Good afternoon. Welcome. I'm Jennifer Davis, Vice President of Investor Relations. Thank you for joining us for our 2025 Investor Day. Before we get started, I wanted to make a quick reminder about forward-looking statements. Today's presentation includes forward-looking statements which are subject to risks and uncertainties that could cause actual results to differ from those we expect. Our disclosures are up on the screen now, or you can refer to our filings on our website for more extensive risk factors. Also, unless otherwise noted, all financial information during today's event will be presented on a non-GAAP basis. To view the corresponding GAAP measures and related reconciliation, please view the appendix at the end of the slide presentation. In terms of our agenda for today, we will start with Capri's strategy and outlook. Leaders from Versace, Jimmy Choo, and Michael Kors will present their strategies, and we'll finish up with Q&A. We'll take a quick 15-minute break between the Jimmy Choo and Michael Kors presentations. In terms of presenters, our Chairman and Chief Executive Officer John Idol and Chief Financial and Chief Operating Officer Tom Edwards will discuss Capri's strategy and outlook. Versace CEO Emmanuel Gintzburger and Versace's Global Vice President of Marketing and Communications Georgina Scholtens-Day will present Versace's strategy. Jimmy Choo's CEO Hannah Colman and Jimmy Choo's Chief Client Officer Helene Phillips will present Jimmy Choo's strategy, and Michael Kors' CEO John Idol, Michael Kors' Senior Vice President of Brand Communications Denise Guerra, Michael Kors' Chief Brand Officer and Chief Product Officer Philippa Newman, and Michael Kors' President of North America Retail Anne Walsh will present Michael Kors' strategy. With that, I'd like to turn it over to John. Good afternoon and welcome to Capri Holdings' Investor Day presentation. We're excited to be here today to discuss our future growth potential. I would like to take a minute now to share with you Capri's foundational pillars. First, we have three incredible fashion luxury brands: Versace, Jimmy Choo, and Michael Kors. All have incredible histories that resonate with consumers globally. Second, we have a global distribution network of 1,200 retail locations combined with a strong digital platform. Additionally, we have an extensive wholesale network that serves as an important channel to reach consumers in areas where we do not have our own stores. Third, we have the management team, design talent, and global workforce of dedicated employees to successfully execute our initiatives. Fourth, we have the financial strength to implement our strategies. Now I'd like to talk about Capri Holdings' strategic pillars. First, we plan to maximize the full potential of our three distinct fashion luxury houses. Second, we will engage and inspire both new and existing consumers through exciting, impactful communication. Third, we will design innovative fashion luxury products. Fourth, we will deliver exceptional consumer experiences through every touchpoint and channel. And fifth, we will build upon our corporate values with communities both internally and externally. With our foundational and strategic pillars in place and with the growth initiatives we are about to share with you, we are confident about the future growth potential of Capri Holdings. Now I would like to turn it over to Tom, who is going to discuss our financial outlook. Tom? Thank you, John, and good afternoon, everyone. It's a pleasure to be here with you today. I'm really excited to share our group's strategic growth plans to drive momentum and increase profitability across our businesses. We have a solid foundation to build upon with our three incredible fashion luxury brands with Versace, Jimmy Choo, and Michael Kors. Our brands are well-established and resonate with consumers, and as we execute our strategic initiatives, we're optimistic about our long-term growth potential. Starting with revenue, we expect to return to growth in fiscal 2027 and grow to $6.3 billion in the future. Across all our luxury houses, we are focused on brand desirability through exciting communication, compelling product, and omnichannel consumer experience. While our strategies are tailored uniquely for each brand, our overarching goals are similar. First, in terms of communication, our primary objective is to engage and inspire both new and existing consumers. Second, in terms of product, we are committed to creating exciting fashion that resonates with our consumers. Third, we will deliver exceptional consumer experiences through every touchpoint and every channel. While we are excited about Capri's future growth potential, our initiatives will take some time. New product at Versace and Michael Kors is beginning to flow in for spring, but the more significant changes will be seen by fall and holiday. Also, in the near-term, we are being impacted by the reduction in wholesale distribution, store closures, and foreign exchange. As a reminder, we anticipate FX will negatively impact fiscal 2026 revenue by approximately $100 million, and store closures will impact revenue by approximately $60 million. As I mentioned, we expect to return to growth in fiscal 2027. For operating margin, we expect expansion beginning in fiscal 2026, with margins reaching high-teens% of sales in the future. We anticipate 50 basis points of gross margin expansion annually and are actively implementing expense reduction initiatives. We expect operating expenses to decline $100 million in fiscal 2025 and $200 million in fiscal 2026 for a combined total of $300 million over two years. We then expect expenses to remain stable in fiscal 2027 and 2028 off of the fiscal 2026 base. As our business returns to growth, we will continue cost reduction and efficiency initiatives to offset natural expense increases. Overall, we expect to generate meaningful expense leverage as we return to growth. Now turning to revenue by brand. With our strategic initiatives and the strength of our brands, we are confident in our ability to return to revenue growth. For Versace, we expect future revenue of $1.5 billion, increasing to 24% of Capri's total. Relative to our fiscal 2025 estimate, we expect Versace to generate incremental revenue of approximately $700 million in the future. Looking at Jimmy Choo, we anticipate future revenue of $800 million, remaining at approximately 13% of total Capri revenue. Relative to our fiscal 2025 estimate, we expect Jimmy Choo to generate incremental revenue of approximately $200 million in the future. And for Michael Kors, we anticipate future revenue of $4 billion, increasing in terms of dollars but decreasing to 63% as a percent of the total. Relative to our fiscal 2025 estimate, we expect Michael Kors to generate incremental revenue of approximately $1 billion in the future. The leadership teams at Versace, Jimmy Choo, and Michael Kors will walk you through the respective plans in more detail. After hearing from them, I think you'll understand why we are so excited about our future growth potential. Now looking at revenue by region, we anticipate growth across all geographies beginning in fiscal 2027. For Asia, we expect revenue to increase to approximately $1.2 billion, increasing to 19% of total company revenue. In China, we expect revenue to begin to stabilize in fiscal 2026 and return to growth in fiscal 2027. And we remain optimistic about our opportunity in the rest of Asia. We continue to believe Capri has tremendous untapped potential as all of our luxury houses are underpenetrated relative to peers in the region. Relative to fiscal 2025, we expect to generate incremental revenue of over $500 million in Asia. Looking at EMEA, we anticipate a return to growth in fiscal 2027. Over time, we expect EMEA revenue to increase to $1.9 billion, increasing to 31% of total company revenue. Relative to fiscal 2025, we expect to generate incremental revenue of nearly $700 million in EMEA. For the Americas, we anticipate a return to growth in fiscal 2027. Over time, we expect Americas' revenue to increase to $3.1 billion, with the regional percentage of total falling to 50% as we expect greater growth out of Asia and EMEA. Relative to fiscal 2025, we expect to generate incremental revenue of approximately $700 million in the Americas. Now looking at revenue by channel. In retail, we anticipate a return to growth in fiscal 2027. Over time, we expect retail revenue to increase to $4.7 billion, increasing to 75% of total company revenue. We expect to generate strong e-commerce growth by leveraging our large and growing databases and utilizing the capabilities of the significant investments made in e-commerce over the last couple of years. We expect retail store sales to increase, reflecting higher store sales densities driven by our product initiatives, fleet optimization, and at Michael Kors store renovations. In addition, we plan to open new stores over time to further support growth. In the near-term, we are closing stores in fiscal 2025 and 2026, but we expect to begin to return to net store growth in fiscal 2027. Overall, we anticipate approximately 1,225 locations globally in the future, with growth coming from all three of our brands. Relative to our fiscal 2025 estimate, we expect to generate incremental revenue of approximately $1.5 billion in the retail channel. As John mentioned, wholesale remains an important and profitable channel. It is complementary to our own stores, providing additional points of access. We anticipate a return to growth in the wholesale channel in fiscal 2027. Over time, we expect wholesale revenue to be approximately $1.3 billion, declining slightly to 20% of total company revenue. We expect future wholesale revenue dollars to be roughly similar to fiscal 2024 levels. However, relative to our fiscal 2025 estimate, we expect to generate incremental revenue of approximately $300 million in the wholesale channel. Turning to operating margin and looking at it in more detail, we expect future operating margin in the high-teens range as a percent of revenue. This reflects high-teens operating margin at Versace, low double-digit margin at Jimmy Choo, and low 20% margin at Michael Kors, as well as corporate expenses of approximately 3% of total company revenue. Looking at margin drivers, we anticipate approximately 50 basis points of gross margin expansion annually and meaningfully operating expense leverage. In the near-term, we're focused on reducing operating expenses to better align with our sales trends. As I mentioned, operating expenses are expected to decline by $300 million in fiscal 2025 and 2026 combined. Some of the actions we have taken include global headcount reductions, store closures, office consolidations, supply chain efficiencies, and other back-office efficiency measures. We anticipate operating expenses to remain stable at the fiscal 2026 base and will continue expense reduction and efficiency initiatives to offset natural increases as our business returns to growth. Turning to investments, we plan to spend $125 million in CapEx in fiscal 2025 and 2026 and then increase to $200 million in fiscal 2027 and 2028. The majority of the increase will come from Michael Kors store renovations. Over the next three years, we plan to renovate approximately 50% of the Michael Kors store fleet. Retail locations are one of the cornerstones to rebuilding sales growth, and we believe the global store renovation program will help change the trajectory of our business. Over the past year, we've renovated several stores in a new format that you will see from the Michael Kors team later. While still early, we are pleased with the results. Now looking at our store fleet in more detail, we're in the process of executing our store fleet optimization program. We are closing over 100 doors in fiscal 25 and closing approximately 75 doors in fiscal 26. We'll have a few openings as well during this timeframe, but expect significant net closures overall. Beginning in fiscal 27, we anticipate returning to growth. We will continue to open locations in the most fashionable cities and sought-after shopping destinations around the world. While this chart is focused on store numbers, our store plans include renovations primarily at Michael Kors, as I mentioned, to ensure the most engaging and relevant consumer experience. Over time, we expect 300 luxury locations for Versace, 225 for Jimmy Choo, and 700 for Michael Kors. Turning to capital allocation, we expect Capri to generate strong free cash flow in the future and currently. Our first priority is always to invest in the business. This includes the store renovation expansion program at Michael Kors, as we just covered, as our retail locations are one of the cornerstones to rebuilding store sales growth. Our second priority is to repay debt, which we will do over time. We expect to reduce debt by about $200 million per year and end fiscal 2028 with approximately $600 million in net debt. Our third priority is to return cash to shareholders via share repurchase. As the business stabilizes, this supports stronger free cash flow and the potential to resume share repurchases. We believe our share price is compelling at the current valuation and that share repurchases could create additional shareholder value. In conclusion, with the strategic initiatives the teams will walk you through today, combined with the strength of our three powerful iconic brands, I am confident that Capri Holdings is positioned to return to revenue growth and earnings growth, as well as increase shareholder value. Now I'd like to turn the presentation back over to Emmanuel. Thank you, Tom. Good afternoon, everyone, and thank you for joining us today. My name is Emmanuel Gintzburger, and I'm the CEO of Versace. Versace is an incredible brand, rich with almost 50 years of history, codes, and iconic fashion moments. A full lifestyle founded by Gianni Versace and brought forward by Donatella Versace. I am thrilled to share with you our strategic vision and growth trajectory for the brand. Today, we'll be reviewing Versace's strategic vision, key product initiatives, our plan to enhance the consumer experience, and then Tom will cover our financial