`Hey, good morning. Thank you everyone for being here. I'll just read out a quick disclaimer. We're required to make certain disclosures in public appearances about Goldman Sachs' relationship with companies that we discuss. The disclosures relate to investment banking relationships, compensation received or 1% or more ownership. We're prepared to read aloud disclosures for any issuer upon request. However, these disclosures are available in our most recent reports available to you as clients on our firm portals. Please also note that LuxExperience is not covered by Goldman Sachs. We may not provide investment views or opinions concerning the company. As the company's fourth quarter financial results have not yet been publicly reported, we will not be discussing any specific financial figures, performance metrics, or forward-looking statements related to this period. Any information provided is as of the latest published numbers on May the 14th. We'll just play a quick video to introduce you to Mytheresa. Thank you. Okay, so maybe I'll start by introducing Martin, so we're delighted to have you here today. Thank you very much. A very warm welcome from us, so maybe we can kick things off. Thank you. Great to be here. Yeah. Thank you. So we'll kick things off. Maybe we can discuss the current state of the broader luxury market and the consumer environment. Like, given your industry experience, how would you describe the consumer behavior and what has surprised you the most, so far in 2025? I mean, as David said this morning, I mean, the customer is not a uniform beast. It's for us, being a truly global operator, the customer can be segmented in multiple ways. But I mean, our focus is really on the high end, on the top customer. And we now make 4% of our customers make 40% of our revenues. So really focused on the high end, on the big spenders, and they have a, I mean, a very good sentiment. So they're not so much influenced by what we talk, like, aspirational customer weakness. So it's we see a very stable trend. And the other aspect is the global reach. So if you look at globally, we operate in 130 countries. There are always regions that are really bullish and very successful. I mean, if you talk about Southern Europe, Spain, Italy, very strong. U.S. is still, I mean, very strong for us, as we in the past quarters have grown double digits. So it's overall the customer sentiment, luxury, very positive. You know that, you know, luxury, the online luxury part, we operate in a market that is growing 10%-12% per year. And the focus on the high end, the top customer, shields us also from a more, you know, price-sensitive, calmer, you know, middle and lower part of the customer segments. Okay. And so what would you say has surprised you the most this year? Is it that the consumer has remained quite strong, despite, I would say, the overall volatility? Or maybe the U.S. surprised you? Exactly. I mean, the overall stability of the customer, especially on the top customer, is quite apparent. There are no really big surprises. I mean, obviously, the market is, from multiple views, in a shakeout, so you see a lot of competitors struggling of LuxExperience, of us, which is great. I mean, we are in the number one position. We are the number one global digital luxury operator, which is great to be in a position, and, as you heard the news, some competitors are really struggling on that end. The overall luxury market is really, you know, a highly attractive, mostly price-insensitive market, and there is an ongoing polarization in the market, so that is also surprising that it still continues. A lot of brands are struggling, having double-digit or single-digit, you know, revenue decline. But other brands are really performing successfully. They're growing single digit, double digits. It is a very special situation on the brand side, on the competitor side. For us, it's an ideal situation because we are almost like a luxury ETF, so you're not investing in one luxury brand with all the risks and downside, but we have a balanced portfolio of 250 brands, so we can grow and have grown with the more successful brands. We also operate regionally, very broad, in 130 countries, so we can grow in regions that are performing. I don't need to have certain resources on the ground. I don't, with some brands, say, "Okay. I have stores in China. 