科蒂集團 (COTY) 2022 Q4 法說會逐字稿

Good day. My name is Chelsea, and I'll be your conference operator. At this time, I would like to welcome everyone to Coty's Fourth Quarter and Fiscal 2022 Question-and-Answer Conference Call. As a reminder, this conference call is being recorded today, August 25, 2022.

再會。我的名字是切爾西，我將成為你的會議接線員。在這個時候，我想歡迎大家參加 Coty 的第四季度和 2022 財年問答電話會議。提醒一下，本次電話會議將於 2022 年 8 月 25 日錄製。

Please note that earlier this morning, Coty issued a press release and prepared remarks webcast, which can be found on its Investor Relations website.

請注意，今天上午早些時候，科蒂發布了新聞稿並準備了評論網絡廣播，可在其投資者關係網站上找到。

On today's call are Sue Nabi, Chief Executive Officer; and Laurent Mercier, Chief Financial Officer.

今天的電話會議是首席執行官 Sue Nabi；和首席財務官 Laurent Mercier。

I would like to remind you that many of the comments today may contain forward-looking statements. Please refer to Coty's earnings release and the reports filed with the SEC where the company lists factors that could cause actual results to differ materially from those forward-looking statements.

我想提醒您，今天的許多評論可能包含前瞻性陳述。請參閱 Coty 的收益發布和提交給 SEC 的報告，其中公司列出了可能導致實際結果與這些前瞻性陳述產生重大差異的因素。

In addition, except where noted, the discussion of Coty's financial results and Coty's expectations reflect certain adjustments as specified in the Non-GAAP Financial Measures section of the company's release.

此外，除非另有說明，對科蒂財務業績和科蒂預期的討論反映了公司新聞稿中非公認會計準則財務措施部分中規定的某些調整。

With that, we will now open the lines for questions.

有了這個，我們現在將打開問題線。

(Operator Instructions) And our first question will come from Stephanie Wissink with Jefferies.

（操作員說明）我們的第一個問題將來自 Jefferies 的 Stephanie Wissink。

We have 2 questions. The first is just on Travel Retail, China and e-commerce. Those really stood out to us in the quarter and the year as big drivers of growth. So can you talk about your expectations for those drivers in your fiscal '23 guidance, specifically China, if you can give us some sense of what you're assuming?

我們有 2 個問題。首先是旅遊零售、中國和電子商務。這些在本季度和當年對我們來說確實是增長的主要驅動力。那麼，您能否在您的 23 財年指南中談談您對這些驅動因素的期望，特別是中國，如果您可以讓我們了解您的假設嗎？

And then Sue, I'm going to ask you a tough question and hoping you're willing to answer, but there's been a lot made about the carrying relationship in that portfolio of brands. And I'm hoping you can are a little bit about -- since you've arrived at Coty, how that relationship has changed? The commitment you have to those brands, and maybe some of the performance indicators that you're looking at to reinforce that relationship?

然後蘇，我要問你一個棘手的問題，希望你願意回答，但是關於這個品牌組合中的承載關係已經做了很多。我希望你能稍微了解一下——自從你來到科蒂之後，這種關係發生了怎樣的變化？您對這些品牌的承諾，以及您正在考慮加強這種關係的一些績效指標？

Yes, Stephanie, thank you so much for your questions. So first, let me start with the first part, which is around the strength of the business. Indeed, the Travel Retail, e-commerce and China, and I will say a few words about China later, are clearly for Travel Retail and e-commerce key contributors to this I would say, best-in-class performance that we had in Q4 and fiscal '22.

是的，斯蒂芬妮，非常感謝你的提問。所以首先，讓我從第一部分開始，圍繞業務的實力。事實上，旅遊零售、電子商務和中國，以及我稍後會談到中國的幾句話，顯然是旅遊零售和電子商務的主要貢獻者，我想說，我們在第四季度和 '22 財年。

I really hope that everyone will recognize today and now that these 8 quarters of results on par or ahead of expectations of our guidances and of course, most of our peers, it's clearly hopefully going to be recognized as a great achievement. That's very important point.

我真的希望每個人今天和現在都能認識到，這 8 個季度的業績與我們的指導預期相當或超出預期，當然，我們的大多數同行，顯然希望這將被認為是一項偉大的成就。這是非常重要的一點。

When it comes to Travel Retail and the fact that Travel Retail has been a key contributor, it's true that for all of us, specifically those who've been traveling, we've seen there is a huge surge in terms of travel worldwide. And this surge of travel, of course, translates into due to figures, if I may say, specifically at Coty. Our Travel Retail channel has been doing fantastically well during the quarter.

談到旅遊零售以及旅遊零售一直是主要貢獻者這一事實，確實，對於我們所有人，特別是那些一直在旅行的人來說，我們已經看到全球旅行方面出現了巨大的增長。當然，如果我可以說，特別是在科蒂，這種旅行的激增轉化為數字。我們的旅遊零售渠道在本季度表現非常出色。

Year-on-year if you take one example, it's 3x -- triple-digit growth, sorry, in terms of what we are seeing there. This is across the full board of categories, our fragrances and specifically our highest end fragrances and more artisanal or niche fragrances are doing fantastically well, gaining market share. Thanks to Travel Retail exclusives, but also thanks to the level of innovations.

如果你舉一個例子，同比增長 3 倍——三位數的增長，抱歉，就我們在那裡看到的情況而言。這涵蓋了所有類別，我們的香水，特別是我們的最高端香水和更多的手工或小眾香水都做得非常好，獲得了市場份額。感謝旅遊零售的獨家產品，但也感謝創新水平。

Our new category because we entered the -- before the pandemic Travel Retail was one category channel, which was mainly fragrances. Now Travel Retail is fragrances, Prestige makeup and of course, skincare and on Prestige makeup there, we've been giving also fantastic figures. Thanks to the different brands, the Burberry makeup, which make up or more recently Kylie Cosmetics, which had fantastic results in the top airports around the world.

我們的新品類是因為我們進入了——在大流行之前，旅遊零售是一個品類渠道，主要是香水。現在，Travel Retail 是香水、Prestige 化妝品，當然還有護膚品和 Prestige 化妝品，我們一直在提供出色的數字。多虧了不同的品牌，Burberry 化妝品，或者最近的 Kylie Cosmetics，在全球頂級機場取得了驚人的成績。

And last but not least, this channel is now fully benefiting from the repositioning of Lancaster from a sun care to a skin care brand, but started first in Hainan, but that's currently spread into Mainland China at Sephora as an exclusive partnership. And we've seen that this brand has been posting a double-digit growth in fiscal '22, which overall also had to do a lot with Travel Retail performance.