outlook. But before we start, two years ago, we embarked on a brand repositioning journey. We know we're doing the right thing in elevating the brand, as we are seeing great reception from a broader client base, particularly from the luxury consumer. In the recent context of the industry, we believe we might have moved a little too quickly for the aspirational clients. So we lost some ground here due to our historical exposure to this consumer segment. However, as we have quickly adjusted our product offer, particularly in accessories and footwear, we're starting to see some traction that gives us confidence to move forward. We are in the middle of doing the work to reposition and elevate the brand. And we are really confident and excited by what is to come and the tremendous potential of Versace. Versace has a clear roadmap designed to accelerate growth and reinforce its position as a leader in luxury fashion. Our three key pillars are communication strategy, where we will continue to leverage strong brand awareness and engage and inspire new and loyal consumers through storytelling and data-driven insights. Product strategy, by strengthening our core categories while balancing fashion and timeless design, with a strong focus on accessories and footwear. Third, consumer experience, by enhancing retail efficiency, digital transformation, and wholesale expansion. I'm pleased now to introduce Georgina Scholtens-Day. She's the Global VP of Marketing, Communications, Digital, and Customer Journey. Georgina is going to walk you through our brand vision and communication strategy. Then I will cover product and consumer experience before turning it over to Tom to go through our financial outlook. Thank you, Emmanuel, and good afternoon, everyone. As Emmanuel was mentioning, we embarked on a repositioning journey that reflects the true potential of our iconic Italian luxury house. Part of this journey was to define precisely a brand promise that resonates with consumers. This translates to, Versace creates Italian luxury fashion that empowers individuals to stand out and express their own style and identity. Our brand vision is simple yet powerful, free to be. We empower individuals to express their authentic selves and to stand out unapologetically. Our communication strategy is built on leveraging our already powerful brand awareness. We'll continue to engage and inspire both our loyal clients and a new Versace community, integrating compelling storytelling designed to make people feel confident about self-expression. We're Italian, fashion-forward, and we underpin our house codes and hero products, driving consumer engagement. Here is an example of our Kleio bag with the iconic Medusa '95 code, displaying craft and our fashion DNA. There is a power in being confident. Something happens to you when you wear Versace. And our name, visible on our new Tag bag, invites consumers to have a piece of that confidence. The attitude of the global talents we select shows their strength in a unique way. This image features our Chinese ambassador, Rosy Zhao, with the T ag bag owning her own style and identity. Launched this past holiday season, the Tag bag already represents 20% of our full-priced handbag sales, a cornerstone of our growth opportunity with younger and aspirational clients. Footwear is a statement of the Versace woman. Our infamous platforms, now with the prominent Medusa house code, are heavily featured in seasonal colors, driving both consumer engagement and that must-have fashion statement. In women's ready-to-wear, the fabric innovation is a pillar of the Versace heritage. Here in our spring imagery is the iconic metal mesh and tailoring. In menswear, both the attitude and the silhouette is modernized. The Versace man today is visibly present and confident. Leveraging our strong house codes, also in ready-to-wear, this is a new and fresh interpretation of our iconic Barocco print. Attracting new consumers is central to our strategy. Diversifying our client base through high-net-worth individuals, this year, Versace is showing double-digit growth in the top-tier consumer segment. We do this through inviting our clients to be a part of our world, through exclusive occasions such as fashion shows, private client dinners, and discovering the heritage and the DNA of the house. The Versace name holds a powerful position in the music and entertainment sphere. Through major celebrity moments, this allows us to position visibly, attracting a younger and highly engaged audience. Blending data with storytelling and analytics is essential for driving growth. Recently, we have invested in technology utilizing AI to segment, predict, and scale powerful clienteling strategies for a personalized customer journey. With these tools in place, we have the ability to foster stronger connections with the right audiences. Today, our client outreach is driving 30% of our revenue, and these clients show an increase in both their frequency and their spend with the brand. Accelerating the growth of our database remains a priority at Versace. Our client database has grown year- over- year and continues to deliver new customer acquisition, showing our strategies are delivering engaged new consumers. I will now hand back over to Emmanuel to walk you through our product and consumer experience strategy. Thank you, Georgina. Our product strategy focuses on four key areas. Our focus on our iconic and recognizable house codes, growing our accessories to $600 million, scaling our footwear business to $250 million, and increasing revenues in the menswear segment. Our key strength is our iconic house code. As we are repositioning the brands, we will leverage our signature Medusa, Greca, and Versace name to strengthen brand recognition and desirability across product line. Medusa is our most recognizable house code. It's applied in different treatment and hardware. Greca continues to be very visible across categories, and the Versace name is key to our visibility. Recently applied on accessories with a tag line, it helps us to increase our awareness and build a new pillar. Starting with accessories, we will grow this category to 600 million, leveraging strong house code. To achieve this, in addition to the important launch of a new luxury line at our fashion show next week, we will build longevity and timelessness across our groups, and we will broaden our price architecture. The recent and successful launch of the Versace Tag shows that we are moving in the right direction, and consumers are responding. Now, turning into footwear, we will scale revenues to $250 million by building a hero product that drives desirability, reinforce our house code across our lines, and here too, broaden our price architecture. We have been successful in platform shoes above $1,500 and sneakers below $600 with the recent launc h of Galaxia. We're now designing core functions with heels and formal shoes in particular. Now looking at men's, to increase revenues to $300 million, we will balance creativity and timeless design built on a more complete wardrobe, particularly in tailoring and sportswear, helping us to broaden our consumer base. This will be reinforced also by investing more in communication on men, while women was the primary focus of the recent years. And finally, licensed products. It's already today a sizable and growing $2 billion revenue business at point of sale. This is a leading indicator of the strength of the Versace brand. We are continuing to build strong revenue streams from eyewear, beauty, and watches. We are excited by the new strategic launches with these categories, which are planned in the coming 18 months. We project an important shift in our product mix, moving toward a greater share of accessories while maintaining a balanced portfolio of footwear and ready-to-wear across gender. With this mix, we believe we will be well positioned to sustain long-term growth and profitability for the brand. While we are focused on delivering exceptional consumer experience across channels, we want to bring our retail footprint and e-commerce efficiency to full potential and increase wholesale revenue. Starting with retail, we are leveraging our global network of luxury retail locations, but we'll have a flagship-first approach in key capital cities, balancing full brand exposure and high profitability. While we are optimizing our fleet today, there will be further retail expansion in the future with the right opportunities. We are planning to double our sales density over time, focusing on retail excellence and omnichannel capabilities. As part of our elevation strategy, we reduced end-of-season markdown and stopped all discounts of handbags in our full-price stores. While this is having a significant impact on sales in the short- term, we know it's the right thing to do to better position the brands in the future. The two main drivers of our sales density will be full-price sell-through and conversion with effective clienteling activity. The recent retail activations with the right balance between high-visibility takeover, ultra-segmented clienteling events, and pop-up in high-traffic locations have proven to be right for us. We will double down on this model moving forward. Now looking at our stores, this is the façade of our Avenue Montaigne flagship, one of the best luxury real estate locations in the world. Our stores have the right blend of strong brand statement and DNA, storytelling, VIC engagement, and an impactful visibility of strategic categories like accessories and shoes. Moving to e-commerce, we project to double revenues to $250 million. We have invested over the past three years in omnichannel capabilities, helping us to scale and position our site as the full brand window and traffic generator. Next is to implement a strong offline experience to our online VICs and reinforce our digital ecosystem. Finally, looking at wholesale. As the market is evolving and consolidating, we believe we can rebuild stronger partnerships with fewer retailers and benefit from the brand acceleration in accessories, footwear, and ready-to-wear, and grow our revenues to $300 million. This will also involve applying our retail capabilities to our wholesale footprint. Now turning to Tom to walk through our financial outlook. Thank you, Emmanuel. As you heard, we are very excited about the future of Versace. For revenue, we anticipate achieving $1.5 billion in the future. As Emmanuel and Georgina mentioned, VIC customers are growing double digits as they respond positively to the more sophisticated offering. We are seeing initial success from expanded pricing architecture for instance, the Tag bag, and see significant potential to grow accessories and footwear. While we are excited about the future growth potential, these efforts will take time. In the near- term for fiscal 2026, we are still being impacted by the reduction in markdowns, the reduction in wholesale distribution, and FX headwinds of about $30 million. Overall, we expect to return to growth in fiscal 2027. For operating margin, our future target for Versace is in the high-teens. We expect gross margin expansion driven by our reduction in markdowns as well as by our new pricing architecture, which will drive higher full-price sell-throughs and AURs. Longer- term, we expect growth in accessories will also benefit gross margin. But the biggest margin driver is expected to be expense leverage as sales return to growth. Looking at growth by region, starting with the Americas, we anticipate approximately 33% of revenue to come from the region in the future. We expect revenue growth in the Americas to resume in fiscal 2026. Over time, we expect Americas' revenue to increase to nearly $500 million. Relative to our estimate for fiscal 2025, we expect to generate incremental revenue of approximately $250 million in the Americas. In EMEA, we anticipate approximately 40% of revenue to come from the region as it grows to become the largest region for the brand. We anticipate revenue will return to growth in fiscal 2027. Relative to our fiscal 2025 estimate, we expect to generate incremental revenue of approximately $250 million in EMEA. Turning to Asia, we anticipate approximately 27% of future revenue to come from this area. We anticipate revenue will stabilize in fiscal 2026 and grow thereafter. Over time, we expect Asia to increase to over $400 million in revenue. Versace has untapped potential in Asia and is underpenetrated relative to luxury peers. Relative to our fiscal 2025 estimate, we expect to generate incremental revenue of nearly $200 million in Asia. Now looking at revenue by channel. In retail, we anticipate a return to revenue growth in fiscal 2026. Over time, we expect retail revenue to increase to $1.1 billion and penetration to be 71% of total Versace revenue. We anticipate e-commerce growth driven by the investments we have made over the past two years in our omnichannel capabilities and expect e-commerce to increase to $250 million. For retail store sales, relative to our 2025 estimate, we expect to generate incremental revenue of $470 million over time. We will do this by leveraging a flagship-first approach in key cities, opening new stores over time, and increasing store sales densities as we execute retail excellence and leverage our omnichannel capabilities, increase full-price sell-throughs, and drive conversion through clienteling. In wholesale, we anticipate a return to growth in fiscal 2027. Over time, we expect wholesale to reach $300 million or 20% of total brand revenue. We plan to achieve this by rebuilding strategic partnerships and building out our leather goods, footwear, and men's categories. Relative to our fiscal 2025 estimate, we expect wholesale to generate incremental revenue of nearly $200 million over time. In conclusion, we are confident we can grow Versace revenue to approximately $1.5 billion while expanding operating margins to the high-teens range. Now, I would like to turn the presentation back over to Emmanuel. Thank you. To conclude, we believe Versace is at an exciting inflection point, reflecting its incredible potential as a leading luxury house. To drive our revenues to $1.5 billion, we'll focus on leveraging our high-level brand