30% of my business is China." I don't have that, you know, fixation on resources and grow and need to grow certain regions. I can be very flexible. And that's a great position. Okay, and just maybe following up on the brand partners, what have you seen in terms of pricing so far in 2025? I mean, pricing strategies, I mean, has been long talked about, on the luxury industry that, some brands have, you know, overly, pushed the pricing. I mean, there are a couple of brands that, for the last three to five years, have increased prices by 40%. And oftentimes, and now in this shakeout, it becomes apparent that, you know, price is not matching the value proposition in the view of a customer of the brand perception. And therefore, that's why those brands are suffering. I don't see any, you know, brands, you know, coming back with their prices. It is anyhow for us difficult to speak about pricing because 70% of what we sell is new, has not been sold before. So, we are not so much on a bag and shoe level, where you clearly can differentiate prices. The overall market still remains, in my view, very price inelastic. But you know, it is not so much looking at the prices of certain brands but always looking at the, you know, price value of a certain brand perception. And that is why certain brands are also suffering because the brand's brand perception does not qualify for the price anymore. And so they're suffering. And that's why also, I mean, you know, from the top brands, there are 15 designer changes that are now ongoing. And so the brands have to recalibrate and rethink what does this brand stand for? Well, how do I engage more on newness, on freshness, on really bringing a fashion aspect into it to enable the brand then to be, you know, sought after and really be talked about and then increase the brand value? And that's why a lot of brands are changing the brand designers, which also for LuxExperience will be a great way to grow because, obviously, with those designer changes, you oftentimes would want to expand your target group. You want to talk to maybe other targets, to other customer groups that not so much have been, you know, exposed to this brand and on the demand side. And therefore, a multi-brand partner is the best to expose the brand to a broader audience. So we expect, in the next, you know, 12- 18 months, much more freshness, fashion, newness, with the brands. And, therefore, getting a bit away from the focus of what is always called quiet luxury on the more, you know, stable and quality-focused brands. Okay. Thank you very much. I think that might be a good moment to show the quick introduction video on LuxExperience. Yeah. We brought it down. In a world where luxury was reserved for the few, a few visionaries dared to change everything. Their journeys began worlds apart, but their destinies would collide to create the unthinkable. In the heart of London in 2000, one woman had a radical idea. Why wait for Fashion Week? Why wait at all? From a Chelsea apartment, a few visionaries built the future. NET-A-PORTER, the first online luxury fashion destination, and the world would never shop the same way again. In Italy, someone saw the future too. It was 2000, and his vision was simple. Off-price luxury could be sophisticated, digital, and accessible to all. With YOOX, he created the ultimate treasure hunt, blending high fashion with hidden gems, turning Italy's style legacy into a global sensation. Back in London, from the masterminds behind NET-A-PORTER comes a story of style, ambition, and the audacious pursuit to bring high-end fashion within everyone's reach. It's 2009, and THE OUTNET is launched. But luxury wasn't just for her. In 2011, MR PORTER was born, a platform designed exclusively for men. It wasn't just a store. It's a storyteller of style for men across the globe. And in Munich, a boutique was becoming a movement. It was more than selling luxury. It was about making it personal. Started in 2006 from the store, Mytheresa brought the warmth of a boutique and the exclusivity of designer fashion to a global stage. With a curated selection and impeccable service, they didn't just sell luxury. They made it personal, emotional. With exclusive collection and impeccable service, it turned the charm of a boutique into a global phenomenon. Different legacies forged in the fire of innovation. Different journeys carved through the decades of style and ambition. This isn't only a new way of experiencing luxury. This is a way of bringing people together, creating communities for luxury enthusiasts around the world. Welcome to LuxExperience, a new family full of ideas, passion, inspiration. Thank you. So I think that video is a great opportunity to turn to your recent acquisition of YNAP and the formation of LuxExperience. So can you talk about the plan on how to, seamlessly integrate your diverse brand portfolio while maintaining the distinct, identities as well as the different customer propositions? Exactly. And this is the core plan to keep the brands separate, to keep the brands distinct because we looked at the customer exposure there from normal customer, top customer side. And the brand and the customer overlap between the brand is just 10%. So, the customer sees those brands completely different. They, for the customer have a different go-to-market, different tonality. I mean, NET-A-PORTER, MR PORTER and NET-A-PORTER and Mytheresa, if you look at the differences, I mean, NET-A-PORTER has has a significant higher number of brands, has more up-and-coming brands, gives younger brands a chance where Mytheresa really focuses more on the established brands, has the exclusive, you know, top customer events. So those brands are unique, and obviously have a very