最後但同樣重要的是，這個渠道現在充分受益於蘭開斯特從防曬到護膚品牌的重新定位，但首先在海南開始，但目前作為獨家合作夥伴絲芙蘭擴展到中國大陸。我們已經看到，這個品牌在 22 財年實現了兩位數的增長，總體而言，這與旅遊零售業績也有很大關係。

E-commerce is clearly doing very, very well. This is clearly, I would say, the case in the Prestige division. It's even more the case on the Consumer Beauty division. And this honestly, I have to say, it's a big satisfaction for us because our brands are becoming darling brands on social media, specifically, CoverGirl, of course, but also Rimmel. We've done a recent launch called Thrill Seeker that happened at the end of the quarter and beginning of Q1, that's doing fantastically well, 100% co-created with TikTokers. So clearly, this part of the business is a key contributor. And you can imagine that in the coming quarter, it is going to continue to be a key contributor.

電子商務顯然做得非常非常好。我想說，這顯然是 Prestige 部門的情況。消費者美容部門的情況更是如此。老實說，我不得不說，這對我們來說是一個很大的滿足，因為我們的品牌正在成為社交媒體上的寵兒，特別是 CoverGirl，當然還有 Rimmel。我們最近在本季度末和第一季度初推出了名為 Thrill Seeker 的產品，效果非常好，100% 與 TikTokers 共同創建。很明顯，這部分業務是關鍵貢獻者。您可以想像，在下一季度，它將繼續成為關鍵貢獻者。

When it comes to the China topic. On China, of course, like everyone, we've been impacted by the lockdowns at the end of Q3 and during Q4. That's what we have seen in Q1. Now 2 months into Q1, in that China has obviously appeared strongly rebounded. We are seeing double-digit growth, not at the level of what we had and said prior to the first, I would say, slowdown because of the restrictions, but very, very strong performance.

說到中國話題。當然，在中國，和所有人一樣，我們也受到了第三季度末和第四季度封鎖的影響。這就是我們在第一季度看到的情況。現在進入 Q1 兩個月，中國顯然出現了強勁反彈。我們看到了兩位數的增長，而不是我們在第一次之前所說的水平，我想說的是，由於限製而放緩，但表現非常非常強勁。

And overall, Coty China had a plus 11% performance in fiscal '22 to be compared to a market that was minus 1%. So that's what I can tell you on the business side.

總體而言，與下降 1% 的市場相比，科蒂中國在 22 財年的業績增長了 11%。所以這就是我可以在業務方面告訴你的。

Now concerning the second part of your question, first of all, I'm not going -- as you can imagine, to do a lot of comments on speculations. But what I can tell you is that our long-term partnerships with our top fashion houses are continuing to be of a great quality.

現在關於你問題的第二部分，首先，我不會——正如你想像的那樣，對猜測發表很多評論。但我可以告訴你的是，我們與頂級時裝公司的長期合作夥伴關係繼續保持高質量。

And the other thing that I would like also to stress now that you're asking me the question is that I'm taking again this opportunity to repeat, but no key license is up to renewal before 5 years. So everything else is speculation. But these are the 2 key elements I need to share with you today.

另一件我想強調的事情現在你問我這個問題是我再次藉此機會重複，但沒有密鑰許可證可以在 5 年之前更新。所以其他一切都是猜測。但這些是我今天需要與您分享的兩個關鍵要素。

I hope this answers your 2 questions, Stephanie?

我希望這能回答你的兩個問題，斯蒂芬妮？

It does.

確實如此。

Our next question will come from Nik Modi with RBC.

我們的下一個問題將來自 Nik Modi 和 RBC。

Sue, I was hoping if you could just provide some context. Of course, I think the resiliency of beauty is pretty clear during downturns. But I wanted to understand, within your guidance, how you're thinking about the macroeconomic backdrop? Do you think this is going to be some kind of gradual, very shallow situation? Or are you expecting things to deteriorate further from here? So that's the first question.

蘇，我希望你能提供一些背景信息。當然，我認為在經濟低迷時期，美麗的彈性是非常明顯的。但我想了解，在您的指導下，您如何看待宏觀經濟背景？你認為這將是某種漸進的、非常膚淺的情況嗎？還是您預計事情會從這裡進一步惡化？所以這是第一個問題。

And then the second question is just maybe an update on what's going on with inventories at retail, given that they're managing their inventories very tightly right now? So just wanted to get some perspective on what's going on with inventory.

然後第二個問題可能只是零售庫存的最新情況，因為他們現在非常嚴格地管理庫存？所以只是想了解一下庫存的情況。

Yes. Nik, thank you for the question. So again, what I can tell you when it comes to the macro and what we are seeing currently, which is the best indicator of what we will hopefully oversee is that the Beauty category is not showing any sign of slowdown, specifically when it comes to Prestige, but also the premiumized part of Consumer Beauty.

是的。尼克，謝謝你的問題。再說一次，我可以告訴你關於宏觀和我們目前看到的情況，這是我們希望監督的最佳指標，即美容類別沒有顯示出任何放緩的跡象，特別是在涉及到聲望，也是消費者美容的高端部分。

Clearly, consumers are more than ever have to say, premiumizing, which is again, I guess, for all of us a kind of surprise in the middle all this inflationary pressure, but they are premiumizing more and more.

顯然，消費者比以往任何時候都更需要說，溢價，我想，這對我們所有人來說都是一種在通脹壓力中間的驚喜，但他們的溢價越來越高。

And during Q4, what we have seen is the movement, if I take the Fragrance category, moving from eau de toilette to eau de parfum which are more expensive because more concentrated versions of sensing. This movement is confirmed and it's only accelerating, I have to say. So we don't see consumers trading down. We see them trading up in Prestige behind categories such as fragrances, but also behind categories such as Prestige makeup.

在第四季度，我們看到的是這種變化，如果我拿香水類別的話，從淡香水轉向淡香精，因為更集中的傳感版本，價格更高。我不得不說，這種運動得到了證實，而且只是在加速。所以我們看不到消費者的交易量下降。我們看到他們在 Prestige 的交易中落後於香水等類別，但也落後於 Prestige 化妝品等類別。

And on the consumer beauty side, the part that's the best preserved. And if you listen to what some of our partner retailers have been sharing their -- recently during their earnings, it's clearly the premiumized part of the Consumer Beauty that's doing fantastically well. Probably, I would say that in the past, we were putting on one side, things that are priced than things that are very, very affordable.

