Okay, everybody, welcome back. I'm Steve Powers. I'm Deutsche Bank's head of the US Consumer Staples franchise, and I welcome you all to our next session. We have Coty returning to the conference. With us today, our Chief Executive Officer, Sue Nabi, and Chief Financial Officer, Laurent Mercier. Sue and Laurent will tag team on a presentation for about two-thirds or so of our allotted time, and then we'll use the balance of time for some Q&A. With that, I will turn it over to Sue. Thank you. Thank you. Good morning, everyone. Welcome. As you can imagine, we're very excited to be presenting at the Deutsche Bank Global Consumer Conference xagain, as we are now nearly four years into our successful journey, consistently outperforming the beauty market and delivering on our strategy in a profitable way. As we celebrate our 120th anniversary, it's clear more than ever that Coty is a beauty powerhouse with untapped potential. Our brands are iconic beauty pioneers, and our results and outlook confirm that we are as vibrant as ever and ready to lead the way in beauty for the coming century. Let me start by sharing with you an overview of the company. We are a company whose legacy is rooted here in Paris. Coty was founded in 1904, in France, as a fragrance pioneer in Paris, precisely, opening fine fragrance to all society with the launch of La Rose Jacqueminot, which was then the first fragrance that mixes synthetic ingredients and natural ingredients. We've been a global leader in beauty for the past 120 years. We are one of the few companies with two divisions that reach consumers across price points. This is a very critical element in our business diversification strategy, allowing us to deliver strong results in a variety of economic backdrops and across regions. As we've continued to drive the premiumization of the portfolio of the company, our Prestige division, as you can see it on the slide, now accounts for 64% of sales, up of 5% compared to fiscal 2021. Our Consumer Beauty division accounts for 36% of sales. We are also, as you can see it on the slide, diversified geographically. North America is roughly 30% of our revenues. Western Europe is 25% of our revenues. We are still relatively small in Latin America, in China and Asia Pacific, but again, as you can imagine, we see a lot of opportunities to grow meaningfully in each of these markets. And Travel Retail represents 9% of our sales and growing at an exceptional rate. Our strong and diversified business is underpinned by our R&D expertise. We have over 100 years of expertise across each of our core categories of fragrances and color cosmetics. We have a robust patent portfolio in skincare, in color cosmetics, but also in fragrances, and we have strong teams of scientists and industry experts working on each of our categories. As you can see on this very important slide, Coty continues to outperform the beauty market and our leading peers. We have delivered strong like-for-like revenue growth over the past 11 quarters, and in 9 out of these 11 quarters, we have been the fastest growing global beauty company. This is, of course, enabled by our strong and consistent execution, our presence in growing categories and markets, and our diversified business model. You can see here the fantastic portfolio of brands of the company that reach consumers across all price points. Starting with mass brands, think of CoverGirl or Rimmel, with many products priced below $10, all the way up to ultra-premium part of the market, with brands like Orveda Skincare and the recently launched Infiniment Coty Paris, priced between $150-$450. Our portfolio is not only beautiful, but is built for long-term success. We are focused on creating a strong balance between own brands and licensed brands, where the partnership with highly desirable fashion brands allow us to launch and scale new beauty lines in a more cash-effective and cost-effective way than internally developed brands or acquisitions. Of course, the critical element to our license model is assuring a very long partnership, while at the same time, continuously refreshing our license portfolio. As we've said before, we have long-standing license relationship lasting over 25 years. As you can see on this slide, in addition to our own brands, a significant part of our licensed portfolio is effectively perpetual, which together accounts for over half of our portfolio. For the licenses with a stated renewal date, the majority have very long-term remaining durations between 10-30 years, sorry. Altogether, approximately 85% of our portfolio is owned or under long-term license, spanning from over 6 years to effectively perpetual. Of course, we are focused on reinforcing the full portfolio, and for the remaining 15% of our portfolio, with a duration of, what, approximately 4 years, we are actively de-risking by, one, proactively renewing and significantly extending our licenses. In fact, in the last two years, you may have seen it, we have renewed and significantly extended licenses accounting for over 25% of our sales, confirming that our licensing partners continue to view Coty as the partner of choice for the long term. Number two, we continue to overdrive our own brands and our longer duration licensed brands, supported by top-notch innovation and leading execution. And finally, we're adding new and very long-term licenses to the portfolio. Think