awareness, broaden our client base across consumer profiles, double our accessory revenue, accelerate our footwear sales, drive retail and e-commerce to full potential, and increase our wholesale revenue. We believe that these strategic initiatives. We will continue to build on Versace's legacy of unparalleled fashion and innovation that resonates with the consumer worldwide, and we are optimistic and excited about the future of Versace. Thank you. Now I'll hand over to Hannah Colman to talk about Jimmy Choo. Good afternoon, everybody. It's such a pleasure to be here with you today. Thank you. Jimmy Choo is an iconic British luxury house with nearly 30 years of heritage. With its origins as an atelier with handmaking bespoke and handmade shoes, Jimmy Choo has grown into a globally recognized luxury house. We are masters in artisanal craftsmanship and innovative design at the heart of our brand. Today, we will be sharing our future vision for the house. We will step you through how we will continue to build on our brand DNA, drive growth across product categories, channels, and geographies. Our strategic initiatives are centered around communication, product, and client experience, and we will be walking you through these. I am going to turn over to Helene Phillips, our Chief Client Officer, to take you through our brand vision and communication strategy. Then, I will cover product, client experience before handing it over to Tom Edwards to go through Jimmy Choo's financial outlook. Hi, everyone. I'm Helene Phillips, Jimmy Choo's Chief Client Officer. It's my pleasure to be here with you today. Let's start with brand vision: igniting joy, empowering achievement. Igniting joy is at the heart of everything we do, from products to campaigns to client experiences. Empowering achievement. Jimmy Choo marks moments in people's lives. Winning actress and style icon, Chloë Sevigny, a woman who personifies confidence, achievement, and joy. Play video, please. I do enjoy glamour, but some people define it in such disparate ways. Sometimes when someone says, "Isn't this glamorous?" I say, "In what world?" Glamour is the line between effortless and poised, sophisticated and chaotic. It is absolutely worth any amount of effort, of course. At Jimmy Choo, we all agree with Chloë. Glamour is absolutely worth any amount of effort. We drive brand equity and conversation through our lead talent strategy, as seen in recent campaigns with Sydney Sweeney, Winona Ryder, and now Chloë Sevigny. We reinforce our brand's message of igniting joy and empowering achievement through our community of influencers. These campaigns result in high double-digit increases in traffic and engagement across our digital channels, fueling brand heat. We lead with glamour in everything we do. Here you see two hero Jimmy Choo products, our Bon Bon Bag and our iconic Drop Heel. Launched only one year ago, our successful Drop Heel now represents 10% of all footwear sales. The JC monogram is a key signifier for the house. We reinforce this monogram across all campaigns and play it across all product categories. Here you can see the monogram celebrated in one of our bridal campaigns. We protect and strengthen our bridal authority, as this is a key client acquisition category for us. Accessories are a key strategic growth driver for the house. Here you can see our beautiful, best-selling Cinch bag, the newest addition to our Bon Bon family, which launched last summer. We reinforce accessories consistently across all marketing channels to gain market share and increase brand awareness for this category. I'm thrilled to report the Cinch bag has been the fastest-selling Jimmy Choo day bag in the last five years. We're building on the success of this shape by introducing new materials and animations for each season. We have been making shoes for almost 30 years, and we are masters of our craft. We know our client and have authority in this category. We are going after a greater share of her shoe closet. From day to night to weekend, we answer all of her shoe needs, dressing her 24/7. We want our clients to live in Jimmy Choo. Talking about 24/7, here is Sydney Sweeney in our Diamond trainer, epitomizing casual glamour at Jimmy Choo. We see men's as a growth opportunity for the house. With the Jimmy Choo man, we play on our British heritage and our established reputation for excellence in design and craftsmanship. We have built a successful regional ambassador program and community of influence. We have Wang Yibo and Victoria Song in China. Both have over 50 million fans on Weibo. Our globally tiered influencer program is proving successful. It drove over 1.3 billion impressions last year across global platforms, and we continue our strong track record of strategic brand collaborations. From Sailor Moon, leveraging the fandom of anime, to Malbon Golf that reinforces the casual, glamorous lifestyle of the brand. We have seen strong database growth and sell-throughs from these capsules, further expanding our brand reach to new audiences. Our communication strategy augments storytelling with data analytics, allowing us to personalize our marketing strategies and drive profitable client acquisition. Building a client-first culture continues to be a key focus for the brand. To break through, brands must connect with clients emotionally. Over the last year, we have completed our initiative to offer a full suite of clienteling tools to all stores, and we are already seeing the benefits. Clients who we touch through these tools deliver a higher spend and shopping frequency. By the end of this year, we will have launched enhanced services, including omnichannel appointment booking, driving clients into stores. We expect to see more growth fueled by clienteling in the years to come. To support our local client focus, we have a robust regional events program, including store activations, exclusive capsules, and bespoke experiences, which are delivering very positive results. Thanks to these activations and our authentic, personalized approach, our top-tier client segment has seen double-digit growth in terms of value and actual clients this year. Our database has grown at a CAGR of 17% since fiscal 2020. We have seen growth across all regions and all client segments. This gives us confidence that our marketing strategy is not only attracting new audiences, but also speaking to our existing client base. Now I'm going to hand back to Hannah on product. Thank you so much, Helene. Our product strategy is anchored around four key pillars: reinforce brand codes, drive accessories, expand footwear, and unlock the men's opportunity. We reinforce our brand codes across all product categories, from footwear to accessories to jewelry. The JC monogram, the crystal, and the pearl are Jimmy Choo's definitive house signifiers, and they're really at the core of our brand DNA. Moving on to accessories, we continue our strategy to expand our accessories mix from 22%- 30% of the business, adding $100 million of revenue. We will do this by amplifying our three key families: the JC, the Bon Bon, and the Diamond. We have really big ambitions for the JC, with key launches centered around this family in the second half of this year. We will also be introducing some select challenger products to stretch the price architecture of accessories, which will help us to engage with new audiences. We continue to consolidate our leadership in evening, leveraging innovation and craft. This strategy is beginning to yield results. We have seen growth in women's accessories year to date, with trends accelerating in the back half. We will continue our strategy to unlock further growth in our footwear. To do this, we will continue to build our casual segment. This year, we have delivered significant growth in our trainer category. We will build on this success and layer in new casual functions in the year ahead. We are expanding our product offering to further address the needs of our clients, as Helene said, from day to night to weekend, providing a complete shoe wardrobe dressing the Jimmy Choo client 24/7. We have seen success with this strategy. This year, trainers, flats, and low heels all delivering double-digit year-on-year growth. Where we have seen softer sales is in high heels. As we move into the next financial year, you will see us bring newness to this category with innovation in new styles and animations in our icons. The recently launched Drop Heel is a good example of the renewed opportunity we are starting to see in high heels. We believe that there is significant opportunity also to grow the men's category at Jimmy Choo. Men's is already one-third of our business in Japan. The men's product strategy is centered around our British heritage. We are introducing new modern shapes and functions and leveraging the dual gender opportunity whilst continuing to grow our successful men's trainer business. We're excited with the initial positive response we are seeing, with sales trends up double-digit in the back half of the year. What this does is give us confidence in our strategy to grow men's to 8% of the business over time. This chart speaks to the overall product strategy, with revenue growth seen across all categories and significant increases in penetration mix from accessories increasing to 30% and men's to 8%. Moving on to client experience. In this image, you can see our newly opened flagship store on Madison Avenue. This space really epitomizes our new retail store concept. The intention was to create a space that felt like a Jimmy Choo apartment, so clients have the feeling of being welcomed into our home. The store showcases the full collection of the house, with dedicated sections to support our product strategy. For example, you can see here the dedicated accessories area. Within the store, we have created a private shopping suite to create memorable experiences for our clients. By the end of fiscal year 2026, we will have around 200 stores in leading luxury locations around the world. We are continuously reviewing and optimizing our store network, resulting in some consolidation over the last two years. This was coupled with select strategic openings and renovations. Our focus is on driving productivity through our existing fleet. Once this is achieved, there is room for select expansion of our store network. Supporting our key focus on driving productivity in our existing fleet, we're doubling down our efforts to increase traffic to our stores. We're doing this through retail animations, localized marketing, and merchandising strategies, paired with personalized CRM programs. Our stores have a full suite of omnichannel services and clienteling tools. This empowers our retail teams to build long-lasting relationships with our clients. We know that this works because clients we reach via our clienteling app shop more frequently and have higher average spends. We expect sales density to increase approximately 35%, growing to $1,500 per sq ft over time. Key drivers will be growth in our accessories, expanding our footwear business, and untapping the men's opportunity. Productivity growth is also supported by full-price sell-throughs, enhanced retail excellence programs, omnichannel services, personalized CRM initiatives, and our strategic store renovation program. Building on our best-in-class omnichannel capabilities, we will continue to drive growth through e-commerce, with sales reaching $140 million over time. We will leverage data analytics, AI, and client insights to our digital marketing strategies to drive traffic and to drive conversion. We have a number of initiatives to drive future growth, from personalized client journeys to the continuation of our localization strategy. Now moving on to wholesale, we see opportunities for future growth and development, particularly within North America, where we have market share opportunities, as well as in markets such as the Middle East and India. We want to build on our global key strategic partnerships and leverage our brand equity and merchandising strategies. Now I'll hand over to Tom, who will step you through Jimmy Choo's financial outlook. Thank you very much, Hannah. We are very excited about Jimmy Choo's growth potential. For revenue, we now expect to reach $800 million in the future, reflecting our powerful brand marketing to drive new clients, while nurturing loyal ones, growing accessories to 30% of revenue and expanding our footwear offerings. For operating margin, our future target is in the low double digits. The primary driver of this expansion will be expense leverage on higher revenue, including increased store sales densities. In addition, accessories growth will also improve margins. Looking at revenue by region, we anticipate a return to revenue growth across the Americas, EMEA, and Asia. In the Americas, we anticipate approximately 31% of revenue to come from this region in the future. We expect business to stabilize in fiscal 2026 and return to growth in fiscal 2027, and over time, we expect revenue to increase to $250 million. Relative to our fiscal 2025 estimate, we expect to generate incremental revenue of nearly $80 million in the Americas. Looking at EMEA, we anticipate approximately 43% of revenue to come from this region. We expect to return to growth in fiscal 2027, and over time expect revenue to reach nearly $350 million. Relative to our fiscal 2025 estimate, we expect to generate incremental revenue of nearly $70 million, and in Asia, we anticipate approximately 26% of our revenue to come from this area. We expect to return to growth in fiscal 2027, and over time, we expect revenue to reach over $200 million. Relative to fiscal 2025, we expect to generate an incremental $60 million revenue in Asia. Looking at revenue by channel now. In retail, we expect to return to growth in fiscal 2027. Over time, we expect retail revenue to grow to $630 million, increasing to 79% of revenue. We expect e-commerce to increase to $140 million and retail store sales to increase, reflecting higher store densities and new store openings over time. Relative to our fiscal 2025 estimate, we expect retail to generate incremental revenue of $175 million. As Hannah mentioned, wholesale remains an important and profitable