在消費者美容方面，保存最完好的部分。如果你聽聽我們的一些合作夥伴零售商最近在他們的收益期間分享了什麼，很明顯是消費者美容的高端部分做得非常好。可能，我會說，在過去，我們把定價的東西放在一邊，而不是非常非常實惠的東西。

I do believe that in Beauty today, the market will be all about cool or desirable brands, be it from mass or Prestige and not cool and not desirable brands be it from mass and Prestige. And those that are cool and desirable are by this condition willing to be protected, over protected probably because this has become, I would say, absolutely we call it the fragrance index or the fragrance effect.

我確實相信，在今天的美容領域，市場將全是酷或受歡迎的品牌，無論是大眾品牌還是聲望品牌，而不是酷和不受歡迎的品牌，無論是大眾品牌還是聲望品牌。而那些酷和可取的人在這種情況下願意被保護，過度保護可能是因為這已經成為，我想說，絕對我們稱之為香味指數或香味效果。

It's clearly these products that are not only [single] but also [net] fragrances are really consumed today by men, women, Gen Zs, Latins, et cetera, in the years to take this example. And these are categories that I do believe because they are making you look or feel better, are becoming more and more essential categories rather than what we could consider as categories that you would shop only when you're okay.

很明顯，這些產品不僅是[單一]而且是[淨]香水，今天真正被男性、女性、Z 世代、拉丁人等等消費，以這個例子為例。這些是我確實相信的類別，因為它們讓你看起來或感覺更好，正在成為越來越重要的類別，而不是我們認為只有在你沒事時才會購物的類別。

So I think it's really this that I see in terms of macro trends. In terms of inventory, to answer the second part, the retailers have indeed excess inventories in some other categories, but not in Beauty in fact. If you listen again to the earnings from the different retailers, if there is one preserved category, it's in the Beauty.

所以我認為從宏觀趨勢的角度來看，這確實是我所看到的。在庫存方面，回答第二部分，零售商在其他一些品類確實有多餘的庫存，但實際上在美妝方面沒有。如果你再聽聽不同零售商的收益，如果有一個保留類別，那就是美妝。

Our next question will come from Javier Escalante with Evercore.

我們的下一個問題將來自與 Evercore 的 Javier Escalante。

My question has to do with the Consumer division. If you can give us an update with regards to the supply chain challenges that CoverGirl had earlier in the quarter? And also, how you see the profitability of the business going forward? It improved at least more than I thought in Q4. So if you can expand that, that would be great.

我的問題與消費者部門有關。您能否向我們提供有關 CoverGirl 在本季度早些時候遇到的供應鏈挑戰的最新信息？此外，您如何看待未來業務的盈利能力？它至少比我在第四季度想像的要好。因此，如果您可以擴展它，那就太好了。

Yes. So Javier, I would take the question. So question of Beauty -- so first question on supply chain. And I would say it's not specific to Consumer Beauty. I will make -- mention of global supply chain. So number one, indeed, I mean, the issue we raised last time in our last version, this is the result. When we had the call, we were telling you that this was really in good progress. So now this is resolved. However, from a global standpoint, Obviously, as our peers, we are not immune from current supply issues.

是的。所以哈維爾，我會回答這個問題。所以美的問題——供應鏈的第一個問題。而且我會說它不是特定於消費者美容的。我會提到全球供應鏈。所以第一，事實上，我的意思是，我們上次在上一個版本中提出的問題，這就是結果。當我們接到電話時，我們告訴您這確實進展順利。所以現在這個問題解決了。然而，從全球的角度來看，顯然，作為我們的同行，我們不能倖免於當前的供應問題。

But definitely, we are well protected, and we know we have a service level which is in the low 90s, which is a good performance. So while we are protecting this is definitely because we work now for several quarters on dual sourcing, on local sourcing and also, we had also some contracts on freight, which could protect us.

但毫無疑問，我們受到了很好的保護，而且我們知道我們的服務水平處於 90 年代的低水平，這是一個很好的表現。因此，雖然我們正在保護這絕對是因為我們現在在雙重採購、本地採購方面工作了幾個季度，而且我們還有一些貨運合同，這可以保護我們。

So this is really the combination of all these levers. And as you can imagine and as you know, this is a daily focus from all the teams, we need to keep a strong improvement and control on supply chain. There is another angle on supply chain and service level, is also that the demand in fact is higher. So also you have both elements, and this is indeed what we have to manage. But we are winning control and managing nicely the current constraints.

所以這實際上是所有這些槓桿的組合。正如您可以想像的那樣，正如您所知，這是所有團隊每天關注的焦點，我們需要對供應鏈保持強有力的改進和控制。供應鍊和服務水平還有一個角度，其實也是需求更高。所以你也有這兩個元素，這確實是我們必須管理的。但是我們正在贏得控制並很好地管理當前的限制。

Second part, you are absolutely right, Consumer Beauty profitability moving better than expected. I mean the reason is very simple. When I talk every time about the virtuous cycle we apply this approach from both segments. This is the case for Prestige. So this is also the case for Consumer Beauty.

第二部分，你說得對，消費者美容的盈利能力好於預期。我的意思是原因很簡單。當我每次談到良性循環時，我們都會從兩個部分應用這種方法。這就是威望的情況。因此，消費者美容也是如此。

So the recipe which has really improved the gross margin, this is something which is really absolutely in the DNA of Consumer Beauty teams, thanks to all the levers mix. So you rightly just mentioned that we are premiumizing all the new innovations, Kind & Free. So this is really a key element of the new innovation we are launching are really premiumized and really helping definitely the mix on the gross margin.

因此，真正提高毛利率的配方，這絕對是消費者美容團隊的基因，這要歸功於所有的槓桿組合。所以你剛剛提到我們正在對所有新的創新、Kind & Free 進行優化，這是正確的。因此，這確實是我們正在推出的新創新的關鍵要素，它們確實是高端化的，並且確實確實有助於提高毛利率。

We are doing pricing in the current context. But -- and insisting every time in a very granular manner, in a very detailed manner, so it's very, very precise and also optimizing cost of goods because rationalization of the portfolio is performing, which is really a key element.

我們在當前情況下進行定價。但是 - 並且每次都以非常細化的方式，非常詳細的方式堅持，所以它非常非常精確並且還優化了商品成本，因為正在執行投資組合的合理化，這確實是一個關鍵因素。

We raised a few times but when we are doing as true innovation, for example on CoverGirl, we can use the same platform going to replicate a Max Factor on Rimmel by doing this.

