen, it's the life force of healthy, bouncy skin. 92% agree skin looks more plump. After all, bouncy is the new healthy. The new dose of wisdom serum from philosophy. What we did as well is that we have launched philosophy's DTC new website, which is today represent a very significant portion of the brand sales. The new website offers a much more elevated brand experience overall. It includes many more new features, immersive contents, enhanced product detail pages, subscription programs, replenishment orders, programs, and also personalized product recommendations. While we're still very early in the launch, we have already begun to see a clear improvement in the conversion rate in our new website compared to the previous one. We have updated our in-store displays and merchandising, beginning with Ulta, and the brand is really off to a great start. As to conclude, and as you can see, our skin acceleration, our skincare acceleration today has begun in the last few months, spanning through new innovations, elevated online and offline merchandising, and as well, very importantly, unique storytelling and brand equity building. Strategic investments in the future will be focused on store productivity, brand visibility, and reach, of course, and building hero products that enjoy a strong reputation in the scientific community. That is absolutely key. As we ramp towards our targets of over $500 million in the next few years. We will maintain also a very strict and tight controls on our investments overall, and we'll make sure that we track the success and ROI along the way. Thank you very much, ladies and gentlemen. I really would like to thank you for being with us today, and I would like now to hand over to Sue, who will be able to provide an update on our digital and sustainability progress. Thank you. Thank you, Caroline. Thank you, Alexis. I think it was intense. I'm going to take you through pillar three, four, five, a nd six before a coffee break, think of this, it's coming soon. Now let's talk about the fourth pillar, which is strengthening our digital e-com and direct-to-consumer capabilities. When we first presented our digital and e-com strategy in 2021, we highlighted the top five priority areas where we would focus our efforts, investments, and capability building to unlock the full potential of this company, and of course, of our amazing portfolio of brands. These five areas include, first, unlocking the full potential of e-com, including indirect e-com through retailers, e-retailers, DTC e-com, and social commerce, mainly in China. Second, building love brands, that's so important, through deep consumer insight, engaging content, digital services, community management, fueling natural advocacy for our brands. Number three, putting in place a best-in-class omni-channel IT ecosystem with leading data crunching capabilities. Number four, leveraging data to drive precision advertising and direct consumer engagement. Number five, building out our digital organization, both globally and, of course, locally, while simultaneously upskilling the broader Coty organization. Two and a half years later, sorry, setting this strategy in motion, we are well advanced, I can tell you, in each of these areas, with clear roadmaps in place for further digital improvement and digital acceleration. Let me share a snapshot of where we stand today and our priorities in the short to medium term. The first milestone to highlight is that all of our DTC brands are now operating on the same platforms and offering consumers innovative services to drive higher conversion and repeat purchases. Second, we are ramping up our organizational capabilities to fully unleash the potential of live streaming in China, with a particular focus on brands such as Lancaster, adidas, or Max Factor. Finally, we are step changing our media efficiency through the deployment of a next-gen marketing mix modeling program with already great insights on our key brands. At the same time, we are deploying a new content operating model to create more content on time and with higher consumer relevancy. Starting with the first point, which is maximizing our direct-to-consumer potential. Within our portfolio, four key brands lead in driving a sizable portion of their revenues through their own brand sites. These include philosophy, Kylie, SKKN BY KIM, and Orveda. As you can see on this slide, over the past year, we have moved all four brand websites onto a common platform. With a common platform in place, we've begun immediately, and we will continue to introduce, sorry, best-in-class features and services. These include virtual try-ons, skin diagnosis, video consultations, live streaming sessions, immersive shoppable videos, and of course, for our high-end brands, human-to-human concierge services. As we amplify our DTC websites with these new services, this further drive improved consumer engagement, higher conversion, and higher order values. Our new DTC websites are also aimed at boosting consumer loyalty and repeat purchases, while inviting consumers to sign up for our email updates and replenishment programs and join our loyalty programs. This not only brings our brands closer to the consumer, but also boosts the lifetime value of each and every customer. In sum, while we are still relatively small in terms of DTC exposure, we have been rapidly advancing our DTC presence and capabilities to unleash the potential of our brands, leading, of course, with skincare and in China. The second priority and opportunity is indeed the live streaming phenomenon in China. It's important to highlight that the beauty channel landscape in China is evolving extremely fast, while with emerging players like Douyin capitalizing on the Chinese consumers' desire for engaging and educational content. I firmly believe that our entry into the Chinese skincare market with Lancaster, and soon with Orveda, is perfectly timed to take advantage of this significant market disruptions and new way of selling. By not having large, embedded businesses on either classical e-retailer or department stores, or huge organizations supporting this more mature but now slower-growing platforms, we can more rapidly embrace the live streaming phenomenon, where key opinion leaders, KOLs, with real brand knowledge or scientific credentials are gaining share of mind, and therefore, share of wallet. Lancaster is a perfect example of the nimbleness of the Coty organization. We launched the Lancaster Ligne Princiere line only three months ago in March, with only one KOL activated on Douyin. Seeing the market shifts in China while we were there in March, and the success of live streaming, we've been activating a full live streaming strategy, including expanding our KOL partnership from one originally to over 10 today, upskilling some of our beauty advisors in stores, and bringing on board professional hosts for live streaming programs, more than doubling the number of live streaming hours per day on Douyin, which is TikTok. As a result, we have tripled our Lancaster monthly sales on this strategic channel. Given this success, we have an active roadmap to further accelerate our KOL partnerships and live streaming presence as we progress through this, through the year, integrating our learnings, upskilling our beauty advisors, and positioning the company as a leader in this rapidly growing live streaming channel. While the live streaming phenomenon is most widespread and advanced in China, this is also becoming an emerging trend in Western markets as