channel. It is complementary to our own stores, providing additional points of access. For Jimmy Choo, we anticipate a return to growth in the wholesale channel in fiscal 2027. And over time, we expect wholesale revenue to reach $130 million, or 16% of brand revenue. Relative to our fiscal 2025 estimate, we expect wholesale to generate incremental revenue of approximately $20 million. In summary, we are very optimistic about Jimmy Choo's future growth opportunities and confident in a future revenue target of $800 million and low double-digit operating margin. Now I'd like to turn the presentation back over to Hannah. Thank you so much, Tom. In conclusion, Jimmy Choo is a globally renowned luxury house. It is built upon 30 years of design, innovation, and craftsmanship. The brand is loved and trusted by clients all around the world. I want you to leave here today being clear on the growth drivers for Jimmy Choo. We will leverage the power of our brand to expand our client base. We will grow accessories from 22%- 30% of the business, adding $100 million to top-line revenue. We will unlock untapped growth in footwear, triple men's revenue going from 4%- 8% of sales mix. We will drive retail store productivity, focusing on our existing fleet, leveraging the enhancements we have made in clienteling and omnichannel services. And finally, we will drive wholesale growth through market share opportunities. As you can see, there is so much growth potential in Jimmy Choo, and we remain extremely optimistic for the future. That's the end of the Jimmy Choo presentation. We're now going to have a break for 15 minutes and return for the Michael Kors strategic review. Thank you so much, everybody. Jen, close that door. Close the door behind you. Thank you. Good afternoon again, everyone. I hope you're as excited as we are from the first two presentations you saw from Versace and Jimmy Choo. Now we'd like to give you some more excitement with Michael Kors. Let me briefly review our agenda for today's presentation. I will start by reviewing our strategic initiatives. Then Denise Guerra, our Senior Vice President of Brand and Communications, will share our brand vision. Next, Philippa Newman, our Chief Brand and Product Officer, will share our product strategies. Then Anne Walsh, President of North American Retail, will share our consumer experience. And lastly, Tom Edwards will review our financial outlook. Michael Kors is an iconic American designer with a 43-year history in the fashion luxury industry. We've built our brand around Michael's vision of the Jet Set lifestyle. Our consumers have come to know and desire our brand for the allure of Michael's vision. You will hear from our team how we've modernized the Jet Set lifestyle with our new brand vision of Traveling the World in Style. You will also hear how we will amplify our marketing strategies around a new franchise called Hotel Stories. These exciting new marketing campaigns will launch today on our websites, in our stores, and on our social media channels. You'll see it coming to life. Now, I would like to take a moment to review our strategic initiatives. First, our communication strategy. We will celebrate a modern interpretation of the Jet Set lifestyle. We will engage and excite new and existing consumers. We will combine storytelling with our data analytics and consumer insights. Second, our product strategy. We will create exciting fashion products with compelling value. We will reinforce our iconic brand codes. And lastly, we... Hi everyone. Thank you, John. Good afternoon. My name is Denise Guerra. Because of that, we've modernized the concept of Jet Set and have created a fresh brand vision: Traveling the World in Style. Stand out wherever they live in the world. For us, that translates in clothes and accessories that make it easy to look amazing while you're living a fast-paced life. So, the next chapter of Jet Set is centered around a new franchise called Hotel Stories. Through Hotel Stories, we showcase not only the essence of the brand, the joy and excitement of travel, but also Michael Kors' standout style. Through Traveling the World in Style and Hotel Stories, we'll bring that joy of travel and the discovery of new destinations to the customer each and every season. This season, for spring, we took our customer to the charming Monte sol Hotel in the heart of Ibiza, Spain. Hotel Stories will feature exciting fashion moments captured in and around the hotel and will live on all of the channels John mentioned: our website, in emails, all of our social media platforms, and we're very excited it launched today. For spring, we worked with the super charismatic Suki Waterhouse, British model, actress, and singer. Suki truly is amazing, and she fully embodies Michael's brand vision with a strong sense of glamour and style. I'd like to show a video now featuring Suki's music on the soundtrack that starts to bring this storytelling to life. Video, please. Take off my shoes and put yours on. They feel heavy, but I feel strong. Baby, give me honey, make it keep sweet and baby, I'm a sweetheart. I I want you to love me 'cause you love me like all of my mom. Through the concepts of Traveling the World in Style and Hotel Stories, we will continue to highlight our standout style and key hero products. This image of Suki in Ibiza showcases our new Laila bag. Laila features the iconic MK hardware tag and has been selling very well globally in just under a month. It's quickly emerging as a core platform for the house. Here, we see our Ashton satchel carried by a Chinese actress and our APAC brand ambassador, Yang Zi. The new Ashton satchel is the perfect combination of polish and functionality and features the MK Empire Logo charm. Next, our Jordi bag, along with our global brand ambassador, Dahyun. Here, in this image, we focus on the functionality of Jordi. With its origami design, it folds perfectly flat, making her the perfect travel companion and the ideal accessory for Dahyun, a Korean pop star and member of the musical group TWICE. Next up, our Nolita bag. Nolita has become a strong core platform, and based on the success of this style, it's moving into its third season this spring. We're also focusing on other lifestyle categories, including ready-to-wear and footwear. We're really excited about the Toni Trainer, which is part of a very highly successful active footwear program. A great example of standout style is here, this fabulous two-piece lace set shown on Suki on the beaches of Ibiza. We're not only using Hotel Stories to showcase our standout style, but also to engage and excite our new and existing customers. Our goal is to engage customers by immersing them into the world of travel and, of course, to excite them with fashion inspiration. This season, we're going to be spearheading an always-on ambassador program. Our seasonal ambassadors will be handpicked by the house and will always be featured with a hero bag. Capturing content of themselves through this lens of Hotel Stories, they will epitomize the travel lifestyle. For example, you might see them carrying the bag to brunch with friends at a hotel or joining them at a cocktail bar in the evening. We're also going to be enhancing storytelling through data analytics. We're segmenting our customers and personalizing our messaging to deliver the most relevant stories based on their individual shopping habits. Our database gives us a direct advantage in this strategy. As you can see here, our database continues to grow double digits, demonstrating the strength and desirability of the Michael Kors brand. Today, the database is at 86 million customers, but our goal is to build that number to 150 million in the future. And with that, I hope you're as excited as we are about the new Jet Set vision, Traveling the World in Style and Hotel Stories. And now, I'd like to turn it over to Philippa Newman to discuss product strategy. Thank you very much. Thank you, Denise. Good afternoon, everyone. I'm Philippa Newman, Michael Kors' Chief Brand and Product Officer. I have been with the company for 16 years and am thrilled to now oversee both product and marketing in this newly created role for our brand. I'm excited to share with you today what we are doing to deliver compelling product to our consumers. To date, our biggest learning is that our customer desires fashion, versatility, and an elevated aesthetic that exceeds in perceived value. This is historically where Michael Kors has garnered strong consumer acceptance, and it will be our focus going forward. First, I'm going to elaborate on delivering standout style at a compelling value and what that means for our brand. I will then share with you how we are embracing and reinforcing our brand codes in a modern and refined way, and lastly, I'll talk to you about growing our lifestyle categories, which we believe are an opportunity for increased revenue. At its core, our product strategy is centered around designing standout style at compelling value. Standout style is not just a catchphrase. It is the very essence of our product offering. It's what makes a Michael Kors product Michael Kors. It's that extra element that sets the product apart. It's what compels our customers to invest in our brand. Standout style might be subtle. It might be overt. It might be every day, after dark, or getaway, but it is an intrinsic part of our brand DNA. Now, I'm going to talk to you about our iconic brand codes. Our MK Charm and Hamilton Lock are hallmarks of the company's heritage. Additionally, our signature logo is another sought-after iconic brand code for the company. We know our customers desire these elements to showcase that they are a part of the Michael Kors world, and we will be celebrating these codes in a much more significant way going forward. We are a fashion brand, and while we will always strive to move the consumer forward, we can do that while owning our brand codes and celebrating our heritage. Michael Kors is a true lifestyle brand, and our messaging is most impactful when we reinforce the message across all product categories, supported by a robust 360-degree storytelling. Here on the screen is a great example of this. This fall/winter, we owned the cheetah trend, which just happens to also be very Michael Kors, standing for it across ready-to-wear, footwear, and accessories. We further reinforced this trend with a fun influencer campaign that brought the entire story to life, and you will see much more of this from us in the future, showcasing that Michael Kors truly is a lifestyle brand. Let me now talk to you about our product categories in more detail. Starting with accessories, on the left, you see our Nolita soft shoulder, which we introduced for fall at $398. In the middle is our Laila satchel, which is a new launch for spring at $258. On the right, our new Brynn crossbody at $178. All three of these bags are examples of our strategic pricing architecture, which we have begun to implement for spring. We are seeing overwhelmingly positive response from the consumer on all three of these platforms. You will continue to see us stand for these bags with robust storytelling and messaging to support them. Our plan is to grow accessories to $2.4 billion. We will do this by celebrating our brand codes and owning these hero styles, ensuring we have a balanced product mix of fashion and core, and finally, by adjusting our pricing architecture. We are confident that offering iconic Michael Kors accessories with strong perceived value is a winning formula. Now, turning to our lifestyle categories, starting with footwear, our second largest category. We offer a robust assortment of footwear from dress to casual, including a significant active assortment that represents an important portion of our business. We have seen strong momentum with the launch of our new Toni Trainer at $195. With With its notable chain detail on the midsole, this sneaker perfectly embodies the Michael Kors standout style. Our newly launched Lynn Espadrille at $95 is certain to be a volume driver this spring. And the Irene sandal at $195 showcases our use of iconic hardware on a dressy sandal. Like accessories, we plan to grow footwear by reinforcing these brand codes, balancing our product mix, and by readjusting our pricing architecture, which you will begin to see implemented in footwear as well starting this spring. We believe we can grow our footwear business to $600 million. Turning to ready-to-wear, we want to use this category as a traffic driver for our retail stores, as we know from data analytics that consumers shop more regularly for ready-to-wear than accessories. This is the category where we are taking the most significant action to return to our historical price architecture. And of course, we will continue to reinforce brand codes here as well, as we know this resonates with our ready-to-wear consumer. We believe that women's ready-to-wear presents a $500 million business opportunity. Turning to men's, we view our men's business as a strategic product category for growth. We have accessories, sportswear, and a full complement of tailored offering. Our men's business has seen steady growth over the years, and as a result, we will look to grow this to $350 million. Finally, turning to our licensed products, our focus will be to amplify key licensed categories, including watches, jewelry, fragrance, and eyewear. In conclusion, we will continue to lead with accessories while also focusing on our lifestyle categories, including footwear, women's ready-to-wear, men's, and licensing. Across all categories, we will deliver standout style and compelling price value. And now, I will hand it over to Anne Walsh to take you through our consumer experience. Thank you. Thank you, Philippa, and good afternoon, everyone. My name is Anne Walsh, and I am the President of North America Retail at Michael Kors. I've been with the brands for nearly 13 years in increasing roles of responsibility, all within the North America Retail division. Today, I'm excited to talk to you about how we're approaching our consumer strategy and our unwavering commitment to delivering an exceptional and personalized experience for our customers across all of our touchpoints, including retail