科蒂集團 (COTY) 2023 Q2 法說會逐字稿

Good morning and good afternoon, everyone. My name is [Graten] and I'll be your conference operator today. At this time, I would like to welcome everyone to Coty's Second Quarter Fiscal 2023 Question-and-Answer Conference Call. As a remainder this conference call is being recorded today, February 8, 2023. Please note that earlier this morning, Coty issued a press release and prepared remarks webcast, which can be found on its Investor Relations website.

大家早上好，下午好。我叫 [Graten]，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加科蒂 2023 財年第二季度問答電話會議。本次電話會議將於今天（2023 年 2 月 8 日）進行錄製。請注意，今天上午早些時候，科蒂發布了一份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. I would now 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 these forward-looking statements.

參加今天電話會議的有首席執行官 Sue Nabi；和首席財務官 Laurent Mercier。我現在想提醒您，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存在重大差異的因素。

In addition, except where noted, the discussion of Coty's financial results and Coty's expectations reflect certain adjustments as specified in non-GAAP financial measures section of the company's release. With that, we will now open the line for questions.

此外，除非另有說明，否則對 Coty 財務業績的討論和 Coty 的預期反映了公司發布的非 GAAP 財務措施部分中規定的某些調整。有了這個，我們現在將打開問題熱線。

(Operator Instructions) And our first question comes from Nik Modi from RBC Capital Markets.

（操作員說明）我們的第一個問題來自 RBC Capital Markets 的 Nik Modi。

I guess 2 questions. First on just the glass and the fragrance situation. How are -- how is this impacting the innovation agenda in terms of the pipeline and the launch calendar, if you can just provide any context? And I apologize, I missed some of the earlier remarks, I had some other company's reporting. Could you provide a time line in the prepared commentary on when you feel like you'll be fully kind of back to normal from a component standpoint?

我猜2個問題。首先是玻璃杯和香水的情況。如果您可以提供任何背景信息，這對管道和啟動日曆方面的創新議程有何影響？我很抱歉，我錯過了之前的一些評論，我有其他公司的報告。你能否在準備好的評論中提供一個時間表，說明你覺得從組件的角度來看你什麼時候會完全恢復正常？

And then the second question is, just would love your thoughts on what you're seeing on the ground in China currently? You suggested an improvement. I just was curious on some details behind some of those comments.

然後第二個問題是，只是想知道您對目前在中國實地看到的情況有何看法？你提出了改進建議。我只是對其中一些評論背後的一些細節感到好奇。

Yes, this is Sue speaking. Thank you again for the question. When it comes to the first part of the question, which is around the fragrance strategy, specifically focused on the glass components, again, this is indeed the parts or the components that has been the most affected, and this is, I would say, an industry-wide issue and not just at Coty, of course. And this is improving already at the moment where we are talking. And hence, the communication around the sequential acceleration of our sales entering in Jan, and this is clearly something that's very, very good news. Coupled, as you can imagine, with the robust beauty demand, specifically on the fragrance side.

是的，我是蘇。再次感謝您的提問。關於問題的第一部分，即香水策略，特別是玻璃組件，這確實是受影響最大的部分或組件，我想說的是，當然，這是一個全行業的問題，而不僅僅是科蒂。在我們談話的那一刻，這已經在改善。因此，圍繞我們進入 1 月份的銷售連續加速的溝通，這顯然是非常非常好的消息。正如您可以想像的那樣，再加上強勁的美容需求，特別是在香水方面。

So I would say these 2 elements altogether give us a lot of confidence that we'll have this shortages slowly, but surely fixed into the industry widely and at Coty, of course. So -- but I would say the way I would describe the story. Did it impact the innovation pipeline? The answer is no. If you look at the way our innovations have been performing on the markets, the results have been, I have to say, outstanding, be it on Burberry, if I can start with this brand because what's happened, for example, in a market like the U.S. behind Burberry is unprecedented.

所以我想說這兩個因素共同給了我們很大的信心，我們會慢慢解決這種短缺問題，但肯定會在 Coty 廣泛和廣泛地固定在行業中，當然。所以 - 但我會說我描述這個故事的方式。它是否影響了創新渠道？答案是不。如果你看看我們的創新在市場上的表現，我不得不說，結果是非常出色的，無論是在 Burberry 上，如果我可以從這個品牌開始，因為發生了什麼，例如，在一個市場Burberry背後的美國是史無前例的。

We've done last year, the launch of Burberry eau de toilette. And then we continued this year, meaning in September of calendar '22 with the Burberry Her de Parfum and Her de Parfum for the first time surpassed Eau de Toilette sales, which by the way, says a lot about the premiumization of this market. Traditionally, any innovation that had a line extension moving from eau de toilette towards de Parfum is performing 20% to 30% versus eau de toilette.

我們在去年推出了 Burberry 淡香水。然後我們今年繼續，這意味著 Burberry Her de Parfum 和 Her de Parfum 在 22 年 9 月的銷量首次超過了淡香水的銷量，順便說一下，這充分說明了這個市場的高端化。傳統上，任何將產品線從淡香水延伸到香水的創新都比淡香水高出 20% 到 30%。

In this case, it's bigger, which is really a big, big sign. So this one is doing fantastically well. Burberry Hero in the U.S. is climbing the ranking incredibly, which allowed the brand to become a top 10 fragrance brand in the very competitive U.S. market. which is a jump of 9 ranks. If you think about what we've seen behind Hugo Boss in the rest of the world because the brand is not as big as it is in the rest of the world, in the U.S. So if you think about Europe and the rest of the world, Hugo Boss success behind fashion and now translating into the fragrance business allow us to have a top 2 fragrance launch with Boss, Burberry Her de Parfum.