well, particularly among Gen Z consumers. We are at the forefront of this trend in some of our key Western market. A great recent example was our UK launch of Marc Jacobs Daisy Drops. We worked with a TikTok influencer with over three million followers to tease the launch on her TikTok account, which generated, as you imagine, millions of views. We then aired a live reveal of the launch with both the influencer and one of Coty's marketers hosting the live stream and streaming it on their social media accounts, resulting instantly in great consumer engagement and great learnings for future events and for Coty. Our digital tools and capabilities are also enabling us to embrace the Gen Z TikTok phenomenon in the Western world. You can see on this video some examples from our Rimmel Chill to Thrill TikTok campaign, which increased ad recall by 11% versus beauty benchmarks and drove over 40 million views, surpassing the engagement rate of Rimmel's market-leading previous campaign with Kind & Free range. Similar to the China leapfrog, we are leapfrogging in the Western world with live streaming and TikTok-driven marketing for Gen Z consumers embedded into our teams. We are also attracting Gen Z consumers by completely reinventing the ceremony of gifting for today's consumers. By invoking Chloé Atelier des Fleurs retail expression as a Parisian flower trolley, and the act of selecting personalized flower bouquet for a loved one, we have integrated a virtual experience across our Chloé online platforms to allow consumers to gift or to personalize a bouquet of Chloé Atelier des Fleurs perfumes. As we seek to reach and engage Gen Z consumers wherever they are present, our digital efforts also extend to the gaming world. We've introduced Gucci Flora Gorgeous Jasmine fragrance and the Miley Cyrus avatar in Gucci Town on Roblox, with here, again, exceptional results, including 3.7 million visits and over 70,000 average daily active users. Our third priority is deploying a leading-edge media mix modeling capability across the full organization. In the ever-changing media landscape, with very dynamic consumer behavior, we are deploying a system which has been effectively utilized in other beauty businesses and can answer key business questions on how to allocate our valuable media resources amongst brands and amongst markets, and across the different platforms of media. At the same time, we have been implementing a new content operating model, which we are executing as we speak. This means we are putting in place the right organizational structure, both globally and locally, to create even more photo and video brand content to be utilized across e-com sites, social media accounts, and in conjunction with our influencer partners. The goal is to generate the most engaging and the most compelling content at a quicker pace, which is more relevant for our brands' communities around the world. Turning now to China and travel retail, number five the two areas which represent the next legs of outsized growth for the company. While economic factors in China steadily improve, we'll remain as confident as ever in the structural drivers, which will drive outsized beauty growth in China for the many years to come. Number one China per capita beauty consumption is still less than half of mature markets like U.S., Europe, Japan, or Korea. Number two while China's beauty market continues to be dominated by skincare, demand for prestige fragrances and mass fragrances has increased by over 60% versus three years ago, growing at 1.5 times the growth of the overall beauty market. Number three fragrance are now over 10% of China's beauty market, and Chinese consumers continue to gravitate towards the most premium fragrances, even more than Western consumers. The beauty opportunity for Coty in China is immense. Against this very attractive market backdrop, our business in China is still small, at 4% of our revenues. However, we have been scaling our China business very quickly and building out our footprint in the market. You can see in this video our futuristic garden-themed booth at the recent Hainan Expo. In fact, Coty is already the fifth prestige fragrance player in China. Our business here is roughly 80% prestige, and therefore, as you can imagine, very profitable, with gross margins roughly 70%. With our highly desirable brand portfolio, we see, of course, significant opportunity at hand for Coty in China. Our fragrance brands are doing exceptionally well in this country. In fact, the latest data confirms that one of our latest launches, Burberry Hero Eau de Parfum, has now entered the top three male fragrances in China, next to Bleu de Chanel and Sauvage de Dior. As we continue to build out our footprint in China, both offline and online, and expand our category assortment, I am confident that we have the right brands, the right capabilities, and the right teams to succeed in this very competitive market. Our ambition is, therefore, to more than double our China sales in the next few years to over $600 million. How will we achieve our ambitions in this country? It's helpful to frame both how much we have progressed in the last two years and, of course, how much potential is in store in the years ahead. As you can see on this slide, over the last two years, we have, number one, grown our presence by 25% to roughly 400 cities. Number two, we have expanded our prestige counters and freestanding stores by over 40% to 130 doors. Number three, we have expanded our consumer beauty point of sales by over 25% to 38,000 doors. Number four, we have grown our e-com store across both divisions by 50% to reach 18 e-stores. While these are, of course, great accomplishments, please think that our footprint is still a fraction of some of the leading beauty players in China, and we are only just starting our build-out of skincare and ultra-premium fragrances. In other words, the potential again for Coty in China is immense. As I have highlighted during the discussion on our digital strategy, the significant changes occurring today in China beauty channel landscape mean that we are activating our skincare strategy at the perfect time, as we can fully embrace the new channels and business models without being hindered by legacy businesses. I've just returned this weekend from a trip to China, together with Alexis and Caroline and the rest of the EC team, visiting our teams over there, seeing our brands in action, and I can confirm that the progress we have made in only a few short months is truly incredible. I'm really encouraged and energized, I have to say, by the potential I see for our company in this country. Shifting to the second big market opportunity for Coty, which is travel retail. While global travel has been rapidly rebounding, as you've seen it, for those who travel a lot over the past year, as countries removed COVID restrictions, international traffic is still over 20% lower than the one of 2019, particularly in Asia. Against this backdrop, Coty travel retail business is now back to 8% of our overall sales on a teens percentage of our prestige business, on par with pre-COVID levels. This expansion of our travel retail business is also nicely accretive with, here again, gross margins of roughly 70%. The strong rebound in our travel retail business speaks to our focus on this key channel over the last few years, including expanding our category presence, increasing distribution, and launching channel exclusives. As a result, you can see that we have grown our travel retail market share in each