stores, e-commerce, and wholesale. Our consumer experience strategy focuses on three goals. Number one, leveraging our retail fleet to drive consumer engagement and improve store sales densities. Number two, maximizing our digital capabilities to continue to grow e-commerce. And three, stabilizing wholesale. We will first talk about our retail fleet and our strategies to move the business forward both productively and profitably. These are leveraging global retail locations, improving retail store sales densities, and focusing on traffic driving initiatives. First, leveraging our global luxury retail locations. Over the next several years, we will stabilize our store counts to land in the mid-600s globally before returning to store growth as we pass fiscal year 2028. During this time, we will look to have a flagship store focus. These are priority locations globally where we will seek to maximize revenue potential by prioritizing 360-degree support through CapEx investment, real estate positioning, marketing, visual initiatives, and localized assortments. These stores will reflect our new concept, optimized to the right size and well-positioned in their respective markets. These will be our best foot forward. Next, optimizing our fleet to ensure we have the right number of stores in the right locations with the right square footage. This means closing select unprofitable locations in the near-term, also downsizing or relocating in some key markets where we have oversized stores to support generating higher store sales densities and profitability. But in the long- term, we are also looking to grow our fleet by opening smaller stores in opportunistic locations where we can drive higher productivity and profitability. And finally, renovating our store fleet to reflect a more modern residential concept that is an evolution of our ongoing vision. Later in this presentation, you will see a preview of what these new locations will look like. Turning to improving retail store densities, we will seek to grow our productivity from a global average of $730 per sq ft to about $1,000 per sq ft in the future. We will do this by optimizing our product mix. In alignment with what you just heard from Philippa, we will build our retail assortments to reflect the proper balance of core and fashion, as well as good, better, best pricing architecture. In addition, we will ensure to have proper breadth and depth, investment remaining dedicated while giving our consumer choice. And finally, we want to maximize our lifestyle categories to drive consumer engagement and traffic to our stores. That includes footwear, ready-to-wear, men's, licensed products like eyewear, fragrance, watches, and jewelry, which will help to round out the full lifestyle of the Michael Kors brand. Next, increasing full price sell-throughs. By offering the best value to the consumer, we will inherently increase our full price selling across all departments, which will allow us to expand AURs over time. This will mitigate the need for heightened discounting at the end of the season and, in turn, help to drive long-term profitable growth. For the in-store experience, we are focused on an enhanced talent and service model to offer our customer a best-in-class experience. We will also maximize our omnichannel capabilities to meet the customer where and when he or she wants to shop with the brand. And finally, as I've mentioned, fleet optimization and renovation. As I've already discussed, our fleet optimization will support growth in both retail sales densities and profitability. As we move to store traffic drivers, we are most excited to leverage our iconic campaigns in key cities and targeted out-of-home advertising placements to drive engagement with our consumer. Next, this imagery will also manifest itself across our retail fleet through exterior and interior imagery found across all of our stores globally and complementing our exciting window and store presentations. And finally, we will leverage technology in digital marketing to drive targeted drive-to-store traffic campaigns that help to support both online and offline traffic and keep our brand at top of mind for our target consumers. This 360-degree approach will help to reinforce our brand message in the mind of the consumer both online and offline. Now, I'm excited to show you our new store concept. We are thrilled with how this new store concept executed. And as you will hear again from Tom, we intend to renovate 50% of our store fleet globally in the next three years, as well as select department store locations to reflect this modern, warm residential experience. This image shows the recently opened location in Montreal, which serves as our new model for future openings. Over the past year, we've opened several stores that reflect this concept and direction. While still early, we're pleased with initial results and, most importantly, the consumer's response to this new environment. The storefront has been redesigned to offer open, inviting views into the store, allowing customers to see the visuals and feel welcome to enter. The storefront is clean, simple, and modern, true to our DNA. As we move inside the store, we continue to build upon the streamlined, modern, and chic interiors that we are known for. The in-store display strategy follows four simple pillars. Number one, fashion-first and hero product presentations, positioning hero product and seasonal stories front and center. Storytelling through engaging runway tables at the entrance to all of our stores. Alignment with seasonal and brand stories, seamless brand storytelling where every touchpoint connects. And finally, a signature presence throughout the store. Signature is always on, not just in one section, but woven throughout the store. Signature is a core part of who we are. Throughout the store, we've created moments across merchandising categories to showcase the full lifestyle of the standout style of the Michael Kors brand. At the end of the day, our stores aren't just places to shop. They're an experience. Through great design and visuals, we create a space that tells our story, connects with our consumers, and drives the business forward. Turning to e-commerce, which remains an opportunity for continued growth for the Michael Kors brand. We continue to accelerate database growth and productivity through both customer acquisition and personalized retention strategies to ultimately grow the lifetime value of our consumer. Leveraging customer insights and analytics, we're focused on using technology to deliver a more personalized experience to our online consumers based on their past interactions with the brand, both online and offline. And finally, we further have the opportunity to leverage our positioning as a lifestyle brand by expanding our depth of product offering across all categories online. Moving to wholesale, our brand strategies align for both retail and wholesale. In our wholesale business, we will reset the balance between fashion and core to help bolster full price sell-throughs and profitability. Likewise, our pricing architecture will adjust, offering value to our consumer in this channel. And finally, we will seek to re-engage with our wholesale partners for continued long-term profitable growth, reaching $850 million in time. Similar to our retail channel, we will undergo a global renovation program in many of our department store shops. Like our retail stores, we will seek to renovate select shop-in-shops globally. Over the past year, we've refined the material palette and fixture designs aligning with our lifestyle stores. And we're thrilled with the results as seen at El Corte Inglés, pictured here, and Galeries Lafayette in Paris. In closing, our customer across all of our channels remains at the core of our consumer experience strategy. With sharper data and insights into our consumer, we are excited to move forward with a focus on leveraging our retail fleet to improve store sales densities, maximizing digital capabilities, and stabilizing wholesale. We believe that with these strategies in motion, we will begin to see positive indicators in our business that will lead to long-term sustainable growth. Next, I will turn it back to Tom to take you through the brand financial outlook. Thank you. Thank you, Anne. I'm very excited about the future opportunity for Michael Kors as we reconnect with the heritage of the brand reimagined through a modern lens. For revenue, we now expect to reach $4 billion in the future, reflecting our compelling marketing strategies, the product initiatives we spoke about, and our store renovation program. While we're excited about our future growth potential, these efforts will take time. New product is beginning to flow in for spring, for instance, the Laila and Nolita bags. But the more significant changes will be seen by fall and holiday. In the near-term, for fiscal 2026, we are also being impacted by pricing adjustments as we reset pricing to drive better full price sell-throughs and higher AURs, the reduction in our wholesale distribution, and store closures as part of our retail fleet optimization program, as well as FX headwinds of approximately $60 million. We expect to return to growth in fiscal 2027. For operating margin, our future target is in the low 20% range. We expect gross margin expansion driven primarily by our new pricing architecture, which we expect will drive higher full price sell-throughs and AURs. In the near-term, we expect to benefit from cost reduction initiatives. But the biggest driver is expected to be expense leverage as sales return to growth. Looking at revenue by region, we expect to grow revenue across all geographies. In the Americas, we anticipate approximately 60% of revenue to come from the region. We expect to resume revenue growth in fiscal 2027. And over time, we expect Americas revenue to increase to $2.4 billion. Relative to our fiscal 2025 estimate, we expect to generate incremental revenue of nearly $400 million in the Americas. Looking at EMEA, we expect to return to growth in fiscal 2027 as well. Over time, we expect EMEA revenue to increase to $1 billion, representing approximately 25% of total brand revenue. Relative to our fiscal 2025 estimate, we expect to generate incremental revenue of approximately $350 million in EMEA. Turning to Asia, we expect the region to stabilize in fiscal 2026 and return to growth in fiscal 2027. Over time, we expect Asia revenue to increase to $600 million. Relative to our fiscal 2025 estimate, we expect to generate incremental revenue of approximately $300 million in Asia. We continue to believe Michael Kors has untapped potential in the region with penetration levels well below peers. Now, looking at revenue by channel. In retail, we anticipate a return to growth in fiscal 2027. Over time, we expect retail revenue to grow to $3 billion, increasing to 75% of total Michael Kors revenue. We expect to deliver e-commerce growth by leveraging our large and growing database, combined with consumer insights and data analytics to increase consumer engagement. These capabilities are supported by the significant investments made in e-commerce over the last couple of years. As a result, we expect e-commerce to increase to $1 billion revenue in the future. We expect to generate retail store sales growth from higher store sales densities and new store openings over time. The higher store sales densities are expected to be driven by product initiatives, fleet optimization, and, importantly, store renovations. And for stores following our fleet optimization in fiscal 2025 and 2026, we do expect to open new stores in key markets, as Ann mentioned. Relative to our fiscal 2025 estimate, we expect to generate incremental revenue of nearly $900 million from our own retail channel. As discussed, wholesale remains an important and profitable channel. It is complementary to our own stores, providing additional points of access. We anticipate a return to growth in the wholesale channel in fiscal 2027, but don't expect wholesale to return to historical levels. Over time, we expect wholesale revenue of approximately $850 million, or about 21% of total brand sales, and relative to our fiscal 2025 estimate, we expect to generate incremental revenue of about $100 million in the wholesale channel. In conclusion, given the strength of the Michael Kors brand and our future growth initiatives, we are confident that we can grow revenue to $4 billion and expand operating margins to the low 20% range. Now, I would like to turn the presentation back to John. Thank you, Tom. I hope you've seen today why we are optimistic about Michael Kors. The strategies that Denise, Philippa, Anne, and Tom just laid out for you represent the exciting next chapter for Michael Kors, one that is built on the strength of our heritage and guided by our consumer insights. In terms of our communication strategy, we are engaging and exciting new and existing consumers through our modern jet set lens. In terms of our product strategy, we are creating exciting product with compelling value to drive better full price sell-throughs and higher AURs. We are also reinforcing our iconic brand codes that we know our core consumers love. And we are committed to delivering exceptional consumer experiences through all touchpoints and channels. In summary, we believe we have the right strategies underway to return Michael Kors to revenue growth and increased operating margin. Thank you for taking the time today to hear about our strategies for Versace, Jimmy Choo, and Michael Kors. Now, I will turn it over to Jen Davis to handle our Q&A. And I'm going to ask Emmanuel and Hannah to come sit with me. And thank you for the Michael Kors team. Great. Matt Boss, JP Morgan. John, thanks for all of the color today. And thanks to the entire team. Maybe just to start off, at the Michael Kors brand, maybe what proof points have you seen to date? What provides you confidence in what you're seeing today in the multi-year path and some of the growth targets that you've laid out in FY 2027 and beyond? Thank you, Matt. So I have a few things. Number one, as I think we talked about in our last two earnings calls, we learned a lot over the past 18 to 24 months. There was a