strong customer heritage and a strong connection with real big fans. And that's why for us it is key in this acquisition to keep the brands separate. So they will operate with the separate buying teams, separate marketing teams, merchandising to really capture the strength and also enable the brands to re-embark on the growth trajectory again. But obviously, in the backend, there are other synergies. We will re-platform the NET-A-PORTER IT stack and bring Mytheresa IT in. We will consolidate on the operational model, on the IT model, and to reap all the classic benefits in the backend. Also, I mean, obviously, we all talk the same DHL, Amex, PayPal of the world. And operating a much bigger group then enables you to have to capture a lot of synergies. But on the front end, on the stores, on the commercial aspect, we are clear believers that those store need to keep their identity and need to operate separately. Okay. I think, yeah, that's very clear. Thank you. Maybe if we can turn to the competitive environment for Mytheresa and for LuxExperience overall. I think you just mentioned that some of your competitors have had, you know, harder times recently. So what would you define as your core competitive advantages that can ensure that you keep a sustained market leadership and differentiation, I guess, particularly when you're trying to retain, you know, these high-value luxury consumers? Yeah. No, it's a very important point. I mean, if I compare the situation of today to a year ago or two years ago, the overall market situation for us has significantly improved because competition is so weak or has fallen away. And we all know about the players. So it is, we are and this is the global retail industry. We are the number one. We are the only global operating digital luxury multi-brand operator there is. We're the best operator. We're the number one. So it's an ideal position. So we have proven that we are the significant player, the successful player. We, especially at Mytheresa, have guided for this fiscal year growth and also increased profitability, which is core. And we want to obviously continue on that path in operating the best LuxExperience group ever. So we are really excited looking ahead, and we'll rebuild on the strength of that we have shown in the past. Yeah. Maybe following up on the stats that you evaluate, I think you mentioned that 4% of your consumers account for about 40% of sales. Is that true throughout the different brands that you own, or would you say one of them caters to more higher-end consumers than the others? It's very typical for luxury, and the 40%, the 4% of the 40% is Mytheresa, and on NET-A-PORTER, and the other brands. It's very similar. It's also obviously a highly concentrated top customer focus and a very comparable share on the focus on the on the high-end customers. And obviously building on the strength of a wardrobe builder, attracting those customers that come back and back and back, which is a key source of differentiation and a key, you know, the the component of the secret sauce of of the success is to have a loyal customer base that comes back and back without immediate discount need or immediate marketing spend but builds on the the success of the recurring customer. And that's why we have, at Mytheresa, after a customer that is coming for the second year, we have a 100% net sales retention for customers that are coming for the second year or longer. So every year, I build on an existing layer of existing customer, which really enables also the core profitability. This is the one side. And on the brand side, I mean, we have one of the most highest AOV in the industry, which is key. A key. And are really successful in focusing on full-price sale. So the share of products that we sell at full price is very important and is a key determining factor on top line and also on gross profit margin. What would you say is the share of revenue coming from recurring consumers, versus new consumers? We don't disclose this share. But I mean, as I said, every year, the share of recurring customer revenues is increasing, and with an increasing top customer share, and this is obviously what everybody aspires, but we succeed in, is to build and maintain this very important relationship with the top customer to shield us from aspirational customer weakness or from certain fluctuations in the industry, and this is really key. Okay. Maybe if you can, start speaking a bit about your midterm guidance. So you aim to be a global luxury force. What would you say are the key financial targets or milestones that you've set for the combined entity over the next, you know, three to five years? And what are the strategies that you will implement to drive that profitability and growth, across the newly integrated business? Yeah. I mean, that's the core question, and this is also the focus, why we're here because we really built this new entity with the acquisition, LuxExperience, from the start, about €3 billion, and clearly, at the end of this, we are very confident that in the