key regions, with particularly impressive market share gains in EMEA. The critical piece of our market share growth in travel retail in the last few years, and that will fuel further market share growth in the coming years, is our category expansion. Pre-COVID, Coty was predominantly an entry prestige fragrance player in travel retail. As we ramped up our footprint in prestige makeup last year one fifth of our travel retail sales came from prestige makeup. Based on our plans for the coming years, we see skincare reaching close to 10% of our travel retail sales by calendar 2026, on top of almost 20% from prestige makeup, and we see ultra-premium niche fragrances reaching over 10% by calendar 2026. We look for the travel retail channel to continue to rebound in the coming year as more consumers return to travel. We continue to expect outsized growth in our travel retail business as we broaden our portfolio presence. Combined, our ambition is to grow our travel retail sales by roughly 50% in the next three years to over $600 million. Our recent result that you can see on the slide, confirm that we are continuing to see incredible momentum in our sales in this unique channel. Both in Q3 and year to date, our travel retail sales grew 30% year-on-year. With no signs of slowing in global consumers' appetite for travel, coupled with the return of Chinese travelers in the coming quarters, we remain very optimistic about the growth potential of this channel for the beauty industry as a whole, and of course, for Coty in particular. Turning now to our sixth and final strategic pillar, becoming a leader in sustainability. Our sustainability strategy, that we call Beauty That Lasts, is our path to delivering a more sustainable, more inclusive world, with sustainability as our ultimate driver, or/and for innovation. Launched in February 2020, this program is structured around three pillars: number one, the products, number two, the planet, number three, our people and the people of the societies where we are operating. Our products have an important role to play in building a sustainable future. We are dedicated to innovating sustainably and sourcing responsibly. Conserving and protecting the natural environment is a vital part of our responsibility as a business. We're taking actions to achieve healthy, clean, and safe environment. Finally, we are committed to creating a more inclusive business and society for our employees, and of course, challenging stereotypes and championing individuality and self-expression. We've had, as you can see it on this slide, several ESG milestones over the last few months. We reached a top quartile ESG ranking by leading firm Sustainalytics. We have deployed sustainability training across the whole of our company. On the planet pillar, we announced recently new climate targets, formally approved by the SBTi, Science Based Targets initiative. We also have zero waste to landfill and have a 80% recycling rate across our factories and distribution centers. Importantly, all of our supply chain sites use 100% renewable electricity. With strong packaging targets underpinning our broader climate targets, these targets are fully aligned with our climate and eco-design ambitions. On this slide, you can see few examples of how we have been driving sustainability across our prestige and consumer beauty portfolios. One example, the new Chloé Naturelle Intense with refill, is delivering over 60% reduction in greenhouse gas emissions, water consumption, energy consumption, and mineral resources consumption. The new adidas Skin and Mind range has an over 18% reduction in packaging weight, and the last COVERGIRL pressed powder has 35% less plastic versus the original product. It's clear that with the new innovations we bring to market, we are steadily improving the sustainability profile of our products, and at the same time, we are scaling our cruelty-free ambitions with five of our brands now officially certified by the leading organization, which is Cruelty Free International. We are also a sustainability pioneer in fragrances. Coty is producing the world's first globally distributed fragrances using carbon-captured alcohol, which is, as you know it, the number one ingredient of fragrances by volume. Importantly, we are targeting for the majority of our fragrance portfolio to be produced using carbon-captured alcohol by the end of calendar 2023. We launched the world's first globally distributed fragrance, manufactured using alcohol from 100% recycled carbon emissions in partnership with Lonza. This fragrance, which is Gucci latest launch, Where My Heart Beats, is a key development in Coty's Beauty That Lasts sustainability strategy, and we know today that consumers are willing to pay a premium for clean and sustainable products. In addition to our progress on sustainability, D&I is driving Coty's culture and businesses. We pioneered in our industry by achieving gender pay equity and introducing gender-neutral parental leave, and we have also a majority female executive committee and board of directors. We also introduced our new purpose, vision, and values, anchored in being fearless and being a forward-thinking company. Building on this purpose, vision, and values, Coty launched a campaign called Undefined Beauty Campaign. This campaign recognizes that current English language definitions of the term beauty are outdated, and calls on dictionary publishers to remove the implicit ageism and sexism from their definitions. We've seen a very strong, positive response from our employees, Our licensed brand partners, and of course, our retail customers, with 230 million in organic reach and over 25 million in social media reach, and over finally, 3,000 people signing the petition, truly positioning our company as a thought leader on this crucial topic. I'd propose that we take a short break, coffee, after which Laurent will discuss our strong financial progress. Thank you for your attention so far. Welcome back. Let me now take a few minutes to discuss our financial outlook. Coty has made very substantial finanancial progress in the last several years. We have significantly improved our P&L and balance sheet with more improvement to come. Before sharing the broader financial framework, let me start with a brief update on our Q4 outlook. Since the fourth quarter has closed, we have better insight into some metrics, like revenues, and we are able to make updates to our outlook, though, as we finalize the closing, we will be able to share the full financial metrics when we report at the end of August. For Q4, we now expect revenues to grow 12%-15% like-for-like, which is a significant increase from our previous outlook, which was 10% like-for-like. This revenue upside is primarily driven by global momentum in the prestige division, coupled with the recovery in China, particularly in light of the lockdowns which occurred in the prior year period. For total fiscal 2023, we now expect revenues for the core business, adjusting for the impact of the Russia exit, to grow 10%-11% like-for-like, to $5.5 billion, up from our previous outlook, which was 9%-10% like-for-like. We now expect fiscal 2023 adjusted EBITDA of $965 million-$970 million, based on current Forex rates, which is above our previous outlook of $955 million-$965 million. While our profit outlook has clearly moved higher, it's worth noting that a portion of the profits from these incremental revenues are being partially offset by negative Forex impact of over $10 million, bringing the total fiscal 