我們提出了幾次，但是當我們做真正的創新時，例如在 CoverGirl 上，我們可以使用相同的平台來複製 Rimmel 上的 Max Factor。

So that's really the virtuous cycle. And then, of course, we are using this money to inject the media and A&CP. And you remember, this is what we did in Q3. Since you asked the question what we did in Q3? The level of A&CP was rather high in Consumer Beauty. This was a conscious decision to support all those initiatives and then indeed now delivering sustainable profitability and Consumer Beauty and obviously, we continue in fiscal '23 and beyond.

所以這才是真正的良性循環。然後，當然，我們用這筆錢注入媒體和 A&CP。你還記得，這就是我們在第三季度所做的。既然你問了我們在第三季度做了什麼？ A&CP在Consumer Beauty中的水平相當高。這是一個有意識的決定，以支持所有這些舉措，然後確實現在提供可持續的盈利能力和消費者美容，顯然，我們將在 23 財年及以後繼續。

Our next question will come from Olivia Tong with Raymond James.

我們的下一個問題將來自 Olivia Tong 和 Raymond James。

My first question is on fiscal '23 EBITDA expectations. I see continued strong margin expansion plan. It looks like you're expecting about 200 basis points of margin improvement in the first half, but prior to the second half. So I was just wondering if you could expand on that and what's driving the first half versus second half expectations?

我的第一個問題是關於 23 財年 EBITDA 的預期。我看到持續強勁的利潤率擴張計劃。看起來您預計上半年利潤率將提高約 200 個基點，但在下半年之前。所以我只是想知道您是否可以對此進行擴展，以及是什麼推動了上半年與下半年的預期？

And then my follow-up question is around your view on celebrity influencer led brands. It's obviously a space that you have great color into, but it is becoming more and more crowded. So I'd love to hear your views in terms of relative success of your brands versus others? And how these brands differ in terms of growth expectations and support levels relative to the rest of your portfolio?

然後我的後續問題是圍繞您對名人影響者主導品牌的看法。這顯然是一個你有很好色彩的空間，但它變得越來越擁擠。所以我很想听聽你對你的品牌相對於其他品牌的相對成功的看法？這些品牌在增長預期和支持水平方面與您的其他產品組合有何不同？

Thank you. So I will take indeed the first part EBITDA expectation. And first of all, I really want to remind that on the metrics, on top line and EBITDA, indeed, I mean, our fiscal year '23 guidance is completely in line with the midterm guidance that we gave you, you remember in November.

謝謝你。所以我確實會接受第一部分的 EBITDA 預期。首先，我真的想提醒一下，在指標、頂線和 EBITDA 上，事實上，我的意思是，我們的 23 財年指導完全符合我們在 11 月份給你的中期指導。

So this is really confirming the robustness of the model and really another strong achievement of fiscal '22. We continue fiscal '23 in a very consistent manner. So definitely, I would say the [much more] guide implies at this. But I would say it's still a little too early to go more in that between H1 and H2. So it is really definitely we continue the gross margin expansion, discipline and fixed costs, investing in A&CP and delivering this full year guidance. Now navigating H1 and H2, it may be something that we adapt during the year depending on the evolution of all the metrics. So still too early -- a little too early to debate on this.

因此，這確實證實了該模型的穩健性，並且確實是 22 財年的又一強勁成就。我們以非常一致的方式繼續 '23 財年。所以肯定地說，我會說[更多]指南暗示了這一點。但我想說，在 H1 和 H2 之間做更多的事情還為時過早。因此，我們確實肯定會繼續擴大毛利率、紀律和固定成本，投資 A&CP 並提供全年指導。現在導航 H1 和 H2，這可能是我們在一年中根據所有指標的演變進行調整的東西。所以現在還為時過早——對此進行辯論還為時過早。

Yes. And then secondly -- this is Sue, I'm going to take the second part of the question, which is around celebrity and influencer-led brands. So if I remember well, the question was around, is it more competitive? The answer is clearly, yes. This is a very, very competitive part of the business.

是的。其次，我是 Sue，我將回答問題的第二部分，圍繞名人和影響者主導的品牌。所以如果我沒記錯的話，問題是，它是否更具競爭力？答案很明顯，是的。這是業務中非常非常有競爭力的部分。

I think all of us, we see a lot of brands launched on a daily basis almost today. So it's very, very competitive. I do believe that there is a place where there is a kind of moment of truth, which is [brick-and-mortar]. There is a selection that's happening because, the ability to have a go-to-market that's strong as equity go-to-market to be present in hundreds, if not thousands of stores globally. This is clearly an element that selects a lot of DTC brands as potentially becoming bigger brands. And by the commission makes the competition less important.

我想我們所有人，我們幾乎在今天每天都會看到很多品牌推出。所以它非常非常有競爭力。我確實相信有一個地方存在某種關鍵時刻，那就是[實體店]。有一個選擇正在發生，因為有一個強大的市場進入能力，就像股權進入市場一樣，存在於全球數百甚至數千家商店中。這顯然是選擇許多 DTC 品牌作為可能成為更大品牌的因素。而通過佣金使得競爭變得不那麼重要了。

In terms of right level of investment, as you can imagine, these brands are born on social media. They have natural A&CP, if I may, call it like this because of the reach of the difference -- people who are reaching to the communities on a daily basis. And therefore, there is less need to overinvest in media, like we do it on classical brands. So it's really this kind of, I would say, compromise that we need to find depending on the brand and depending on the kind of innovation.

就正確的投資水平而言，您可以想像，這些品牌都是在社交媒體上誕生的。他們有天然的 A&CP，如果我可以的話，之所以這樣稱呼它，是因為差異的範圍——每天都在接觸社區的人。因此，不需要像我們對經典品牌那樣過度投資媒體。因此，我想說的是，我們需要根據品牌和創新類型找到這種折衷方案。

Our next question will come from Chris Carey with Wells Fargo Securities.

我們的下一個問題將來自富國銀行證券公司的 Chris Carey。

So your new launch activity was a theme that came up throughout the prepared remarks and a little bit in the Q&A session here. And a lot of focus was on the Kim launch in the front half. You -- I think you noted that you're at 20% of your full year sales expectations already.

因此，您的新發布活動是整個準備好的評論中出現的主題，並且在此處的問答環節中出現了一點點。很多焦點都集中在前半場的金發射上。你——我想你注意到你已經達到了全年銷售預期的 20%。

Is there any way you can frame what the contribution from the Kim launch will be to the outlook this year? And in general, what the contribution from new launches will be to your fiscal '23 overall on sales and potentially on profits, then I have a quick follow-up?