transformation plan that was put in place that was one that was meant to be quite radical in terms of where the company was targeting its initiatives and to the consumer it was targeting. And many of the things that you saw today, whether it be our iconic brand codes, whether it be our history and heritage around Jet Set, were really moved aside. And that was meant for, I'll call it almost a total reinvention of the brand. Somewhere around August, September of last year, we knew that that wasn't working. And the data analytics, in particular, from the studies we had done around the consumer and how they were responding to the marketing campaigns, how our sales associates inside the stores were saying to us that customers were not coming in because they didn't see iconic brand codes from us. You heard how the signature penetration was meant to drop. I mean, that was designed. And then the customer lost the identity of what Michael Kors was. We also not only saw from our own internal data analytics, but there are certain outside very big partners that we operate with, Meta and Google, who started sharing information with us to say, "You need to understand what you're doing because you're actually turning your customer away." One example, I won't mention the exact company, but there was a company who came into us and said, "Do you know the third largest search term for your brand is Jet Set," which we had taken and said, "Put that word and don't ever bring it up again." Look, we're in the fashion business. We're in the brand building business. You go through times when you say, "Maybe we should kind of start all over again and let's come up with a complete new identity for the company." And we can show you lots of examples where companies were highly successful at that. By what we see, let's call that an 80/20. Usually, 80% of companies don't walk away from their core heritage, from what they built their company on. They modernize it, which you heard us talk about a lot today. And I think you didn't see any airplanes or boats or shiny cars in the marketing. And what you did here was, again, something our consumer research showed us. People today love experience. And you all in this room, you're covering lots of companies. You understand how important experience is. And one of the greatest experiences that people love to lavish on themselves is travel. Now, we know everyone's not going to be able to go to Ibiza, and we know everyone's not going to be jumping on a trip where they're at a fabulous hotel. It's the idea that you're going to really make yourself happy. So whether that means you're going out downtown to dinner and you want to feel great about yourself, or you're going to an important business meeting and you want to stand out in the room, you want to make sure people know who you are, we think that's what the brand represents. We think that the last more or less two years, we walked away from that in search of a different point of view. We know that our customer, we have the data. We can see it. We can see the scoring from the advertising campaigns. I will give you another interesting fact that was exciting us. We only heard this two weeks ago. We actually went out to 7,000 consumers and measured the new campaign that you see here today, and hopefully, a few of you were viewing our website during this meeting. I know you were only paying attention to what we were saying, but hopefully, you did see it come up. And those campaigns actually scored higher than some of our best campaigns, which featured Bella Hadid and you remember, so we were a little bit excited in a very positive way that saying, "Okay, we're on the right track," and then secondly, what Philippa told you about those three items in accessories, they're not small numbers. All of a sudden, we are selling thousands of units of those three bags that you saw up there. Thousands. We haven't been on that kind of a trend in quite some time. That's full price. And so we can smell something. So we knew you would be asking this question. And so for ourselves, what we look at is we really believe that the consumer database is a very important point for all three of our brands. If that's not growing for us, then we probably have a really big problem. So thank goodness that's been growing for us. So that shows us that there's customer interest and desire. The second thing that we look at is store traffic. Our store traffic has been down. We know that. We have to drive store traffic for an inflection point. We're not there yet, but we're highly, highly focused on that. Obviously, along with store traffic is our traffic online, which, that's been less of an issue for us. It's been more the footfall inside the store. And then thirdly, for us, it is our AUR. And in Michael Kors, our AUR has been down high single-digit, low double-digit over the last 12 to 24 months. And when you really look at our unit sales versus our AUR decline, well, our unit sales are down slightly. They're not down quite the same amount as our AUR. And many of you sat in this room with me before and heard this story once before, where we got it upside down. We got upside down again. And as Tom mentioned to you, and I'll reinforce, starting on January 2nd, 3rd, or 4th, I forget what it was, we've now started to pull back on a lot of promotional activity in the Michael Kors brand. That's going to be painful as we go through this cycle of unwinding some of the things that happen. To remind everybody in this room, we raised pricing significantly across Michael Kors anywhere between 20% and 40%. In the ready-to-wear, it went up close to 40%. We are bringing that price architecture back down and reducing promotional activity. Those things are going to slow our revenues. We know that. It's going to take a period of time for customers to understand that's what's happening with the brand. But we've already turned that on for ourselves. We've turned on this new pricing architecture. So for us, again, we look at our database growth, we look at our store traffic, and we look at our AUR and say, "Those are the three key indicators that we want to see and hopefully be reporting to you over the next few quarters as we speak," and then hopefully, you will see that reflected in this gross margin expansion, which will mean better full-price sell-throughs, and then obviously a turn in the revenue. The other point I'd like to make on this, we briefly mentioned it in our earnings call, we've shown our retail partners the new strategy, and I haven't seen a smile on our retail partners' face like that in quite some time, both here in North America and in Europe, because again, we have a very large wholesale business in Europe. And we've had consumers re-engage with us or customers re-engage with us and say, "Okay, I want to be part of this strategy. This is something that we think is going to be something that we actually need as a part of our go forward." So we feel terrific about that as another indicator that we're heading in the right direction. Obviously, the consumer is going to be the one who is going to vote and tell us what's right or wrong. The only thing we can tell you is sitting here today, we have three platforms in particular. And I read an email in between our 15-minute break about our new ready-to-wear pricing that's just hitting the floor as we speak and the wonderful sell-throughs. Again, take time, but we think we're on the right path. I think Tom, you want to say something. Yes. I just wanted to build on John's comment of turning on the new pricing architecture. So we are seeing great results there from consumer reaction. And just point out, Matt, that it's from product that was purchased for the old strategy. So there's a short-term potential impact to margin on that, but it is absolutely the right thing to do as we move forward. And as part of that, I mentioned in the prepared remarks that we'd be building up the new inventory with the full pricing strategy for fall and holiday. So you may see a little inventory build as we move up and buy into that new pricing strategy and architecture. But we already see it working as we're turning it on for certain products and categories. Yeah. I think on that point that Tom just made, I think what we have done, whether it was through COVID or whether it's been through our current challenges, I think we've been great stewards of our balance sheet. I think you've seen us pay down debt. I think we paid down almost $1 billion of debt during COVID. We've continued to pay down debt this year. We're going to pay down debt next year. We're very comfortable that we have the financial resources to achieve our plans, including what you saw, which is probably a very large multi-hundred million dollar investment that we're going to make in renovating 50% of the Michael Kors fleet. It's a very important cornerstone of what we're going to do to really when you're trying to tell the customer something new is going on, you've got to do it in your marketing. You've got to do it in your product. And then you've got to give the store experience to be the same. So we're very committed to that. And hopefully, I think in October, we'll be able to walk you through the concept here in New York as we renovate our Rockefeller Center store and some of our other local department store partners. And you'll see that coming to life. And I think you'll really feel the difference. If anybody gets the chance to see our new flagship collection store on Madison Avenue, please do that. That was opened right before Christmas, I believe. And it's spectacular. It also has the same feeling that you will feel in the Michael Michael Kors stores that will open around the world. Thank you for that question. Hi, Oliver Chen, TD Cowen. Thank you. The Michael Kors has a powerful platform across full price, outlet, and wholesale. What should we know about the timing and the sequence and the coordination of change throughout those? And should there be different product segmentation? And how might that be happening across these channels? A quick one on Versace. As you balance high net worth versus aspirational, what are your thoughts in terms of where that's headed and what we should expect as well? Thank you. All right. So the store renovation program will be primarily directed at our full price stores. That is where we need the most amount of energy as quickly as we possibly can. So it's just going to be a matter of physically how fast can we get at that. And so that's where the primary amount of money will be spent. And then I would say, actually, the number two amount of money will be spent on wholesale and the shop-in-shop programs that are there. And again, both of these are global. In terms of the segmentation, Oliver, we've always had a segmentation across all three of our areas. Another very unfortunate error we made during the last two years. We withheld a lot of product from our wholesale channel in an effort to make our full price channel look more different than the wholesale channel. That was a pretty big, that was not a very good idea on our part. So now, whatever is in our full price channel, you will actually see as well in our department store channel. And instantly, just what we've seen here, a good example, Nolita didn't even go into the wholesale channel until just recently. And there's really no reason to say one is different than the other because it's just another touchpoint for a consumer who's shopping for us. And then typically, in our outlet channel, we're taking products down on a cycle basis. And we did the same thing in Jimmy Choo and Versace. So they're older products. Although I will tell you that there are many outlet stores that we're looking at actually selling full price in today. I think you've heard that from some other people. Some of these centers have very, very high net worth consumers in them. And they're very happy to pay full price for the product in there. So that's a trend that we see that we'll be taking a part of across the whole group. I'll turn it over to Emmanuel here in a moment. Versace, we started on a journey two years ago. And we might not have picked the best time to start on that journey. But the journey was very clear. We wanted to actually take Versace back to its historical roots. When Gianni first launched this company, you look at the product, it was ultra chic. And it was just super elevated. And over time, what had happened was the company became very reliant on highly visible products like our Barocco, which we're very proud of the heritage of Barocco. But you don't want a store that is 70% Barocco. And that became a bit of a crutch for the company. And we don't think we had the opportunity to have as broad of a customer looking at us as was being presented. So we did two things. And it started with our show in September of 2022, March 2022, sorry, where we really pared the line down, cleaned it up. And it was all about the architecture of the clothing and the architecture of the bags. And the great news about that was we instantly saw our VIC clientele just ramp on us. And we've been seeing double-digit growth on that client. And I always think that's a great sign for a brand when you have very high net worth consumers buying into the brand. As we did that, we elevated prices again. And we decided to reduce and restrict the amount of product that was offered for the aspirational customer. We went too far, too fast. As we're going through this process, where we're probably the customer's sitting there saying, "Wait a minute, what happened to the old Versace?" And I would say the new Versace looks fabulous when you go into the stores. But what happened was a number of customers who used to shop us came in and said, "I like that, but I can't afford all of that." And so we have really gone in and strategically also looked at our pricing architecture in Versace to have $1,500-$2,500 dresses. We have taken the pricing architecture of our silk shirts, which was only at more or less $1,500 less Euros. To now, we start at $950. And that will be happening for the fall. It was Tom's point, some of these things are happening. We've broadened the offer in our sneakers, which have always been a great cornerstone of every luxury