2023 negative Forex impact on EBITDA to close to $70 million. With these near-term trends in mind, let me frame the evolution of our P&L in the last two years. Over the last two years, we've grown our core revenues at a CAGR of 13%-14% like-for-like, which excludes a high single-digit headwind from Forex. We've also grown adjusted EBITDA at a CAGR of 12%-13% since 2021, despite significant Forex headwinds of over $40 million, and adjusted EPS has increased by eight times in the last two years. As we've continued to highlight, our focus is on driving a balanced growth agenda. We delivered double-digit like-for-like revenue growth in fiscal 2022, fueled in particular by our prestige division. This year, we are on track to report another year of double-digit like-for-like revenue growth, fueled by both prestige and consumer beauty. In addition, as you can see on this slide, we also have very balanced regional growth. In fiscal 2022, we delivered double-digit like-for-like revenue growth across America, EMEA, and APAC. This year, we are seeing strong growth in each of our regions again, particularly in EMEA, even in the face of constraints in China for much of the year. This again reinforces the strength of our business model and our diversified growth engines. Fueling the strong profit growth has been very strong margin expansion. Gross margins have increased by roughly 400 basis points in the last two years. We are on track to end fiscal year 2023 with gross margins of roughly 64%. The combination of the strong top-line growth, gross margin expansion, and savings delivery have allowed us to significantly step up our marketing investments, which are on track to increase 500 to 600 basis points over the last two years. As a result, our adjusted operating margin is also on track to increase by roughly 400 basis points, as we expect to end fiscal year 2023 with adjusted operating margin of approximately 13%. At the divisional level, we have driven margin expansion in both prestige and consumer beauty over the last two years, with expectations for further expansion in both divisions in the coming years. At the center of our significant financial improvement in the last two years, and our outlook for continued strong momentum, is a growth flywheel, which we have set in motion. By delivering above-market revenue growth and offsetting inflation through a combination of savings, price, and mix, we have been able to drive gross margins significantly higher. As we maintain a tight control on our fixed cost, even as we reinvest in our growth capabilities, we have been able to not only fuel a significant increase in marketing investments, but also meaningfully expand our operating margins by roughly 400 basis points. This reinvestment in both marketing and capabilities will continue to fuel this virtuous flywheel in the years to come. At the same time, we've significantly improved the health of our balance sheet. We ended calendar year 2022 with leverage of around four times, and we're on track to end calendar year 2023 with leverage towards three times. In fact, factoring in the value of our retained Wella stake, our targeted leverage exiting calendar year 2023 is even closer to two times. This deleveraging has been enabled by both tactical asset monetizations and strong free cash flow, and we're on track to generate around $400 million in free cash flow this year. Let me take a minute to remind everyone about the Wella stake we currently have on our books. In 2020 and in 2021, we sold most of our Wella Hair Care business to KKR in order to further simplify the Coty story, reduce our debt balance, and focus on our two core segments. We currently retain a 26% stake in Wella, which is a purely financial stake, which we have committed to divest by calendar 2025. As you can see on this slide, the Wella business is very attractive, with leading positions in professional and retail hair color and styling, and in professional nail. The business has been performing very strongly and is nicely profitable. We don't and as a reminder, we do not consolidate any of Wella's revenues or profits in our P&L. While the book value of our retained Wella stake remains over $1 billion, based on the business profile, the return that we can get by the time we divest, the remainder of our stake can easily be above this level. We have been delivering the strong margin and profit growth despite the accelerated inflation. For fiscal 2023, we continue to expect COGS inflation of around 2%, we have been offsetting this pressure through key areas. Number one is pricing. We've taken mid-single-digit pricing in Q1, taking another round of mid-single-digit pricing right now in Q3, and evaluating another potential increase in early fiscal 24. Number two is mix. While the strong growth of consumer beauty in the last six months meant an incrementally negative mix equation, all of the strategic growth pillars Sue discussed are margin accretive. Of course, we are continuing to premiumize the portfolio in both divisions. Number three is savings. We've also been generating strong savings to fuel our agenda. We have delivered $560 million of savings to date, targeting another $165 million savings in the next two years and a half. Enabling the simplification of the business and strong margin expansion has also been our strong focus on productivity. At our Investor Day in November 2021, we highlighted that one of the drivers behind our targeted gross margin expansion is reducing the tail of our portfolio. Specifically, we are focused on cutting non-productive SKUs, which account for roughly one-third of the SKUs, but a single-digit% of revenues. Over the last two years and a half, very strong progress on this front. In consumer beauty, we cut SKU count by almost one-third, while the revenue per SKU more than offset this, increasing over 50%. In prestige, which is less a complex portfolio, we have reduced SKUs by 16% in the last two years, while revenue per SKU is also up around 50%, in part due to our continued premiumization. This has been one of the critical parts of the 400 basis points improvement in our gross margin. While we have done a lot of this heavy lifting, there is, of course, always room for further improvement, for further portfolio productivity improvement. We have also been generating strong savings to fuel our agenda. We are on track to deliver over $170 million in savings in fiscal year 2023, for a total of $600 million since 2020. As you can see, the breakdown of savings is well-balanced across the four key savings categories: trade investment, COGS, structural ANCP, and fixed cost. Earlier this year, we raised savings targets for the next two years to $165 million combined. Roughly 60% is coming in gross margin. The rest is in fixed cost and in ANCP. A lot of work streams are underpinning these planned savings. Rolling out the strategic revenue management program to key market, continued work on material value analysis, improving processes on marketing, on marketing materials ordering, continuous productivity in supply chain and distribution, and optimizing our overheads functions. We have always said that All In to Win would have three phases. The first phase was funding the journey, when kicked off right when we started in the middle of the COVID, with a focus on immediate cost cut, such as layoffs, spending cuts, and ANCP. The second phase was focused on structural cost improvements, like value engineering, distribution network redesign, and factory closure in Germany, and outsourcing in