of brands like Marni, Etro, and our expansion into cosmetics under the Marc Jacobs license, in addition to many potential new partners approaching us. Overall, as you can imagine, we remain very confident in our portfolio's balance between owned and licensed brand, and may I remind everyone that no brand is above 10% of the net revenues of the company, and we will continue to allocate resources where there is long-term partnerships. Now, we continue to drive our business also through strong growth in our core categories, complemented by expansion across multiple white space opportunities. As you can see it on the slide, in prestige fragrances, which is a $40 billion market, which we expect to grow mid- to high-single digits in the medium term, we are the second player globally and continuing to outperform significantly the market. We are also well established in the $40 billion consumer beauty makeup market, which is here again, which is here, sorry, growing low- to mid-single digits, and where our own brands, like CoverGirl and Rimmel, are excelling. Looking forward, we're moving full speed to capture white space opportunities in prestige skincare, in ultra-premium niche fragrances, in prestige makeup, and lifestyle fragrances, and what we call wellness. In the $70 billion prestige skincare market, we have begun activating core Coty brands like Lancaster, Philosophy, but also Orveda, with promising initial results and more to come. The ultra-premium niche fragrance market is still relatively small, at roughly $4 billion, but growing very quickly, mainly with pure players. Our extension of some of our brands, like Chloé and Burberry, into this segment are already proving successful, with more to come as we grow Infiniment Coty Paris and introduce niche collections under brands like Jil Sander, but also upcoming Marni and Etro. In the $30 billion prestige makeup market, we've expanded some brands, like Burberry and Gucci, into this space with a Marc Jacobs makeup line, makeup line, sorry, coming in the next couple of years, while at the same time driving the strong Gen Z appeal of Kylie Cosmetics. Finally, we leverage the strength of our lifestyle fragrances like Mexx, David Beckham, Vera Wang, to capture a portion of the $36 billion lifestyle fragrance and wellness market. Remember, we have introduced six-pillar strategy over three years ago, and these continue to be our guiding principles. First, growing our consumer beauty business, our mission is to outperform the mass beauty market through disruptive innovation, amplified by social media advocacy engineering. Second, accelerating our luxury fragrance business and establishing the company in prestige makeup. We will open the door to luxury to more global consumers while continuing to elevate the prestige fragrance experience. Number three, building our skincare portfolio over the mid to long term. Our focus is on winning over the most discerning skincare consumers in our areas of excellence. Number four, step changing our organizational growth capabilities, including digital and R&D. We are shaping Coty into an organization which can create the must-have beauty products of tomorrow and capture the viral demand. Number five, expanding in Travel Retail in China, but also in other growth engine markets, as we introduce the next wave of middle and upper-class consumers to the world of beauty. And number six, of course, last but not least, becoming a sustainability leader, reinforcing our business for the long term. The global beauty market now, it continues to have very, very strong momentum, particularly in our core categories, and trends in the March quarter remain equally strong. As you can see, the global prestige fragrance market grew by approximately 10% in the first half of our fiscal 2024, ending in December, and growth actually accelerated in the third quarter to 15%. In addition, we've continued to see strong growth in the global mass beauty market, which grew a little over 10% in the first half and by approximately 6% during Q3. We are continuing to see strong beauty demand globally, spanning categories, price points, and channels, as consumers, as you can see it on this slide, continue to prioritize beauty in their spending habits. The recently published third-party data by Circana reinforces what we have been saying since a lot of time about the resilience of the beauty business and beauty demand. In fact, beauty was the only category that grew units in calendar 2023 out of all other consumer categories, including food, apparel, toys, electronics, among others. This confirms that beauty is a preferred category, and one that consumers are willing to pay more for, as growth in prestige beauty units outpaced growth in mass beauty units. All of this reinforces our confidence in Coty's strong multi-category, multi-channel, and multi-market business model. In this very favorable backdrop, Coty is continuing to perform well. Starting with our consumer beauty business, the work we've done to relaunch and grow our brands is paying off. Our revenue growth of 7% fiscal year to date is once again in line with the market, which grew by high single-digit%. In fact, in the last month, our largest consumer beauty brand, CoverGirl, in the U.S., expanded its market share by 40 basis points, fueled by significant momentum on Amazon. Our focus is to continue to deliver growth in