company's business, so we've taken the opportunity now to say, "Okay, the good news is we've reset with our VICs. Now we need to reset with a broader consumer as well. Call them the aspirational luxury, whatever we want to refer to that as, and reset the strategy." In fact, our women's ready-to-wear business has been going great, even with the higher price points. Our accessories business has gone okay, and I think while we, again, have leaned into some of the core house codes, you will see something on February 28th, which we're really excited about, so tune in to the Versace show. You're going to see a very major moment of something that's new and exciting coming from Versace with an incredible brand code that we think will become the most important brand code in the company. So we probably didn't get at that. And I'm going to actually say we didn't do it for some reasons around the merger, etc. We didn't know what we were going to lean into or what to put our foot on the accelerator on. The minute that that stopped, we instantly said, "That's happening, and we're going to go after it. So you'll see this." And Donatella has done an amazing job with that product. And I would say the area we're actually struggling more in Versace, where the customer is actually men's, where our historical men's customer was used to us being very, very loud. And we've gone much quieter. As you know, fashion has gone much quieter and is much more about quiet luxury. That's been actually the hardest part for us, and I think you may have seen it. Men's is a very big business for this company, and when we bought it, actually, men's was 60% of the company's volume. We've done a great job over the years of getting footwear and accessories, etc., to be a greater share of the total business, so if we need major work that still needs more push, it is the men's category. We've got to get more focused on how to get that back on track for ourselves, but let me turn it over to Emmanuel. Thanks, John. So just to add to that, on the luxury front, which is where we made progress with the double-digit growth last year, we believe we still have a lot of potential also on the men's side. As John was saying, historically, our men's business was more exposed to aspirational clients, and we still believe there's huge potential on the men. Hence, the fact that we need to communicate more on men, but also broaden the offer in tailoring in sportswear, in outerwear. On the luxury segment also, it's like what we've seen through events, through CRM, and also through the expertise of the team in clienteling. Here, we just started. There's incredible potential on this one. On the aspirational client, we said we went too quick on the product front, but also we had to balance out the promotion. We discussed it. Some aspirational clients are used to buy the brand in promotion. We scaled down, even stopped some categories at markdown. Now we're injecting energy to make sure that they come for the value of the product. Wider price architecture, but more energy, more design into product that could be appealing for this clientele. Here, that's also where we have the potential, not only just on accessories and shoes, but also in ready-to-wear and also other accessories that we discussed about licensed product. We're connecting every single part of the brand lifestyle across price points. That's what we're doing. It takes time, but that's the goal. Yeah. I just want to remind you, we put a number up there. Our licensed categories represent $2 billion of retail. We have a highly engaged consumer with us. I also don't want to take anything away from you. Emmanuel comes from a deep luxury past. And he has come in and said, "We are cutting sale. We're cutting promotion." Many of you know that our competitors have done that. And it takes a two- or three-year time period to get there. It is painful. But it is the right thing to do. And to Emmanuel's point, it's not as easy coming into our full price stores now and seeing the discount that would go on at the end of the season. And also, that discount is down by even the discount we do offer on certain regular pieces. It used to be at 70%. We now only go to 50%. We start at 30%. We used to start at 50%. So all of that is kind of ratcheting down. And in fact, Versace's AUR has held up relatively well as we've gone through all this process. The last thing I just want to say is, as we talk about pricing architecture in Versace and at Jimmy Choo, this is well within where all of our luxury competitors are. We're not doing anything that's unique to changing Versace versus I can't say the other names in this room, but you know who they are. We're all in the same pricing. How much we weigh into those categories inside those pricing is something that we're really looking at much more carefully. Again, Matt, you asked the question before. The one thing about our data analytics that showed us, and Michael Kors, Versace, Jimmy Choo, we see the out-of-the-door price. We know what he or she ultimately pays for the product. In Michael Kors, it was so clear. It didn't matter when we were raising it. All we had to do was discount it to get back to the same place that they were willing to buy it. And so in Versace, the data analytics showed us very quickly, as we vacated, let's pretend it was the $550 or $600 sneaker category. No, they were only going to buy so much for us at $850 or $950. So it was some pretty clear things that we did. And in Versace, you heard us talk about the Tag bag. This is quite a little thing that's happening for us. It's a bag that opens up at under $1,000. Now, that's still not an inexpensive product. But all of a sudden, we're playing in a world where more people can access that product. And in particular, now with the power of the Versace name. And how did we come up with that? We looked at our fragrance and said, "What's on the fragrance bottle of Versace?" We looked across the line. Besides T-shirts, we never had the name on a bag. So these are things that were, that's a lie. We had a tote bag that was our number one selling bag. It says Versace. So we know we have this highly engaged consumer with the brand. And if we can put a bit more emphasis on broadening our pricing architecture with the right design, we think you're going to start to see the results of that. Thank you for that question. We'll go back to that. Great. Adrienne Yih from Barclays. My question is, we're starting to see over the next couple of years store rationalization at each of the different brands. Often when we do see that, we see the ghost advertising. The flagships present kind of hit sort of e-commerce and sales. So my question is, how are you offsetting that through demand creation at each of the brands in the backdrop of cutting $300 million out of SG&A? So how can we sort of be assured that the brand awareness and equity kind of maintains that? And then my second question is on China. Surprise, largely for Michael Kors, brand $600 million is your target. How much of that is China? And what's the strategy into the tier- two and the aspirational customer there? Thank you. Okay. I think I'm going to be able to answer the first question. I think I understood it. But when you look at the store closings, I would say the majority of those stores are in B and C markets. They're not the most important markets for us. We are very focused on our flagship strategy. I think you heard that in each of our presentations for two reasons. Number one, it is the face of the brand, as is e-commerce. We believe those are critical for us, number one. Number two, they really represent the biggest volume opportunities for you typically. What we want to do is spend more of our time and effort. Hannah and Emmanuel have done an incredible job with the way that they are really working with the high-net-worth customer. Where do they live? They typically live not all, but they all have locations usually in these major cities. As we're really looking at our retail excellence programs, where do you want to get it right? First, you want to get it right in your biggest stores and your best markets. And actually, Jimmy Choo and the company was one of the first people that really got some of our data capabilities where the sales associate could sell virtually. And I think it ended up being 25+% of the store's volume within six months. So we're bringing that now to almost the entire store fleets for sure in full price. But we're actually adding it to our outlet stores now as well, giving these customers the ability to service consumers in a way where they feel special and excited. And then I want to mention that we spent over $200+ million renovating the Versace store fleet. So the Versace store fleet is pretty much done at this point. And we spent about $100 million over the past couple of years on Jimmy Choo. We're in a very good place with the Jimmy Choo store fleet. So I don't want anyone in this room to think that we're not still focused on that. Actually, we have two big flagship renovations coming up, our London store and our Milan store for both Jimmy Choo and Versace. We should have spent more money over the time on Michael Kors. And again, I'm not blaming per se the merger, but we actually stopped doing most renovations during that period of time, again, not knowing what was going to happen. So we know exactly what we want to do. We know what the concept looks like. You've seen it executed in a store format and in a format that is in department stores as well. So we're excited about where that's going to turn out. In terms of marketing, I'll take Michael Kors for a minute, and then I'll pass it to my partners. We are all about spending money on the marketing of our brands. And so we spend between 7% and 8% of our revenues on marketing, which is pretty consistent. I know there's a few big friends of ours that might live overseas that spend a few more than that. But we're in the right place. I would tell you that we're going to, and I hope it came clear in the Michael Kors piece, but we're really focused on our influencer strategies in Michael Kors because we've seen the difference when we put a lot more marketing behind that initiative. And when I say seen the difference, not only in consumer traffic, but actually traffic to online. It's quite extraordinary what we have done. We've got a new program in place, which is going to be quite extensive. We'll turn it on probably around April or May of this year. Denise and her team are really focused on making that happen. We've learned a lot in the past 12 to 18 months. Everything is not just about spending money on outdoor or magazines or even on some of the social media platforms. There's other ways to go about driving consumer, creating desirability for your brand with people who are authentic talking about your brand. Let me stop there, and I'll turn it over to Emmanuel. Maybe one point on communications. More than spending more or less, it's spending differently the communication budget. We used to spend the majority of the investment on fashion shows or the campaign around those fashion shows, so twice a year. Now we're shifting it to more monthly basis, like a storytelling basis, which resonates better to consumers because that's the way they shop. That's the way they live. And that's why also you can start to differentiate between Asia and the US or between different typologies of cities. So that's one. What makes us grow faster on the VIC side is definitely the events and the retail activation. That don't have to happen in the store. They can also happen outside the store, but to bring them traffic to our store with the VIC. So the more private, the more personalized, more event, the smaller event with better quality. That helps us to curate the stories. And lastly, what we haven't explored to full potential is also how do you bring the online client into the stores, into those marketing moments. So the online clienteling into an offline experience, which is definitely a lever for us. Thank you. Yeah. I mean, I echo the words of Emmanuel and John. I think for us, it's about how we spend it and where we are funneling our attention. You heard me speaking during the presentation about the opportunity we have at Jimmy Choo to grow our accessories business. You heard me talking about the fact that we have 30 years of experience in innovation and in craft and in footwear that we have a significant opportunity to expand. We know the customer. She really loves the brand, and we have an opportunity to expand into her wardrobe. Significant marketing efforts will be going towards that. You heard me talking about the men's and the opportunity that that represents. Making sure that we are allowing ourselves enough time and attention also to incubate that category over time, growing that to 8%. We're very happy with the mix that we have now between top-of-funnel brand marketing as well as client marketing and really balancing that across the regions to meet our targets. Thank you. Thank you. Aneesha Sherman from Bernstein. Thank you for the presentation. My question is around the brand repositioning and pricing adjustments that you've been talking about. So John, you talked about seeing some of the traffic and sell-throughs dropping as the pricing got too high across the portfolio. So my question is, why weren't you able to pivot sooner and adjust that pricing and positioning quicker as you saw those metrics deteriorate? And then on the flip side, now as you're broadening and repositioning the brand to access a more aspirational customer, what are some of the indicators that you're watching to ensure you don't swing the pendulum too far and adjust too far in the opposite direction? Sure. I'll take the last part first. The two things, number one is I mentioned before, our data analytics. We see what the out-of-the-door price is. We know what she's paying, whether it's in New York or in Paris or in Tokyo. So that is our barometer for understanding where we should be getting to without taking a markdown. That's the most important thing. And interestingly, actually, the pricing that we're resetting is slightly higher than even what she's paying out the door because we were setting a price here, and we'd