specific cases. The third phase is focused on enabling growth, building capabilities, and process efficiency. In fiscal 2024 and fiscal 2025, we will continue to focus on savings delivery. As you can see on this slide, most of the other priorities are focusing on building capabilities to enable growth. With a strong financial improvement in the last two years, let me now turn to the path ahead. In light of the continued strong and resilient beauty market and the significant untapped growth potential for Coty, we continue to expect a very attractive growth algorithm for the company. Looking out over the next three years, we continue to expect to be at the upper end of the 6%-8% like-for-like revenue CAGR, reflecting the momentum in our categories and the progress we have made. This will be fueled by strong momentum in our largest segment, prestige fragrance, and outsized growth in the areas where we are still small, particularly skincare. Consistent with what we have shared, our focus is on driving a balanced growth agenda. Based on our targeted growth algorithm, we expect prestige fragrance to still be in the largest category at a little of over 50% of the total, skincare to reach roughly 10% of our sales from 5% currently, prestige cosmetics to increase to a high single-digit percentage of sales from 3% currently, and negligible in fiscal 2019. Based on the regional growth algorithm, we expect further diversification in our regional sales footprint. Specifically, we expect both China and travel retail to reach roughly 10% of sales each by fiscal 2026, or roughly 20% combined from 12% currently. Turning now to the P&L growth algorithm, our outlook remains largely consistent with what we have shared at our Investor Day in November 2021 and CAGNY earlier this year. We continue to see a like-for-like CAGR at the upper end of our 6%-8% over the next three years. We continue to expect gross margin in the mid-sixties, driving a 9%-11% EBITDA CAGR. We continue to target a mid-twenties EPS CAGR, supported by lower interest expense as we deliver and also lower share count. Over the past few years, we have steadily reduced our leverage, and we are on track to reduce our leverage towards three times exiting calendar year 2023. By fiscal 2026, we expect adjusted EBITDA in the $1.2 billion-$1.3 billion range, free cash flow over $500 million, and leverage of around two times exiting calendar year 2025. Finally, this brings me to the framework for our capital structure and anticipated capital returns. We exited calendar year 2022 with net debt below $3.9 billion and leverage around four times. Over the next three years, we expect to generate around $400 million free cash flow annually or over $1.2 billion cumulatively. We also continue to target the divestiture of our Wella stake by calendar year 2025, with a proceed of over $1 billion. Together, this brings cash inflow of over $2.2 billion over the next three years. Assuming three quarters are allocated to deleveraging and a quarter allocated to capital returns, this should drive a very attractive capital structure in calendar year 2025, including net debt below $2.5 billion, leverage two times, capital returns of around $500 million, including the $400 million of share buyback we have announced via equity swaps with our banks. With this, let me now hand you over to Sue for a few words of conclusion. Thank you very much, Laurent. To conclude, Coty is successfully delivering, as you've seen it, on the new strategy my team and I have unveiled already in 2021. Second important information of the day, we continue to see robust beauty demand across markets and across categories. Number three, Coty has, as you've seen it during this long demonstration, differentiated and scaled end-to-end capabilities and industry-leading IP to propel our next phase of growth. Number four, we are a company rooted in Europe with over 120 years of European heritage, innovation, and operations driving business momentum. Number five, we are actively capturing white space opportunities as we grow market share in China and in travel retail. Number six, we're making very strong progress towards sustainability and digital leadership. as you've seen it, we are increasing our fiscal 23 revenue and EBITDA outlook, which is, again, a true testament to the attractiveness of both the luxury industry and, of course, our strong execution. Finally, we are delivering a best-in-class medium-term growth algorithm, including a mid to high 20 percentage EPS growth, active deleveraging, capital returns as we propel our growth story and strengthen our position as a beauty powerhouse. With that, we're here to answer to your questions, Laurent and myself. Thank you very much. Before we start, I would just like to remind everyone who joined us online that they can also submit questions in the webcast portal. Questions, yes. Antonia, first row. Thank you. Filippo Falorni, Citi. Maybe first a clarification on the guidance increase for this year. You mentioned better prestige, momentum, and better China. How much is more the category doing better versus Coty doing better from a market share standpoint? Then secondly, in terms of licenses, I know you mentioned there's no sizable license up for renewal in the next five years, but can you comment how you view Kering recent acquisition of Creed and their expansion into beauty and their ambition into beauty? Thank you. Yeah, I can start with the guidance. I mean, indeed, we announced this morning that we are increasing our Q4, you know, which was initially around 10%, now 12%-13%. It's really the confirmation, you know, of what the team have explained, that really, you know, these categories are very dynamic. You see really the, you know, the benefits of all the initiatives that Coty has implemented. This is in line with our plans and really the concrete output of the great work, both categories and the Coty work. To add another element is, and I shared, of course, there is, you know, great momentum on prestige, great initiatives. Consumer Beauty, you know, did a fantastic year also. In Q4, we have also China effect, which is also compared, you know, to last year, which was lockdown. It's about 250 basis point, okay, in Q4, which is a mechanical effect from China, but also helped by the new initiatives that we are launching. This gives you know, a global view for the Q4 acceleration. The second part of your question, if I understood well, it's about, you know, the Kering Gucci license that you're mentioning. Again, I think you said it, there is no new news on this part. There is no significant of our licenses coming to an end before five years at minimum. There is no early exit mechanism to make this shorter, first. This is important for all the brands that we own at Coty. Second important element, as you've seen it, is that we've resigned a lot of new licenses, current licenses, sorry, extended the length of these licenses, which brings, in fact, the top seven licenses today to a length of over 10 years, a decade, 11 years, precisely. Some of them much more than this. This is the second part of the answer. The third part of the answer, which is again, on the factual side of things, is you've seen, we've spent a lot of time showing you know, how we are building the growth algorithm of the company, and the word balance is of utmost importance, as you can imagine. You've seen that there is no brand that's representing more than 10% of our net revenues. This is today. You can imagine that by igniting all the growth engines, including