line to ahead of the market, supported by strong momentum in brick-and-mortar, and particularly, very strong growth in e-com. In fiscal 2024, we focused on actively step-changing our social media reach to drive our brands and build stronger community management, underpinned by disruptive, unique, viral innovation. We are already seeing very strong positive results. In March, CoverGirl propelled to the number three rank for earned media value in the U.S. among the brand's peer set, which is a very strong increase from the number six rank in Q3 of last year. This speaks not only to the quality of CoverGirl disruptive innovation, think of Simply Ageless Skin Perfector Essence, as well as Outlast Lip Stain, but also to our ability at Coty now to activate where the launches have been amplified by thousands of influencers. At the same time, our leading European brand, Rimmel, has risen to the number four rank in earned media value in Q3 in the U.K. among the brand's peer set, up from the number five position in the third quarter of last year, as we are actively working with Rimmel's Creator Crew to develop new launches and promote our hero products. Shifting now to the prestige fragrance market, which continues to grow at strong double-digit pace. It's helpful to remind what's underpinning this strong and sustained category performance. Consumers globally are seeing fragrances as both affordable luxuries, but also feel-good items, supporting well-being, and as a result, consumers are moving up the fragrance penetration curve. Prestige fragrance penetration in the U.S. has grown strongly to the high twenties, but penetration still remains well below that in Europe of over 50%. Similarly, in China, fragrance penetration remains in the single digits, while among Gen Z consumers in Tier 1 cities, penetration is already over 20%, which is a great leading indicator where the market is going. Across markets, existing users are actually using fragrances more often. All this- all of this supports our expectation that fragrance demand will continue to grow above historical levels. While the prestige fragrance market itself remains robust, equally important, Coty has now established a multi-year track record of launching top-ranking blockbuster fragrance innovations. Beginning in fiscal 2021, as you can see it on the slide with Marc Jacobs Perfect, followed in fiscal 2022 by Gucci Flora Gorgeous Gardenia and Burberry Hero, then in fiscal 2023 with Gucci Gorgeous Magnolia, Burberry Hero Eau de Parfum, Hugo Boss Parfum, through this year's huge success, Burberry Goddess, which is Coty's biggest launch ever. We are continuing to build on our track record of exceptional fragrance launches with two new hits, which were launched this spring. Marc Jacobs Daisy Wild and Kylie Cosmic, which calendar year to date have reached the number two and the number three fragrance innovation spots, respectively. This multi-year track record of winning launches reaffirms Coty's position as a leading fragrance expert with best-in-class end-to-end capabilities from developing a winning scent, which resonates with consumers across all regions, to activating distinctive marketing campaigns, and finally, disruption in-store and online activations. In addition to these core categories, we are also continuing to expand in new channels and new categories, the majority of which are margin accretive. Our e-com now totals nearly 20% of sales, and strong growth in both Prestige and Consumer Beauty e-com sales drove our e-com growth of roughly 20% fiscal year to date. Our Travel Retail channel now accounts for 9% of our business, and sales here grew over 20% like-for-like fiscal year to date, even after cycling above 30% in fiscal 2023, with strong growth across all the regions. From a category perspective, we are still small, but rapidly unlocking opportunities in growth categories like skincare, which grew by double digits fiscal year to date, and prestige cosmetics, which also grew at a very strong double-digit percentage like-for-like fiscal year to date. While we are still small in niche fragrances, we are expanding through our ultra-premium collections and have also recently launched a pure player in this area, Infiniment Coty Paris, which is our most ambitious and premium fragrance project today, to tap into the rapidly growing ultra-premium niche fragrance market. We are also continuing to expand in growth engine markets, as you can see it on this slide, where we've unlocked key geographic white spaces in markets including Mexico, Brazil, Latam, Africa, Southeast Asia, India, China and North Asia. In total, these growth engine markets account for a sizable 18% of Coty sales, and our revenues in this market grew over 20% in Q3 and fiscal year to date. We expect these growth engine markets to be a key driver of growth in the coming years. Last but not least, our sustainability strategy, that we call Beauty That Lasts, is our path to delivering a more sustainable and inclusive beauty, with sustainability as our ultimate driver for innovation. I would like to highlight a few of our accomplishments from our fiscal 2023 sustainability report. Under our Planet ESG pillar, we committed to setting emissions reduction target in line with Science-Based Net Zero, and we exceeded our goals for 2030 on emissions from our own operations, energy reduction, and recycling rate. We were