有什麼方法可以確定 Kim 的發布將對今年的前景做出什麼貢獻？總的來說，新推出的產品對您 23 財年的整體銷售和潛在利潤的貢獻是什麼，那麼我有一個快速跟進？

Yes. Thank you, Chris, for the question. So again, when it comes to the first part, which is the contribution, as you can imagine, we do not share figures of how much this brand is going to contribute to the growth of the company. But clearly, the start of this new line is very good.

是的。謝謝你，克里斯，這個問題。再說一次，當談到第一部分，即貢獻時，您可以想像，我們不會分享這個品牌將為公司的發展做出多少貢獻的數據。但很顯然，這條新線路的開端是非常好的。

We are above our expectations. And something that's for me and for all of us is a very, very strong sign is that the best-selling item is not a single product, the best-selling item is the full line of 9 SKUs, which is priced at $575. So for us, if consumers are ready to spend $575 on a set of 9 products, it means a lot in terms of how they trust the brand, how they trust what we are doing together on this brand. So this is clearly something that we wanted to share with you. What I can tell you about the fiscal '23 guide, it's not dependent on this launch.

我們超出了我們的預期。對我和我們所有人來說，這是一個非常非常強烈的跡象，即最暢銷的商品不是單一產品，最暢銷的商品是 9 個 SKU 的全系列，價格為 575 美元。所以對我們來說，如果消費者準備好花 575 美元購買一套 9 種產品，這對於他們如何信任這個品牌、他們如何信任我們在這個品牌上所做的事情來說意義重大。因此，這顯然是我們想與您分享的內容。我可以告訴你的關於 23 財年指南的內容並不依賴於此次發布。

It's clearly a very broad based. And this is another item I would like to insist on a lot. It's really that my job, and Laurent's job, and the job of the people are at least to build a growth that has balanced as possible. In terms of geographies, you've seen that, in fact, not being overexposed to China, protected as recently, in terms of categories we are working hard to make sure we have all categories in hand so that whatever happening on 1 category or the other, we can accelerate in one category versus another in terms of brands, not being dependent from any brand.

這顯然是一個非常廣泛的基礎。這是另一個我很想堅持的項目。確實，我的工作，勞倫特的工作，以及人民的工作，至少是建立一個盡可能平衡的增長。就地理而言，您已經看到，事實上，並沒有過度暴露於中國，最近受到保護，就類別而言，我們正在努力確保我們掌握所有類別，以便無論發生在一個類別或另外，我們可以在品牌方面加速一個類別而不是另一個類別，而不依賴於任何品牌。

And clearly, this is something that's a key element that is part of the way we are building the net revenues not only for fiscal '23, but also into our algorithm that we presented to you a few months ago.

顯然，這是一個關鍵要素，它不僅是我們為 23 財年建立淨收入的方式的一部分，而且也是我們幾個月前向您展示的算法的一部分。

Well, in terms of what are the key building blocks for our fiscal '23. Fragrance launches and category growth are clearly the biggest building blocks that we have embedded into this idea.

好吧，就我們 23 財年的關鍵組成部分而言。香水的推出和品類的增長顯然是我們嵌入這一理念的最大組成部分。

The quick follow-up would just be, Laurent, you did note some buckets of gross margin in the prepared remarks. It was also noted that Coty is expecting modest gross margin expansion for the year. I wonder if you could maybe just frame the cadence of gross margin expansion over the course of the year. And then perhaps any of the key buckets the puts and takes that you see there?

洛朗，你在準備好的評論中確實注意到了一些毛利率。還有人指出，科蒂預計今年的毛利率將適度增長。我想知道你是否可以確定一年中毛利率擴張的節奏。然後也許你在那裡看到的任何關鍵桶？

Yes. So I mean, first of all, let me remind, as you noted, I mean, gross margin expansion in fiscal '22 close to 400 basis points. So you can really see that all the actions, all the initiatives that we put in place delivered strong results.

是的。所以我的意思是，首先，讓我提醒一下，正如你所指出的，我的意思是，22 財年的毛利率擴張接近 400 個基點。所以你真的可以看到，我們採取的所有行動、所有舉措都取得了很好的成果。

Now definitely, we continue the journey. We still have some initiatives that we are implementing to continue gross margin expansion, definitely not at the same reason as we had this year, and it confirms really, as I just shared, that we are very confident in moving to the mid 60s gross margin by '25.

現在肯定，我們繼續旅程。我們仍然有一些我們正在實施的舉措來繼續擴大毛利率，這絕對不是我們今年的原因，而且正如我剛剛分享的那樣，它確實證實了我們對進入 60 年代中期的毛利率非常有信心到 25 年。

What are the ingredients? What are the buckets? So let me take the key elements. Number one is mix, mix is a key driver of the gross margin. And again, we see concrete results of what we have achieved in fiscal '22, which is really the premiumization of fragrance of credit either in fragrance and also makeup and the next phase indeed is skincare, but also in Consumer Beauty.

有哪些成分？什麼是桶？所以讓我來看看關鍵要素。第一是混合，混合是毛利率的關鍵驅動因素。再一次，我們看到了我們在 22 財年所取得的具體成果，這實際上是香水和化妝品中信貸香水的高端化，下一階段確實是護膚品，還有消費者美容產品。

We obviously all the new innovations that we are launching, are margin accretive. And sometimes we don't have the same level of proceeds. So we see the key driver and we continue in fiscal '23, and it's part of the strategy and all the initiatives that we'll be having.

顯然，我們推出的所有新創新都可以增加利潤。有時我們沒有相同水平的收益。因此，我們看到了關鍵驅動因素，我們將在 23 財年繼續，這是我們將採取的戰略和所有舉措的一部分。

Number 2 is definitely pricing, and I can elaborate a little on this because we see this is as key element. We implemented a low single-digit price increase at the beginning of calendar '22. We are currently, as we speak, implementing mid-single-digit price increase, and this implementation is going very smoothly.

第二個肯定是定價，我可以詳細說明一下，因為我們認為這是關鍵要素。我們在 22 年年初實施了低個位數的價格上漲。正如我們所說，我們目前正在實施中個位數的價格上漲，而且這個實施進展非常順利。

So there is no impact on volume. And again, it's really quality of execution. And we are also working, preparing a new round of price increase low single digit in the beginning of calendar '23. So we are definitely, from a top line standpoint we will be delivering.

所以對音量沒有影響。再說一次，這真的是執行質量。我們也在努力，準備在 23 年年初新一輪低個位數的價格上漲。因此，從頂線的角度來看，我們肯定會交付。

Then on cost of goods, definitely, there is a strong headwind, which is inflection. It's about roughly slightly above 2% of net revenue. This is what we had in Q4, and we have the same assumption for fiscal '23, okay? So it's 2% and see, also cost of goods, we have some strong and tangible actions which will help the gross margin.