skincare, where most of our licensed brands are not operating, we are in a way diluting, in fact, the ability of these brands to represent a significant amount of our net revenue. This is to give you an idea that, in fact, whatsoever happens, the algorithm that we just presented to you is valid more than ever. The second part of your question was around, you know, the acquisition, correct? Yeah. Again, let me answer by, you know, giving you again a highlight on what we have presented to you in terms of how Coty is a platform for beauty brands. You know, you've seen the reach of this company in terms of number of point of sales. We're talking about 20,000, not 1,000. We are talking about 180 million units in our Spanish factory. As you can imagine, this is a fantastic way to absorb fixed costs. When you absorb fixed costs, the remaining money goes in EBITDA and in, of course, in advertising and ANCP. What can I tell you? You know, in terms of distribution, we own all the distribution, you know, teams we have in the key countries, which is a very, very important element. Last but not least, R&D is super important, as you've seen it. Our four centers of excellence in Brazil, in the U.S. in Europe, and, of course, in Monaco, and more and more in China, are giving us this ability to put on the market products that we can price up, you know. This is something you can do if and only if you have exclusivity on your technologies, which is not the case when you either work with including fragrance houses, and this is something we're starting to do, to put our patterns, patented molecules inside fragrances to create really 100% own formulations. This is the full picture of how I see the topic that you are referring to. Thank you. Yes. Hello, it's Linda Bolton- Weiser with D.A. Davidson. I was wondering if you could tell us a little bit more about the Infiniment fragrance launch. It was interesting that you said it was developed all in-house. Do you mean that you didn't work with Firmenich or IFF, and you developed it all? Can you explain more? No, we did. In fact, develop in-house means that in fact, you're right, it's not a fragrance that has been in a way, taken from a license or a name that's famous. It's the name of the company. We worked on this product to give substance to the name Coty. Coty stands for, you know, the inventor of modern perfumery since now 120 years. When you see this coming to life, I think this should be for you, for everyone, for consumers, for retailers, for anyone investing in Coty or analyzing this company, the best of the know-how of the company in terms of fragrance creation. It's probably one of the only launches in the industry that will use a lot of patents. Traditionally, patents and fragrances are not words that are commonly used together. This is more a topic of skincare, as you know it, sometimes makeup, but never fragrances. This is an area where we intend to up the ante at Coty, and you'll see this line really showing to everyone who is looking at us, the best of the know-how of the company, giving substance to the name. Of course, I pushed this idea inside the company because I really wanted to show directions, in fact, on where this company is heading to, be it in skincare, with ultra-premium skincare, thanks to Orveda brand I know quite well, or Infiniment Coty, which is honestly, to fragrances, what Orveda is to skincare in terms of innovation, in terms of, you know, creativity, et cetera. I see these are ways also to teach, between bracket, the company, the future ways to launch brands in the beauty world, which I believe are changing really, really fast. These brands are not only going to be visions and directions, but they're also going to be a kind of marketing schools in-house. Can I also ask you, I think you said you're ending this fiscal year with, like, a overall high 20 percentage advertising and promo ratio? Do you think that over time, as you grow bigger, that you can leverage the non-working piece of A&P, and that that ratio will come down a little bit because of that leverage? Or do you think you wanna put more back in, and that ratio will go up? Maybe I'll let Laurent answer this question. Of course. I mean, you saw the flywheel which is in motion, and I made also very clear that, you know, the All In to Win programs that we have, and $165 million savings coming in the next two years, that ANCP, you know, the support is part of it. It means that we have some productivity work that we are doing on ANCP. We continue the work of this flywheel is really that part of this savings is here, of course, to deliver the EBITDA, but also to be used, you know, to support all the strategic initiatives. We continue to monitor this way, doing productivity and allocating the resource where we have strategic initiatives and also strong ROI. This is an important matter, that now we are really well equipped, you know, very focused, and also understanding really very well, you know, each category, each channel, and each market. This is really the way we animate and the way we will continue in the coming years. A couple of questions from our participants joining online. The first one is from Anna, from Bank of America. Thank you for excellent presentation updates. In terms of the Lancaster Ligne Princière launch in China, do you feel you're primarily benefiting from the growth of the category or taking share from other prestige brands? If so, which brands in the space? It's a good question. you know, again, we were there, just a few days ago, and we had a fantastic presentation by the teams, who have been executing this launch since three years. You've seen how we've been shifting from a traditional, if I can say traditional, at the scale of China, but traditional way of launching, activating the different levers to focusing our, you know, investment and know-how, expertise, focus on live streaming, because this is the future way to sell, skincare, probably fragrances, and maybe even makeup. Simply because anything that has to do with content-driven social media is clearly becoming the name of the game. People learn what the brand is about, and then, of course, they can shop it, because the ecosystem is made in a way that you can shop where you are, in fact, learning about the brand, the brand history. In terms of this brand, again, Caroline has presented the results. As I love to say, you know, we have a kind of cockpit of different lights, and all the lights are green. In fact, in terms of ratings, you've seen the ratings are outstanding. They are far above what normally a brand can reach. We are attracting the right users. In fact, we did a call back recently on a few hundred people, and we've seen that those who buy us are exactly those we wanted to target, which are high-end skincare buyers. Did they tell us that they were coming from La Mer or these kind of brands? It's something that we heard. It's not a study where we really went to check in their homes, which is normally the serious way of doing things. On declarative, as we say it, they come from ultra-premium skincare brands. There aren't thousand of ultra-premium skincare brands in China, but also a lot of people who are also sometimes we heard people buying their skincare into dermatologists, and they love the story we told them about, you know, the vectorization of retinol, which allow you to put less retinol, therefore, to get the same results with less irritation, or the story that I've been saying since two years, at least for those who followed our last