very proud, as you can imagine, to announce that as part of our dedication to the people pillar, we expanded our gender-neutral parental leave policy to set a global minimum of 14 fully paid weeks for all employees, regardless of gender or location. We also continue to make strong progress toward gender-balanced leadership. In fact, 47% of our leaders and a majority of the board and our executive committee are women. I'm very proud of the progress the organization has made across the key ESG pillars, and we will continue, of course, to be guided by our Beauty That Lasts sustainability framework. With that, let me turn it over to Laurent. Laurent, the floor is yours. Should I sit there? Thank you, Sue. Coty has made very substantial financial progress in the last four years, as we have significantly improved our P&L and balance sheet. We are focused on driving balanced growth across the portfolio. Our fiscal year to date, like-for-like revenue grew 13%, ahead of our fiscal 2024 guidance of 9%-11%. We delivered strong growth in both divisions, which was supported by a combination of volume, pricing, and mix. Geographically, our growth was broad-based, driven by double-digit growth in all regions. We are also reiterating the FY 2024 guidance, which we raised on our earnings call a few weeks ago. As a reminder, we are guiding to a strong FY 2024, with revenue growth at the upper end of the 9%-11% like-for-like range, supported by outperformance in prestige. Modest gross margin expansion, adjusted EBITDA margin expansion at the upper end of the 10-30 basis points range, adjusted EBITDA consistent with prior range of $1.08 billion-$1.09 billion, as EBITDA margin at the high end of guidance is partially balanced by Forex headwinds expected in Q4. We expect total adjusted EPS to be at the high end of the prior guidance range, excluding equity swap of $0.44-$0.47, implying strong growth at the upper end of 16%-25%. To sum up, I want to emphasize that growth remains strong, the beauty market remains very healthy, and our FY 2024 guidance implies low double-digit growth in EBITDA, which is above our medium-term algorithm and well above our initial guidance range of $1.065 billion-$1.075 billion. Taking a step back to frame our financial performance in the last few years, let's start with the P&L. Based on our expectations for FY 2024, in the last three years, we are on track to deliver a Like-for-Like net revenue CAGR of approximately 12%, an adjusted EBITDA CAGR of approximately 12%-13%, despite absorbing Forex hurts and the divestiture of Lacoste, and on track to grow our adjusted EPS by approximately 9x. Fueling the strong profit growth has been very strong margin expansion. Gross margins have increased by roughly 400 basis points FY 2021. the combination of strong top line growth, growth margin expansion, and savings delivery have allowed us to step up our marketing investments, which remain in the high 20s percentage. We are on track to increase our adjusted operating margin by roughly 450 basis points in the last three years to approximately 14% in fiscal 2024. At the same time, we have significantly improved the health of our balance sheet. Last year, we generated around $400 million free cash flow, and we expect FY 2024 free cash flow to be broadly consistent year-on-year, despite over $80 million of cash tax payment related to prior year tax balances. With deleveraging remaining a top focus, I am proud to say that we have lowered leverage by approximately 4x terms in the last 3.5 years, ending calendar year 2023, with leverage of approximately 3x. With a strong financial improvement in the last nearly four years, let me turn to the path ahead. Turning to the P&L growth algorithm, our outlook remains largely consistent with the algorithm we shared at our Investor Day in November 2021, and our Investor Day last July. We continue to see a like-for-like CAGR at the upper end of the 6%-8% over the next three years and beyond. We continue to expect gross margin in the mid- to high-60s by FY 2027, driving a 9%-11% EBITDA CAGR, and we continue to target a mid-20s EPS CAGR, supported by lower interest expense as we deliver and gradual reduction in share count. Over the past few years, we have steadily reduced our leverage, and we are on track to reduce our leverage towards 2.5 times and exiting calendar year 2024. By FY 2027, we expect adjusted EBITDA in the $1.4 billion-$1.5 billion range, free cash flow of over $500 million, leverage of around 2x exiting calendar year 2025 and beyond. Finally, this brings me to the framework for our capital structure and anticipated capital returns. First, we exited calendar year 2023 with net debt of approximately $3.3 billion and leverage of 3.1x. Over the next two years, we expect to generate at least $400 million in free cash flow annually, or over $800 million cumulatively. We remain confident in our ability to divest Wella by end of calendar year 2025, which is currently valued in our books at over $1 billion. Our capital allocation priorities remain deleveraging and cash returns to our shareholders, including executing the first tranche of our equity swap agreement in February, resulting in a share count reduction of 27 million. This should drive a very attractive capital structure by the end of calendar year 2025, including net debt below $2.5 billion and leverage around 2x, which we expect to