然後在商品成本方面，肯定有一個強大的逆風，那就是拐點。這大約略高於淨收入的 2%。這就是我們在第四季度的情況，我們對 23 財年有相同的假設，好嗎？所以它是 2%，還有商品成本，我們有一些強有力的切實行動將有助於提高毛利率。

Number one is, we get the effect of the closure of the factory -- fragrance factory in Germany. As you know, we announced 18 months ago this decision. We executed with the team during the 12 months, and this was perfectly executed without any disruption. And we are now getting the savings starting now.

第一個是，我們得到了關閉工廠的影響——德國的香水工廠。如您所知，我們在 18 個月前宣布了這一決定。我們在 12 個月內與團隊一起執行，並且執行得非常完美，沒有任何中斷。我們現在開始節省開支。

We are also working hard on the platforming of the value analysis reviewing all the formulas, either Consumer Beauty or Prestige and really with the objective to simply find the formula to standardize and also to have late differentiation. And by doing this, we are making savings in procurement, but also in manufacturing.

我們還在努力將價值分析平台化，審查所有公式，無論是 Consumer Beauty 還是 Prestige，目標是簡單地找到要標準化的公式並實現後期差異化。通過這樣做，我們節省了採購成本，也節省了製造成本。

So here, these are really the elements of all the gross margin expansion. This is uncaptured in the all-in to win umbrella. And this will keep supporting gross margin expansion in '23. And again, same flywheel to keep fueling all the key initiatives that we have in the growth agenda.

所以在這裡，這些確實是所有毛利率擴張的要素。這是全押贏得傘中沒有得到的。這將繼續支持 23 年的毛利率擴張。再一次，同樣的飛輪繼續推動我們在增長議程中的所有關鍵舉措。

(Operator Instructions) And our next question will come from Steve Powers with Deutsche Bank.

（操作員說明）我們的下一個問題將來自德意志銀行的 Steve Powers。

Yes. Sue, maybe building on your comments earlier around balance across the portfolio. I guess I was hoping you could frame for us in a bit more detail, just base case expectations in terms of the contributions from Prestige versus Consumer Beauty within the '23 outlook? And given the macro comments you made earlier and current momentum, I'm guessing Prestige is to, again, be an amplified driver of growth, but perhaps you could just talk through the magnitude and sensitivities there, number one.

是的。蘇，也許在你之前關於投資組合平衡的評論的基礎上建立起來。我想我希望你能更詳細地為我們制定框架，只是在 23 年展望中對 Prestige 與 Consumer Beauty 的貢獻的基本情況預期？考慮到你之前發表的宏觀評論和當前的勢頭，我猜 Prestige 將再次成為增長的放大驅動力，但也許你可以談談那裡的規模和敏感性，第一。

And then separately on China, I guess just a little bit more specificity around your perspective on how that market is expected to grow in the year ahead? And just how dependent your own business is on resumed market growth in China at this point in its evolution in China?

然後分別在中國，我想圍繞您對未來一年該市場預計將如何增長的看法更具體一點？在中國發展的這一點上，您自己的業務對中國市場恢復增長的依賴程度如何？

Yes. Steve, thank you for your questions. So let's start with the first part, which is around how we are building in such fiscal '23 growth. And I think part of the answer was in your question. As you can imagine, there is, what we call it quickly the fragrance index that's helping us a lot. This is clearly about this category clearly supporting the growth of the Beauty category not only in the U.S. but globally.

是的。史蒂夫，謝謝你的提問。因此，讓我們從第一部分開始，這是關於我們如何在 23 財年實現這樣的增長。我認為部分答案在你的問題中。正如您所想像的那樣，我們很快將其稱為香水指數，它對我們有很大幫助。這顯然與這一類別有關，顯然支持美容類別不僅在美國而且在全球範圍內的增長。

This category is 20% above the levels of 2019 globally here again. And we see it continuing to premiumize, to command higher pricing with a lot of innovations, either from artisanal brands or more mainstream brands. So clearly, this is going to hold us clearly during fiscal 2023.

這一類別再次比 2019 年全球水平高出 20%。我們看到它繼續高端化，通過許多創新來獲得更高的價格，無論是來自手工品牌還是更多主流品牌。很明顯，這將在 2023 財年明確地影響我們。

Clearly, we will continue to execute on our makeup strategy, Prestige makeup strategy. There, again, the brands that we are heading in this area now are growing super-fast and therefore, there are going to be key contributors even if the base is smaller.

顯然，我們將繼續執行我們的彩妝策略 Prestige 彩妝策略。同樣，我們現在在這一領域的品牌正在以超快的速度增長，因此，即使基數較小，也會有關鍵的貢獻者。

So by definition, in absolute value, it's just a contributor, but still it's a key one. And last but not least, we are, for the first time, starting to operate a full skincare line in China. I'm thinking about Lancaster, but hopefully going to slowly but surely become a key contributor in our growth agenda.

所以根據定義，在絕對值上，它只是一個貢獻者，但它仍然是一個關鍵的貢獻者。最後但同樣重要的是，我們第一次開始在中國運營完整的護膚品系列。我正在考慮蘭開斯特，但希望能夠緩慢但肯定地成為我們增長議程的關鍵貢獻者。

So to see by nature because of the markets and because of the fact that we are adding categories is going to be, in a way, a key contributor to fiscal '23. I remind you that the Prestige business is 60% of our net revenues, while Consumer Beauty is more or less 40%.

因此，從本質上看，由於市場以及我們正在添加類別的事實，在某種程度上，這將成為 23 財年的關鍵貢獻者。我提醒您，Prestige 業務占我們淨收入的 60%，而 Consumer Beauty 或多或少佔 40%。

But we are also quite bullish on Consumer Beauty because we have incredible launches. Some of them started at the end of the quarter, beginning of Q1. I'm thinking about Thrill Seeker that started in U.K. behind the Rimmel brand, but having fantastic first half. It's the first product that has been co-created 100% with TikTok in mind with TikTokers as not only creating the products but also part of the campaigns, holding and facing the campaign in front of consumers, but also in the U.S., CoverGirl, we are activating one of the most powerful franchise behind CoverGirl, which is Simply Ageless.