have to go between 50%-70% off. We were actually selling it to her lower than she was buying it before. So I think we feel comfortable. These are our historic prices. So it's not like we're going to some place where we haven't been before. We're just going back to where we were before. And to be frank, coming through COVID, we were all raising prices. And we had said, "Wow, this is great." And she's not saying a word to us. And I think I made comments on our investor call. We're seeing no price resistance. I said that. And we weren't at the time. And then when we decided to have this transformation plan, there was a group who decided that we need to stay with this and give it a chance and not just pivot after six months. So in fact, it was about 18 months, between 18 and 24 months. Actually, a friend of mine, the former CEO of Yum! Brands, wrote a book, and he sent it to me. In there was a whole paragraph about or a whole chapter about pivoting. That's when I made the decision that we needed to pivot quickly because all the data showed us, whether it was revenues, whether it was consumer insights, there was nothing that was pointing in the direction of that. I'd say we made the same decisions at Versace, where we were into it about around two years. What we saw was, "Great. VICs are growing. Great. We've got all this wonderful resonance, but we're not selling more." We can think that we're doing something right, but we're not. And then when we really dug into it, and we probably didn't want to understand the data as much as we wanted to understand what we were trying to achieve, was when we realized, "Yes, we need those dresses for $1,500 and $2,500." Our best-selling dresses today are $5,000. Yes, that's true. But how many more could we sell if we had these other prices? And again, we're not in price points that are we're not going to a $299 dress for Versace. It's not what we're trying to do. Interestingly enough, the company that's been the most balanced through all of this has been Jimmy Choo. And really, Jimmy Choo didn't swing their pricing architecture too high or too low as we went through this. They really didn't shift their branding tremendously during this. They've always been about glamour and joy, and they kind of stuck to their vision. Coming out of COVID, we thought we were smarter than ever because our business was on fire. Thank you to all the women in this room who wanted to get dressed up again. Then you didn't. Then things shifted back towards a more casual environment. You've heard Hannah during her prepared remarks say that the place we're suffering, quite frankly, the most in Jimmy Choo is our high-heeled business. We actually saw growth last quarter in our accessories business, comp growth in our stores. We've double-digit growth in our casual business, which are all the objectives we set out for. We just didn't think this other thing was going to happen. Another thing in Jimmy Choo, very interesting point, weddings, even the way women are getting married to and men, we have glamour sneakers the brides are wearing with their dress. So yes, we make the most spectacular high-heeled shoes for a wedding. I don't care. There's no other company that does it better than we do. But we better make a sneaker for it. And we've actually got an exciting new product. I can't talk about it because I think you're introducing it in a few weeks. That's going to be for when you're ready to dance at a party. And we're going to have the dance shoe for you, but it's going to be low and comfortable and super flexible and all the things that people want. So I think one thing that you can hear in our voice today is we're excited. We have a path. I think all three of us sitting here in the teams, we know what we're going to do. Are we going to fail on a lot of things? Absolutely. But at least we sit here today. If you asked us two years ago or 18 months ago, we were a little bit not as confident. We also had some things going on, as you might recall. So everyone was a little unsure of what was happening. And I can tell you, maybe we're overly confident, but we're confident. And we feel good about it. And I will tell you what's also in Michael Kors in particular. We gave this presentation in this room to our top 55 executives from around 55? Yeah, 55 executives from around the world. And then gave it two weeks ago to about 2,000 people around the world. And what was resounding is, "Thank God you've done this. This is what we believe in. This is what our customers are looking for." So to hear our employees say that to us is probably the greatest recognition of what we're now. Again, we've got to execute. We've got to see this happen. But we go into it with confidence. And hopefully, the data will show us what we've surmised so far. So I'm going to get to my friend all the way back there, just right over there before he raises his hand one more time. It's going to fall down. Too kind, John. Thank you, guys. Good to see you. So one, just to clarify, so out the door you are because you keep talking about out the door. So as you think about it, we have two offsetting factors. We have resetting pricing architecture on the way down. We have lowering discounts on the way up. So, within however you are willing to talk about it, you gave a lot of different views of revenue for the next several years. How do you think about out the door that you are in that? And then if I can also, so for Tom, because you are up there and I want to make sure that you get some love, you're going to hit this revenue number, right? So this is great. You outlined it. It's going to be very exciting. If you don't, last time Michael Kors was at this level, your EBIT margin was still much higher. And so what are the opportunities you have just from a P&L perspective that might be able to offset even if revenues don't come back or play out or if they take a little bit longer? Okay. So I'll obviously give the second part to Tom. That's the fun part. AUR. So again, out-the-door pricing will actually be slightly above what the out-the-door pricing was because we were over-discounting to get to the out-the-door pricing. And I might add that was in full price and outlet. I'm going to address the outlet piece here in a second. So in full price, again, all the data pointed to was go back to where you were before and she will respond. And again, does 30 days mean anything? No, it doesn't. But in the last 30 days, what we've just seen happen where I told you we're selling thousands of units, we haven't had that happen to us in a long time. And including Nolita, just so you know, when we priced that first when it was introduced, then we repriced it as part of our pricing architecture strategy. And boom, it took off. So let's just pray that what we're doing is right. And in outlet, just to confuse you, we're going to go slightly the other direction. We will actually raise select prices in outlet. We believe that our AUR was too low in outlet. So many of you heard a number at the court case about what our AUR was. And that is below where we think the blended AUR should be in the company. So we made some price adjustments as of January 1st in our outlet world on some of the lower-priced items where maybe it was a crossbody that was at $59. We've now taken it to $69. We believe we're Michael Kors, and we believe that we should command, I won't say at a premium, but we should command a pricing that's reflective for what our brand stands for. Again, is that going to cause some short-term issues? Probably. But we know this is what we have to do. And if we believe, and again, I think what we did in showing you the forecasts, I don't want to say those are conservative. That's not a word I would use. I think they are realistic for us to achieve. And I think what we've done is we've said, "Look, we got to reset this business. That's the number one thing that we have to do. We believe in our strategy. So if we believe in our strategy, let's get on with what we have to do." And we're going to take some pain this year doing that. But we just believe that's the right thing. And the last thing I just want to say, and before I turn it over to Tom, is much to the disbelief of certain people in certain areas of our federal government, we compete with everyone. We compete with Zara and H&M, and we compete with Louis Vuitton, and we compete with Gucci, and we compete with some other people that we'll say. We compete with everybody. So we have to make sure that we're aware of what's happening around us. And we have competitors who are entering the accessories world who are offering a lot of value. So we need to make sure our value is commensurate for what our brand stands for. And that's why standout style is so critical because otherwise we're just another handbag at a price, or we're just another shoe at a price, or we're just another dress at a price. That's what the most exciting thing is. In Versace, we are Italian luxury. That's what we stand for. Let's go celebrate that. Let's deliver it to you if you're somebody who can only afford the $1,500 dress. By the way, we still have the people who want to have their dresses made for their wedding for $100,000 that we will do for you in Atelier. If you're Jimmy Choo and you'd like to have your new bridal shoe at $1,000 or $1,200 or $1,500, or if you want to have the trainer that's going to be fun with the diamonds on it for $750, we're going to be there for you across our pricing architecture. Simeon, regarding the future and the sales, you had mentioned past margins. I would say I'd encourage you to look towards the future for the margins. In the past, we had a much larger wholesale business. And as that has come down, it's very significant deleverage because there's not much in terms of incremental costs related to that. So I look at margin growth on a go-forward basis. What we have done, and as I mentioned, is taken out this year around $100 million in costs for fiscal 2025, targeting year-over-year on a P&L basis reported another $200 million for the next fiscal year of 2026, so $300 million across that. And if revenues were lower, I also mentioned we're continuing to look for more. So there is more opportunity, and we will continue to look in all areas of the business to make sure we are as efficient and as careful as we possibly can on our costs and expenses while still spending against the brand from a marketing and an investment point of view. The other area is gross margin. We have purposefully worked on quality of sales and pulled back on discounting and done other initiatives. And John's alluded to a number. Our competition. And so we think that's the biggest opportunity we have for growth. We've got some pretty healthy e-commerce businesses across the group, and we'll continue to grow those. But the real opportunity for us is productivity. And in particular, it's really in our full-price stores. That's where we need to generate it, and that's where that's going to get the most amount of attention for us over the near and a little bit longer- term. 3:30? Do you want to take one more? Sure. Okay. I'm going to give it to Bob. Just around what you're seeing in the new remodels that really give you that optimism on either the productivity, is it all a new product? Just trying to get more comfortable with what you're looking at. I'll let Tom talk to the actual volume numbers. But what Anne mentioned before is we have had a handful of stores that we've renovated. And we've renovated them more in the 2,000 sq ft format as opposed to where we were at 3,500 sq ft and higher. And in some cases, we're actually doing more business in less square feet, and we've turned a store that was either unprofitable or marginally profitable into a profitable store for us. And if you look at historically, when we grew the business, it was on smaller stores. And then we, of course, did the typical thing that all retailers do. We upsized them, and then we go, "Oh, our stores are too big." So that's why we're going back in certain malls. We're going to take some of our stores down in sizing to get to this new. I'll call it this 2,000 sq ft format. We'll still have our flagships where they'll be 3,000 sq ft, 4,000 sq ft, 5,000 sq ft just to represent the entire lifestyle of the brand, but our intent is to try and turn markets that are either marginally profitable or unprofitable into much higher profit levels, and our fleet used to have a much higher profitability than it has today, so that gives us encouragement by what we've seen so far. Again, it's early days, but we think, and by the way, we're testing the same strategy with Versace. It's less so of an issue with Jimmy Choo because the stores have always been more or less right-sized, but at Versace, we're going to be testing somewhere today we've had kind of 3,000 sq ft, 3,500 sq ft to 4,000 sq ft stores. We think we can probably take that down to 3,000 sq ft and under. So we'll test a few of those and see how that productivity looks for us as well. But Tom, I'll let you talk about the volume. Sure. And you were right. When you look at where we will grow, Michael Kors and add in around $1 billion in revenue, it is mostly the retail, our own direct-to-consumer channels, a smaller portion in wholesale as we stabilize wholesale and then grow in that channel that was around the $100 million. On the retail side, it is all channels, all regions, and products. We expect to grow in accessories, footwear, men's, and ready-to-wear as we adjust pricing and implement a new product and pricing architecture. And then across the regions as China stabilizes in 2026 and then begins to grow, and again in North America and in EMEA. EMEA doesn't grow immediately because of FX headwinds, but we'd expect that to grow as well going forward. Great. Well, I want to thank everyone for joining us today. I hope you have enjoyed hearing from the CEOs of the various business and our senior leadership team. I think you are aware. We've had some new appointments in the senior leadership team at Michael Kors, and I hope you've gotten to know them today. We look forward to seeing many of you over the coming months, hopefully some store tours, etc., and we want to thank you for spending the time. Have a great day.