reach through our free cash flow generation and EBITDA expansion. Cash returns to shareholders, including additional share buyback associated with our previously announced equity swaps. In calendar year 2027, we expect maintained financial leverage at around 2x, while deploying additional capital returns and potential for small-scale M&A. With that, we are happy to join Steve for some Q&A. Thank you very much. Have you in the center? Me in the center, okay. And you. That's new. I like it. Yeah. Okay, thanks for that. I think, you know, as you probably have encountered in conversations coming out of this last quarter, just, you know, despite the strong financial performance that Laurent just ran us through, there's been a lot of, you know, controversy, at least from my perspective, on just the cadence of your 3Q results relative to your 4Q guidance, and then the commentary you've made about sequential re-acceleration in the early part of fiscal 2025. You know, I think what your guidance implies is relatively stable volumetric performance on an underlying basis, but there's some base period effects that, Mm-hmm ... you have to kinda work through. Maybe you can just elaborate on that theme and just clarify. Yeah. Absolutely. I mean, first of all, as you saw during the presentation, I mean, the market remained very dynamic in our core categories and in our markets, with prestige fragrance growing in the last quarter 15% and consumer beauty in the mid-single digit. So indeed, very, very strong, a very strong performance. At the same time, indeed, there are some year-on-year comparison, as you just flagged. Indeed, we are skewing the revenue growth dynamics for Q4. So basically, as you remember, I mean, last year, again, very dynamic categories, but the industry was impacted by a component supply component shortage. And this drove to see our retailers, in fact, rebuilding inventories in the Q4 last year. And we saw indeed some, you know, mid-single-digit% acceleration volumes from Q3 to Q4. So basically, this is really a pure base effect, okay, impacting the Q4. But as you see, I mean, the dynamic remains very strong. In fact, the best way to look at the numbers in a simple manner and, you know, avoiding the stocking and restocking impact is really to look at the two-year progression. Mm-hmm. You can see indeed on this slide, when we take, in fact, the last two years, so compared to fiscal 2022, you see a consistent, three to four percent volume growth in prestige. So this was the case in Q2, this was the case in Q3, and we have the same dynamic in Q4. So I think this is really the good way to look at, and really to give you really the confirmations that the dynamic remain very, very, very robust. And indeed, even more to... We indicated during our earnings call- Mm-hmm ... that we do expect the year-on-year growth to improve a little sequentially, in fact, into the Q1 2025. So it's again, the confirmation that we are absolutely confident about the dynamic. So Q1 2025, to indeed, here again, we have a strong base, because last year, as you may remember, Q1 was +22%. Mm-hmm ... in prestige fragrance. And this was driven also by some retail inventory. But again, even with these elements, we remain confident absolutely with the same dynamic of this 3%-4% volume growth in prestige compared to two years ago. So again, we are, we are very, you know, positive and really as we see, you know, entering the FY 2025. And again, this growth will keep, you know, be supported by again always a balanced algorithm, which is volume, mix, and pricing. Mm-hmm. Okay. Okay, Great. Thank you for that. And so nice segue into next topic, which is the long, medium to long-term outlook implies pretty sizable, solid, and consistent margin expansion to drive that EBITDA growth that you had talked about, Laurent. I know there are a number of drivers in there. There are productivity savings, there's just general sales levers, there's accretive business mix. But maybe you could talk about kind of order of magnitude. So the biggest contributors to that gross margin outlook or that margin outlook in general. And then if there are any, you know, notable headwinds that you're positioned to overcome. Absolutely. As I shared during the presentation, and you saw really the strong acceleration in gross margin. So we were, you know, about 60% four years ago, and now, I mean, you saw in Q3, in fact, we are above 65%. So you see really that, you know, the path really, and all the actions to improve the gross margin have delivered. How did we do that? Definitely, this was under the umbrella of the All-in to Win program. So end of last year, we were delivering cumulatively $600 million savings. This year, we're on track to deliver $110 million-$120 million savings, and we have new activities for next year to deliver $75 million. So it means that in five years, we deliver $800 million savings, and a big part of these savings, in fact, are impacting the gross margin. Okay, these are cost of goods savings, either manufacturing, procurement, platforming, simplifying our portfolio. So this was really a key enabler for the gross margin expansion. Number two is mix, definitely, and this will continue. Definitely, all the work, all the initiatives that were presented, you can understand that they are mix accretive, all the innovations, and within each category. This is the case in