但我們也非常看好 Consumer Beauty，因為我們推出了令人難以置信的產品。其中一些是在本季度末，即第一季度開始時開始的。我正在考慮在 Rimmel 品牌之後在英國開始的 Thrill Seeker，但上半年表現出色。這是第一款與 TikTok 一起 100% 與 TikTokers 共同創造的產品，因為它不僅創造了產品，而且也是活動的一部分，在消費者面前舉行和麵對活動，而且在美國，CoverGirl，我們正在激活 CoverGirl 背後最強大的特許經營權之一，即《Simply Ageless》。

Simply Ageless is one of a kind line in the U.S. right? It is the only line but so modern in terms of approach, of the question around age. It's all about mixing beautiful skincare ingredients together with transforming makeup ingredients. And this line, every time we put money and investment behind, we see it growing super, super fast, and we are also still including recently in the most recent mix. So clearly, this is, I would say, the way we described how we have built fiscal '23.

Simply Ageless 是美國的同類產品之一，對吧？這是唯一一條線，但就方法而言，它是如此現代，關於年齡的問題。這一切都是為了將美麗的護膚成分與改造化妝成分混合在一起。而這條線，每次我們把錢和投資放在後面，我們都會看到它超級、超級快地增長，而且我們還在最近的組合中包括最近。很明顯，我想說，這就是我們描述我們如何建立 23 財年的方式。

Now when it comes to China, what we are seeing is that -- of course, they have been lockdowns, there have been pressure on consumption, including on e-commerce. But what we are seeing now 2 months into the first quarter of fiscal '23, at least for quarter 3 is that the spike in our sales is back to, I would say, levels that are not the same as the ones we had beginning of calendar '22, but very, very strong double-digit level.

現在談到中國，我們看到的是——當然，他們一直處於封鎖狀態，消費面臨壓力，包括電子商務。但是我們現在看到的是 23 財年第一季度的兩個月，至少在第三季度，我們的銷售額飆升到了與我們開始時不同的水平日曆'22，但非常非常強的兩位數水平。

So this is clearly something that we will count on. And again, for us, think about something quite simple. China is so small for Coty that anything we do, just doing the right things is a potential upside for the whole business there and therefore for the company.

所以這顯然是我們將依靠的東西。再一次，對我們來說，想想一些非常簡單的事情。中國對科蒂來說太小了，我們所做的任何事情，只要做正確的事情，對那裡的整個業務乃至公司來說都是一個潛在的好處。

Our next question will come from Korinne Wolfmeyer with Piper Sandler.

我們的下一個問題將來自 Korinne Wolfmeyer 和 Piper Sandler。

Congrats on the quarter. So I'd like to first kind of push you a little bit more on what you're seeing in color cosmetics. Now could some of the recent strength be coming from reopening and the summer season, having lots of weddings and events. So is there any way to kind of parse out how much could be coming from the reopening and how much is more sustained strength going forward?

祝賀本季度。所以我想先向你介紹一下你在彩妝中看到的東西。現在，最近的一些力量可能來自重新開放和夏季，有很多婚禮和活動。那麼有什麼方法可以分析出重新開放能帶來多少收益，以及未來的持續實力有多少？

And then just touching on the recent and partnership that was announced. First, we were excited to hear that. But can you just expand a bit on what this partnership means for Coty? How can we help expect this to kind of help the China and Travel Retail parts of the business ramp faster? And then any financial implications here that you can share with us would be great.

然後只是談到最近宣布的合作夥伴關係。首先，我們很高興聽到這個消息。但是，您能否稍微擴展一下這種合作夥伴關係對科蒂的意義？我們如何才能期望這能幫助中國和旅遊零售業務的部分業務更快發展？然後，您可以與我們分享的任何財務影響都會很棒。

Thank you for your questions. So let me start with the first part, which is around what we are seeing in product Cosmetics and how much of this is driven by reopening versus something that's more sustainable, if I understood quite well the question.

謝謝你的提問。所以讓我從第一部分開始，它是圍繞我們在產品化妝品中看到的，以及其中有多少是由重新開放驅動的，而不是更可持續的東西，如果我很好地理解了這個問題的話。

So what I can tell you is that what we are seeing is on top of the strong categories that were booming during the lockdowns and post pandemic, I think that anything that has to do with eye products, be it mascara drove products, like Youth Serum, eyeshadows, et cetera, we are seeing the rest of the categories back to growth, including lip color.

所以我可以告訴你的是，我們看到的是在封鎖期間和大流行後蓬勃發展的強大類別之上，我認為任何與眼部產品有關的東西，無論是睫毛膏驅動的產品，比如青春血清，眼影等，我們看到其餘類別恢復增長，包括唇色。

But not any kind of lip color interestingly, the launches that are doing the best equity and specifically, I think about CoverGirl in the U.S. it's similarly rebound. Rebound that probably are mixing the right things that people are looking for, which is on one side a hint of color and on the other side, a lot of care. And this is for me a sustainable trend, if I may say.

但有趣的是，沒有任何一種唇色，這些產品的推出效果最好，特別是，我認為美國的 CoverGirl 也有類似的反彈。反彈可能混合了人們正在尋找的正確的東西，一方面是顏色的暗示，另一方面是非常小心的。如果我可以說，這對我來說是一個可持續的趨勢。

And this is clearly going to be here to spend the test of time. There will be moments where people are going to look for more pigmented makeup moments where they will look for less pigmented makeup. But whatever will happen, what I call skinified makeup or healthy makeup whatever you like to name, this is the key trend behind the consumption of this category in the U.S., but we also see the same things more or less around the world in other regions.

而這顯然會在這裡度過時間的考驗。會有一些時刻，人們會尋找更多有色化妝品的時刻，他們會尋找更少有色化妝品。但無論發生什麼，我稱之為皮膚化的妝容或健康的妝容，無論你喜歡什麼，這是美國這一類別消費背後的關鍵趨勢，但我們在世界其他地區或多或少地看到同樣的事情.

Now when it comes to the partnerships that you were referring to between Ant and Alibaba. What does it focus here for the traveling momentum? We are, of course, studying the consequences of this partnership. The only thing I can tell you is that there is something very strong is that we are all waiting for the Chinese consumers to be back to travel.

現在談到你提到的螞蟻和阿里巴巴之間的合作夥伴關係。它在這里關注的旅行動力是什麼？當然，我們正在研究這種夥伴關係的後果。我唯一可以告訴你的是，有一點非常強烈，那就是我們都在等待中國消費者回來旅行。

And therefore, to add on to the Travel Retail huge figures, remember, I shared with you that Travel Retail is back to the levels pre-pandemic. But this is still with a minus 20%, minus 30% less passengers, so having all these consumers back to this channel can only confirm the importance of Travel Retail. And I can tell you that this partnership also means that Travel Retail and China are more or less telling us the same story and are extremely linked to each other.