investor meeting on skincare in Monaco. All these elements of what I call the radicalization, the scientific radicalization of the skincare market in China, they were also part of the reasons why we were bought. Ultra-premium skincare and also outside the traditional outlets, where probably people are coming from, dermatology world, where they do injections, peels, and they buy the skincare that is usually sold in these kind of places. One more question from our online participants, from Robert at Evercore. Can you elaborate more on why the Paris listing, what it will do for you, and why now? Why now? Yes. Why not now, in fact? No, honestly, no, seriously, why now? It's probably a good moment because the company has been consistently delivering good results. It was important to rebuild the trust. This is something that was very important for myself, for Laurent, for the teams who are here in the room, and the teams who are listening to us around the world. It was very important to demonstrate that we can align 11 quarters of results that are, you know, in line or above expectations and our own guidances. That's probably one of the reasons of the why now. The second part of the question of Robert, is why Paris, in fact? We believe that we are exploring again this option. We are still in the exploratory phase. We believe that there are in Paris, and in Europe more broadly, investors who are big lovers of the beauty category, and of the luxury category, and Coty is a beauty and luxury company. We believe that adding, you know, a new leg to the company can only be a plus. You know that there is a lot of investors willing to invest in Coty in the US, but they are not allowed because they are European-based. By the way, we have today 30% of our investors that are already European long-lead investors, which is 10% increase versus a year ago, but a lot of them could not access the stock of Coty in the US, and therefore, we are opening a door because there is demand for them to enter the Coty stock. Yes. Maybe you can shout without the mic. You're not that far. Oh, you have it. Thank you very much. Mourad from Exane BNP Paribas. I have three questions. The first one is on your prestige fragrance business. When you look at your brands, are there any single brand that perform outsized the other ones, perform much better than the other ones, or is it a broad-based, let's say, balanced growth among the brands? Second question is on your R&D costs. You spent a lot, you said very impressive, 120 scientists, 80 patents more. Could you share the number in terms of absolute figure and percentage of sales? Finally, there is a fair share of stock-based compensation in your P&L. How should we think about that going forward? Is it going to be repeated, or is it just a one-time thing? Thank you. Maybe I can start with the two first questions, if I remember well. The first one was: Is there a brand that's growing faster than the other brands? The answer is there are several brands that are growing quite well. If we look at our, you know, result that we presented at the end of the Q3, two or three months ago, we clearly outlined that brands like, you know, Burberry, and you can imagine that Burberry is doing fantastically well before the launch of Goddess, and I can only imagine how big it's going to be from there. Hugo Boss, fantastic growth. Calvin Klein, fantastic growth. These are, if I have to cite three brands that are, in a way, leading the growth of the prestige fragrances, these are the three brands indeed, leading the growth of this division. The second question was about R&D, if I'm not wrong, correct? There, you know, without getting into the L'Oréal way of telling you, we are putting 3% of our net revenue, we can tell you that this is something that we are targeting, you know, in terms of where to go. We are not far from this. We are just starting, in fact, to beef up our R&D organizations, in terms of know-how, in terms of ability to communicate, because today, R&D is not anymore a kind of back office, if I may call it like this, service. Because of the importance of science into skincare, they are becoming the voices of the brands. We are also beefing up these teams to become voices of the brands. We will be soon in Singapore Dermatological Congress, I think we are publishing something like, I don't know eight to 80, I don't remember. Maybe it's probably 80 or a large number of publications on how we are in fact, inventing the skincare of tomorrow, be it in terms of how to protect the skin from the visible light we see in this pollution. how to create new kind of filters for sun protection. You have to imagine that, you know, unfortunately, in a global warming world, owning this kind of patents is a competitive advantage, in fact, huh. When you know how to protect the skin from the harmful UV rays, pollution, that usually goes hand-in-hand with warming, you have a clear competitive advantage. You have another competitive advantage in the way we can make our fragrances last longer using the cyclodextrin technologies. Again, very, this is chemistry or physics, I don't know how to say it, but when it's warmer outside, your fragrance evaporates faster, as simple as it is. If you have the ability to modulate the way your fragrance evaporates, you can last longer, and this is a competitive advantage that only this company owns. In a way, it's worth giving more means to our R&D teams to target maybe one day the 3% of L'Oréal. That's another way, Laurent may be the last part of the question. Of course, on your third question, I said it made it very clear that, you know, reduction of share count is a key objective of the company. Concretely, you saw what we implemented last year, which is this equity swap, which is, you know, a total amount of 50 million shares done at an average price of $8. Definitely, you know, when I shared that we will start capital return in the coming years, we will do through this exercise. Keep this in mind that, okay, we have already, you know, in our hands, the tools to start, you know, this reduction of share count, we will continue, you know, by fiscal 25, fiscal 26, moving towards 800 million shares by that time. Sorry, I have final one. Do you have a put on Wella or those Wella have a core product? What I can tell you is that definitely we will divest, you know, the Wella stake by calendar 25, and this is our, you know, discussions that we have with skincare. This is definitely the way we operate and, you know, the agreement we have together. No other questions? No. Yeah, one there. Yes, please. Thanks. Deborah Aitken of Bloomberg Intelligence. Can I go to the U.S., please, and think about your consumer mass market? Are we seeing volumes holding up there and thinking about the pricing and what's happening versus some of your peers? We've seen some news today on the way that your key brands are working there, and very, very good commentary. Again, you know, we have two brands operating in this country. We have COVERGIRL, you know, the third brand of the makeup market in the U.S., and Sally Hansen, operating mainly on the nail business. Regarding COVERGIRL, again, one important information is that first, the brand is growing very fast, but in a market that's growing even faster, and this is thanks to one key player that some of you know, which is e.l.f. Beauty, which is doing a great job. If there are two brands increasing penetration in the U.S., and increasing penetration means higher volumes, not just because we do more launches, but because