medium term, we will form and grow LuxExperience to become a €4 billion company with Adjusted EBITDA margins of 7%-9%, that we've shown in the past and experienced in the past, and so have a clear Adjusted EBITDA profile, also on absolute terms, that justifies adding significant shareholder value and also for all stakeholders, so it's a, this is the key target and the key setup of what we do at LuxExperience. Obviously, we are doing this from a great outset. We talked about very weak competition, Mytheresa as the acquirer, as the core being the best executor in the industry, highest Net Promoter Score. We operate LuxExperience from a very sound position. LuxExperience is debt-free. If you compare that to other competitors that are highly indebted, it's a very strong [position that] gives us a very strong balance sheet, which gives us a very strong outset. We have a very, and the transformation plan to come to the €4 billion and the profitability is already fully funded, with extra leeway on the things that lie ahead. Cash position with the acquisition was, you know, cash injection of Richemont of €555 million, debt-free, sound operator being the number one worldwide, with the experience of a very strong growth trajectory in the past and looking and wanting to implement that in the future and the Adjusted EBITDA profitability 7%-9% that we had, you know, three years ago. It's a great outset. It's a great setup to engage at LuxExperience. You ask about the levers, how do we get there? The core element, well, the core elements are twofold. First is the gross profit margin. That is key. And with a very weak competition, we have, in the last quarters, at Mytheresa, shown increased gross profit margin, increased profitability, and we guided to continuous increase. And we see the same at NET-A-PORTER, MR PORTER, and YOOX. So the core focus is on improving and focusing on the core customer quality cohorts, improving gross profit margin. And then we made that also clear in our investor presentation that we had with the acquisition in May. Another core element of increased profitability for the LuxExperience Group is in the SG&A cost ratio. And at YNAP, the SG&A cost ratio is almost double the ratio from Mytheresa. And SG&A always sounds so abstract. What is in there? The core elements are IT setup, operational setup, and overhead cost. Therefore, the transformation plan that we defined early on with the acquisition focuses on those elements, on re-platforming the IT, NET-A-PORTER, using the Mytheresa IT platform, significantly reducing the complexity at the YOOX legacy IT, and also in line reducing the operational setup at both entities, where we talk about warehouses, studio production, customer care, to really focus the whole entity on what brings value and how do we operate in the most efficient way. Because, I mean, luxury e-commerce is a tough business to be in. You see that at competitors who are struggling. So the magic is all in execution and really getting it done and enabling a very lean, efficient, and focused setup. That's why with continuous improving of the gross profit margin and with a significant reduction in the SG&A cost ratio, this is then enabling to regain the path on profitability. On the top level side, we have shown in the past five, six years, Mytheresa operating on a CAGR, a double-digit growth CAGR. We want to come back to also significantly growing the LuxExperience and being the number one operator with weak competition and operating in a market. We haven't talked about this. The online luxury market is a market that you know is set to grow 8%-10% per year. So I have the ideal prerequisites for implementing this transformation plan, operating in an industry, high price elasticity, market growth 8%-10%, being the number one global operator with the proven track record and having a fully funded transformation plan, with all the right ingredients. We are really looking ahead on this transformation and are really excited for this new journey. Okay. Yeah. And in terms of of the growth drivers, maybe if I can continue on this, are there specific markets, I mean, geographically speaking, where you wish to expand more or that are, you know, the key drivers, or are you quite agnostic as to where sales happen? Yeah. We talked about a bit on the being an ETF. So also on the growth drivers, I have the right ingredients. I can grow with the brands that are up and coming and that fuel certain growth, and I can grow in regions that are, I mean, obviously, there are certain regions, I mean, like the Middle East, Singapore, Australia, Canada, UK, very strong for us. Talked about stuff in Europe. So there are always regions that operate in 130 regions that are set for high growth. So on the growth trajectory, I can expand my market share. The market share is, you know, if I look at certain regional markets, between 2%- 5% just. So I'm the number one. I'm the market leader globally, only with a market share of 2%-5% and operating in a growing market, so I can grow, you know, just capturing