因此，為了增加旅遊零售的巨大數據，請記住，我與您分享了旅遊零售已恢復到大流行前的水平。但這仍然是負 20%、負 30% 的乘客減少，所以讓所有這些消費者回到這個渠道只能證實旅遊零售的重要性。我可以告訴你，這種合作關係也意味著旅遊零售和中國或多或少地在告訴我們同樣的故事，並且彼此之間有著密切的聯繫。

Our next question will come from Mark Astrachan with Stifel.

我們的下一個問題將來自 Stifel 的 Mark Astrachan。

Yes. I guess first, just on marketing spend and ad marketing spend 20% of sales in fiscal '22. How do you think about where that goes in '23 and beyond? Is there any particular benchmark you're using and then sort of more specifically, it was up 600 basis points as a percentage of sales year-on-year, obviously contributed to strong growth. But how do you think about the need to continue to increase that and the correlation to sales growth going forward?

是的。我想首先，在 22 財年，僅營銷支出和廣告營銷支出就佔銷售額的 20%。您如何看待 23 年及以後的發展方向？您是否使用了任何特定的基準，然後更具體地說，它佔銷售額的百分比同比上升了 600 個基點，顯然促成了強勁的增長。但是您如何看待繼續增加這一點的必要性以及與未來銷售增長的相關性？

Yes. So Mark, so indeed, as you saw in '22, I mean, we were able to step up significantly our level of A&CP and now to be in the range of a high 20s. We are making very clear that high 20s is really for us the accurate level and definitely within our flywheel. This is something that we are taking also for fiscal '23.

是的。所以馬克，確實，正如你在 22 年看到的那樣，我的意思是，我們能夠顯著提高我們的 A&CP 水平，現在達到了 20 多歲的水平。我們非常清楚，高 20 秒對我們來說確實是準確的水平，而且絕對在我們的飛輪內。這也是我們在 23 財年採取的措施。

Now definitely, within high 20s is really the way. And again, the granularity to how it expands. So definitely, is really the quality of execution. So we are more than able focused on ROI. So definitely, the allocation of this money, everything is defined through ROI KPI, both in Prestige and in Consumer Beauty.

現在絕對是，在 20 多歲以內確實是這樣。再次，它如何擴展的粒度。所以絕對是執行的質量。因此，我們完全能夠專注於投資回報率。所以毫無疑問，這筆錢的分配，一切都是通過 ROI KPI 來定義的，無論是在 Prestige 還是在 Consumer Beauty 中。

And definitely capturing the trend that you have just explained, and I want to build so on the well-balanced footprint because then we can allocate through the aggression in a balanced manner per category and also per brand. So this is definitely what we are doing and allocating per initiatives and really per ROI.

並且絕對捕捉到你剛剛解釋的趨勢，我想在平衡的足跡上建立這樣的基礎，因為這樣我們就可以通過每個類別和每個品牌的平衡方式通過侵略進行分配。所以這絕對是我們正在做的事情，並根據計劃和真正的投資回報率進行分配。

Another element also because, of course, we are talking about percentage, per dollar, but is also within A&CP we have also some productivity and optimization initiatives. Definitely, if I take an element that we are calling other A&CP which may be less visible, of course, media is very visible.

另一個因素也是因為，當然，我們談論的是每美元的百分比，但在 A&CP 內部，我們也有一些生產力和優化計劃。當然，如果我把一個我們稱為其他 A&CP 的元素可能不太明顯，當然，媒體是非常明顯的。

But there are also some other areas which, I would say, are nonworking where we have also within the all-in to win umbrella, some strong productivity initiatives. I can just give you some examples, about sample testers, marketing materials, which are basically area where we have some optimization. But always with the same mindset that optimization productivity we are doing on this line, we can reallocate in the working media and push definitely the business agenda.

但我想說，還有一些其他領域是非工作的，我們也在全力以赴贏得保護傘，一些強大的生產力舉措。我可以給你一些例子，關於樣品測試器、營銷材料，這些基本上是我們有一些優化的領域。但始終以我們在這條線上優化生產力的相同心態，我們可以重新分配工作媒體並明確推動業務議程。

Great. And then -- just thought I got cut off there. I wanted to ask about just how to think about margin profiles across the Prestige businesses. Any material differences in thinking about the license versus wholly owned brands and by category, makeup, skincare versus fragrance?

偉大的。然後 - 只是以為我在那裡被切斷了。我想問一下如何考慮 Prestige 業務的利潤率概況。在考慮許可與全資品牌以及按類別、化妝品、護膚品與香水方面是否存在實質性差異？

No. I mean there is -- I mean -- and we don't answer this level of detail, but what I can tell you again is that, of course, Prestige gross margin, as you know, I mean, higher than Consumer Beauty. So this is a fact.

不。我的意思是——我的意思是——我們不回答這種詳細程度的問題，但我可以再次告訴你的是，當然，如你所知，我的意思是，Prestige 毛利率高於消費者美麗。所以這是事實。

But again, as I shared several times and in the gross margin agenda is valid for both segments. To elaborate a little more within Prestige makeup, Consumer Beauty, definitely that all the initiatives that we are making. So Prestige makeup, e-commerce, but also geography, we mentioned about China, all these initiatives are really driving gross margin accretion. So this is really the way we are taking the gross margin agenda.

但同樣，正如我多次分享的那樣，毛利率議程對這兩個部分都有效。為了在 Prestige 彩妝、Consumer Beauty 中詳細說明，絕對是我們正在製定的所有舉措。所以 Prestige 彩妝、電子商務，還有地理，我們提到中國，所有這些舉措都在推動毛利率的增長。所以這確實是我們採取毛利率議程的方式。

Thank you, Laurent. Thank you, everyone. So again -- thank you, Mark. So again, we are ending the call right now. Super happy again to report these results, again, best-in-class results, and we hope to talk to you soon about what's happening in Q1. Thank you so much.

謝謝你，勞倫特。謝謝大家。再說一遍——謝謝你，馬克。再說一次，我們現在要結束通話。再次非常高興地報告這些結果，再一次，一流的結果，我們希望很快與您討論第一季度發生的事情。太感謝了。

Thank you. Bye-bye.

謝謝你。再見。

Ladies and gentlemen, this does conclude today's call and webcast, and we appreciate your participation. You may disconnect at any time.

女士們先生們，今天的電話會議和網絡直播到此結束，我們感謝您的參與。您可以隨時斷開連接。