Prestige, but this is also the case in Consumer Beauty. Pricing, I mean, we are very, you know, precise, targeted on pricing, and this was a big driver of gross margin despite strong inflation. So now, looking ahead, we continue this program. So it means that definitely now we are targeting, you know, to be, you know, in the mid-60s to high 60s in the coming years. And of course, this will also fuel the EBITDA expansion, and definitely now getting close to, you know, the 20% EBITDA margin in the coming years. So indeed, everything is at play. You know, all the indicators are really here to deliver. And again, on mix, you understand that this is a work within each category. You saw that now Prestige is also 64% of the category, and also the geographical mix also will help. So we continue this gross margin expansion and EBITDA margin expansion. Very good. So you had highlighted the Infiniment Coty launch, which is- Mm ... which is a new endeavor in terms of building the prestige fragrance franchise under Coty's own brand. Yep. Any kind of early indications of that launch? And then do you think the company is positioned to build more of its own portfolio under its own brand? So again, it's a great moment to give feedbacks about this very fresh launch. It started, what, three months ago, maybe in March, so even less than this. It's off to a very strong start, I have to say, and it's really exceeding our targets for the first three months. But this is an ultra-premium fragrance collection, and you know how to build the ultra-premium fragrance collection at launch. It's by creating, first, exclusivity and desirability before expanding to a large number of stores. So this is exactly what we are doing. We might accelerate even a little bit because the start is very good. Mm-hmm. We are seeing a very good traction on DTC, because this brand is also a DTC brand. It accounts today for two-thirds of the performance of the brand. And it's fueled mainly, which is very interesting for us, because we are learning advocacy with CoverGirl and Rimmel, and we see it at play also at the upper part of the market. So advocacy- ... Just by changing the quality of people, I mean, be it a fragrance expert or color cosmetic expert, it's really the same rule that is working across the portfolio. So this is really what's allows us to have this very good performance. Fragrance lovers, people who are into this industry, I hear more and more that this is one of the best, if not the best, niche launch of the last decade. And I really encourage everyone in this room to go and see the store, which is in Paris, which is Rue des Blancs-Manteaux in Le Marais. This store is probably going to give you an idea of what should a fragrance store, niche store, look like in the future. We have also... We are starting already to expand the brand in Europe with several doors, mainly niche doors. You know, if you think about Paris, go to Jovoy, for those who know this door, which is a very, very powerful door, because the brands that are there are really created to be the brands that the people who love these kind of fragrances should buy. I also encourage you to visit soon in New York, a store on Madison Avenue. So this is going to open in the coming months, so we'll let you know so that you can also visit this. So as you can imagine, we remain super excited about the potential for Infiniment Coty in the coming years. This is also done on the 120-year anniversary. Last but not least, and you were referring, B, to the second part- Yes ... which is about the licensing model. There is two markets in niche. There is the pure players that are not tied to fashion. This is the fastest growing part of the niche market, and this is where Infiniment Coty is playing. So it's really a part where we did not have anything, and we cannot do it with fashion brands. Mm-hmm. And then there is collections, you know, inside fashion brands, which is a very different market. It's not the one that's growing the fastest. So that's the first element. At the same time, the licensing model, as I said it during my presentation, is very important part of our business as you know it. We value, of course, all these partnerships we have, including the recent ones, which have on average, 25 years of duration. As we have discussed during this presentation, 85% of the portfolio are owned under very long-term licenses for over six years to effectively perpetual. And we will continue, as you know it, and we said it several times, to de-risk the portfolio, through a combination of, one, actively extending our licenses. You've seen it. Overdriving, and that's a very, very important point, overdriving those brands that are owned, like Infiniment Coty Paris, or with longer license durations. Last but not least, adding new licenses. You've seen Marni and Etro joining the Coty collection, and they're with multi-decade duration. Overall, we remain very confident in our portfolio's balance between own brands or long-term standing license brands. Very good. I would love to keep going, because I do have more questions, but I also am staring at four zeros, so I'm gonna have to wrap up there unless you have any- I think we covered most of the key points. Unless you have any final thoughts. No, no, I think we covered all the time. Very good. Thank you very much for your attention, and hope to see you soon. Thank you very much.