the growth potential of the market, taking market share, and also growing in certain regions, where, for example, the U.S., Mytheresa is underpenetrated. We have 22% revenue share in the U.S. The overall share of the U.S. in the luxury market is 35%, so we can grow, and we haven't talked about China. China is still a difficult market. It's still a bit spotty, but we have operations set up. We have a Chinese entity. We have a team there. We're doing a lot of cult top customer events also with local top Chinese brands. So for us, China is a great option because our China share is very small. And so if this market rebounds, we can fully benefit, also from regaining of the China share. So, regionally, and we haven't talked about the categories. I mean, obviously, the core category is womens wear, for us, where our market share is very low and we can grow significantly. I mean, in the last quarters, we have even grown double digits in the U.S., which is highly penetrated by U.S. players. But we also want to grow menswear, kidswear. We initiated fine jewelry, and want to grow that category as well. We have lifestyle tableware. You can imagine there's a lot of other luxury categories that LuxExperience will and can expand on to capture share of wallet of the target group. The target group is highly attractive for that. And speaking about this, category diversification, can you comment a bit on the, you know, innovative customer experiences, that you provide to your customers? I mean, there's always innovations in the customer approach. But the core element of why customers are coming to LuxExperience and experience that is in everything what we do. So it is the curation of, I mean, Mytheresa, NET-A-PORTER, the other brands are not a bundle of products on a website. It is a curated offer. It is a selected offer. It's about inspiration. So the core element, what we are working on and what we are focusing on we want to improve every day is a selection, is a curation, is how we partner with brands. Every week, there's something new on the website. There's a collaboration with a brand. So the customer comes back and back and back because she wants to be, you know, inspired and wants a fine selection. This is a core element of what we do. The second key element of the LuxExperience competitive advantage is being the best operator. Really seamless operation because the customers are at that level, they're highly demanding. If you get those two elements right, yes, you can, and this is not the focus of today's discussion, experiment with artificial intelligence, AI, and so on. It is key that you get your core strength in line and really align that to the needs of the top customers. Okay. Thank you very much for this. And thank you for all your insights. Maybe wrapping up my questions, if we can conclude on what are your expectations for the environment in the second half of 2025, and in 2026 for the luxury spending? Like, do you expect it to be the same, better, worse? I mean, we have now experienced a couple of years, two and a half years of a bit slower luxury market with polarization, so slower luxury market doesn't mean that everybody is slow. There are a lot of highly strong performing brands, and so for the second half, I do expect first signs of the designer changes on certain brands being more fresh, more innovative, and I also expect on the second half an improvement in the overall customer sentiment on this luxury segment, so obviously the main, if you talk about the big bulk of customer sentiment in the luxury industry, this will not significantly change in my view, but on the high end, paired with us changing attractiveness of our top luxury brands, I clearly see an upside on customer sentiment for this group. Okay. Well, I think that's very interesting. And in terms of, if you can speak about the, you mentioned that some brands have been performing much better than others. Would you say that's due to, I don't know, the curation of products, the price points? What is your view on this? I mean, why is a brand more successful than others? It is always a combination of a lot of things. But it is, you have to get your product quality in line with the value. So price value and the brand perception has to be in sync. For a lot of brands that are suffering right now, this is not in sync anymore. From the customer perspective, they think that the price points do not match the value proposition of the brands. Therefore, it is always a mix for a brand to be up there, to be one of the most successful brands. It is not so much on price points, because the price elasticity in the industry is still very low. But the customer really focuses even more on the value. What do I get? What do I really get? And if the market is booming, everybody's benefiting. And right now, it's a clear polarization of brands, and this will continue. No, no. Thank you very much. I think this is a great way to conclude this fireside chat. Thank you very much for coming here. Thank you. Thank you for having me. Thank you. Thank you.