more people buy us, it's COVERGIRL and e.l.f. Beauty. Only two brands on the mass market U.S. business that are increasing penetration. This is really a, you know, something that give us a lot of, you know, trust and confidence, if I may say, to continue the COVERGIRL reinvention. Again, you know how I love to tell the story of Coty. The first two and a half years, because we're not yet to three years, the first two and a half years were really, I would say, fixing the fundamentals, you know. Sometimes to make people smile, I say it's a kind of warm-up. Then, the next phase is really the moment where you'll see the real know-how of the company, from R&D, to the way we launch the products, to brains in terms of marketing, positioning, et cetera. It's starting now and starting on COVERGIRL. I give you the example of Yummy Gloss that Alexis shared with you. This gloss, you know, is now beating its best, you know, sales forecast by six or seven times, I think. It's going to be close to 10 million, I think, units in this market. It's the most successful launch of the lip, you know, market in the U.S., and it's done by COVERGIRL. This is the new COVERGIRL, and by the way, because we platform our innovation, you'll see more or less the same kind of momentum, hopefully happening behind Rimmel, behind Bourjois, behind the Max Factor, which are not operated in the U.S. To summarize, I would say that we are increasing our volumes. Of course, the price element is very important, but we are growing in volumes, which is a good news, and this is thanks to an increased penetration behind COVERGIRL in the U.S. market. Thank you. A question leading on from what you've just said, actually. If I think about Bourjois and COVERGIRL and others, and the way that you talk about Rimmel London, they're really focused on different areas within Europe. We've looked a bit at new white space, but if we think about those particular brands, is there transition potential across Europe for some of those brands and from the US and vice versa? Sorry, I didn't understand the question. Like, are there brands, the key brands in the way that we think about them by country, are they fully exposed or is there good crossover potential by country, Europe to the U.S. and vice versa? You mean, are we internationalizing the brands? Yeah. That's the way I understood the question, Alexis. Maybe. You know, today what we are doing is, the U.S. is such a big market for COVERGIRL, that we are focusing on this market. Again, we've done tremendous progress in the last two years and a half. We've, we are, again, as I said, it increasing the penetration in terms of households, specifically among Gen Zs and the Hispanic community, which are the two parts of the population that are, in fact, holding the consumption of makeup in mass, in the U.S. Are we intending to take, COVERGIRL to Europe? Probably not. We believe, and in a way, what was seen as a weakness of Coty, which is to have local big brands, is probably going to become a strength, given the regionalization and the, all the geopolitical things that are happening. This idea of having champions that are local champions is a thing of the future, in fact, and so that's partly an answer to your question. Thank you. Could I ask one more, please? On AI and what you're thinking on AI, because we haven't really touched on that much today. Yeah. Thank you. On AI, again, we believe that AI can. Again, you know, it's interesting how life is. You know what? People were seeing us, you know, taking three or four years to catch up on content creation, et cetera, because it took many years for other players, those who are at least, the best in class, to do it. AI is changing the game. The same thing, live streaming is changing the way you sell products in China. AI is changing the way you create content, and this will allow us to leapfrog probably much quicker than expected. Thank you. Yes. Antonia, there is a question here. First row from Boston. Hi, Nicolas Proszenuck with Dardanelle. A quick question, maybe on own versus versus licensed brands. Given all the initiatives you have and brand building going on, are you able to communicate today what's the percentage of own versus licensed brands, and where you see the mix going with the mid to long-term horizon? I can't communicate this figure, but what I can tell you is that, you know, like everything in life, balance is super important. The idea is to keep this balance. We are not making a choice. We are, I think, the best partner for licenses, for fashion brands who are willing to go into this very complex and very competitive world that is the beauty one. We have a lot of people reaching out to us today, I can tell you, more than ever. On the other side, we have own brands. Hopefully, when we reach the two times, you know, leverage for the company, the cash we have will allow us maybe to do acquisitions, which are absolutely not forbidden, you know, and this is the way it works. Life is well made, you know, it three years to fix the fundamentals, two years until 2025 to, you know, see how much we can take these brands to the next level, and then we'll have a clear picture of what works, what has worked less, and therefore, what we are missing. The idea is not to look for everything that's on the market and grab it at any price. It's really to put money where there is potential of growth for the company, using the platform of the Coty ecosystem. Very good. Maybe one last for. For Laurent? For you and Laurent. Is the midterm outlook, too, as we think about some of the license that are going to expire, do you have some exit payments attached to some of these licenses that you could, you know, reinvest into the business? On license, and Sue made it very clear, there is no, you know, major license up to renewal, you know, within five years. And, you know, the average of our big license is 11 years. That's, so that's really where we are. Now, and beyond this, what's very important, and Sue made the point, is really that, you know, there is none above 10%. Always, you know, this objective of building, you know, this balanced portfolio, this is really, you know, the key action, that we are not, you know, in this kind of question. Definitely, the model is very well-balanced and really managing the portfolio exactly as Sue explained, you know, between license and own brands. This is definitely the way we manage. Thank you. One or two more questions. Online. One more from online, from korinne, from Piper Sandler. I know that you're not providing fiscal 2024 guidance yet, but is there any color on how we should be thinking about both the top line and the profitability in fiscal 2024? Should it be fairly consistent with our long-term algorithm? I think the answer is in the question. We will give guidance in end of August, definitely. We shared also our midterm guidance. Again, very consistent, you know, with what we disclosed already at CAGNY. More to come indeed in the earnings call at end of August. That's it? Okay, thank you very much for your time, for your questions and interactions. I think that is the right moment to go and visit some of our brands in stores. Correct, Olga? Anna? Exactly. For those who are coming to La Samaritaine, we're meeting in the hotel lobby, and then we'll divide into groups, depending on the color that you have on your name tag. For those who can't make it, there will be gift bags that Antonia has for you. See you shortly in the lobby. Thank you very much. Thank you, thank you very much. Thank you.