在這種情況下，它更大，這確實是一個很大很大的標誌。所以這個做得非常好。 Burberry Hero 在美國的排名以令人難以置信的速度攀升，使該品牌成為競爭激烈的美國市場中排名前 10 的香水品牌。這是9級的跳躍。如果你想想我們在世界其他地方看到的 Hugo Boss 背後的情況，因為這個品牌不像世界其他地方那麼大，在美國所以如果你想想歐洲和世界其他地方, Hugo Boss 在時尚背後的成功，現在轉化為香水業務，使我們能夠與 Boss、Burberry Her de Parfum 一起推出排名前 2 的香水。

If you think about Gucci again, with Flora Gorgeous Jasmine that's the continuity of last year's Gorgeous Gardenia, again, it's a top 2 to top 5 innovation. So in a way, the shortages didn't prevent us from posting biggest innovations during calendar '22 for our key launches. Last but not least, Chloe is specifically behind Escada, Davidoff. Escada, Davidoff is really booming in all the [PMI's] markets. If you think about the Asian ones, the Chinese one, hopefully, that is restarting now. This is clearly another leg of growth for us.

如果您再次考慮 Gucci，Flora Gorgeous Jasmine 是去年 Gorgeous Gardenia 的延續，再次成為前 2 到前 5 的創新。因此，在某種程度上，短缺並沒有阻止我們在日曆 '22 期間為我們的主要發布發布最大的創新。最後但同樣重要的是，Chloe 特別支持 Escada、Davidoff。 Escada，大衛杜夫在所有 [PMI] 市場上都非常繁榮。如果你想到亞洲的，希望中國的現在正在重新開始。這顯然是我們增長的另一條腿。

So no impact on innovation from what we have seen. Last but not least, again, going to China, we read, again, like all of you the headlines of Jan being better than expected for the economy in general in this country. We've also seen some pictures that we posted during earnings call today where we see consumers back to stores, which is really a fantastic news for the beauty industry and for our businesses, as you can imagine, having the most important white spaces of the overall industry, in terms of companies in this country.

因此，從我們所見，對創新沒有影響。最後但並非最不重要的一點是，再次去中國，我們再次閱讀，就像你們所有人一樣，1 月份的頭條新聞比預期的要好，這個國家的整體經濟。我們還看到了我們在今天的財報電話會議上發布的一些圖片，我們看到消費者回到商店，這對於美容行業和我們的企業來說確實是一個好消息，正如您可以想像的那樣，擁有最重要的白色空間就這個國家的公司而言，整個行業。

So there is a confirmation, if not, I would say, a strengthening/acceleration of 2 things we have seen since, I would say, the post lockdowns of last year and including some recent studies because we continue to study the consumers' mindset in the country almost on a monthly basis. And we see the premiumization trend accelerating and becoming more radical, if I can say, and building into all categories on one side. And we see on the other side, the healthification trend stronger than ever, which is great for both our businesses premiumizing and becoming more and more (inaudible) in the country.

所以有一個確認，如果不是，我會說，我們看到的兩件事在加強/加速，我想說，自去年封鎖後，包括最近的一些研究，因為我們繼續研究消費者的心態該國幾乎每月一次。我們看到高端化趨勢正在加速並變得更加激進，如果我可以說的話，並且在一方面建立在所有類別中。我們在另一方面看到，健康化趨勢比以往任何時候都更加強勁，這對我們的企業都非常有利，並且在國內變得越來越（聽不清）。

And last but not least, something very important we are seeing in the country, too, is that the shift from, I would say, heritage brands towards new brands active in the Chinese market is stronger than ever. The highest end consumers are now more open than ever to try new brands, new innovation versus the traditional, I would say, loyalty that we have seen in the past towards more classical and traditional brands.

最後但並非最不重要的一點是，我們在中國也看到了一件非常重要的事情，我想說，從傳統品牌向活躍在中國市場的新品牌的轉變比以往任何時候都更加強烈。最高端的消費者現在比以往任何時候都更願意嘗試新品牌、新創新與傳統，我想說，我們過去看到的對更經典和傳統品牌的忠誠度。

Our next question comes from Ashley Helgans from Jefferies.

我們的下一個問題來自 Jefferies 的 Ashley Helgans。

This is [Sidney] on for Ashley. My first question is just on China. So I'm curious if you guys are seeing or expect any category mix rebalancing in China, just following that reopening and a return to socialization?

這是 [Sidney] 替 Ashley 做的。我的第一個問題是關於中國的。所以我很好奇，在重新開放和回歸社會化之後，你們是否看到或期望中國出現任何品類組合再平衡？

Yes, that's a very good question, Ashley. Thank you -- no, is it Sidney, correct? Sorry.

是的，這是一個很好的問題，艾希禮。謝謝 - 不，是 Sidney，對嗎？對不起。

And by the way, nice to meet you for the first time. So in a way, what I can tell you is that, again, confirming what I just commented on, in terms of categories, premiumization, healthification, moving towards new brands, new offering, a kind of speed in terms of transformation of how the Chinese market is looking more and more in terms of brands, I can tell you that there is rebalancing probably that will allow all categories to grow. In a way skincare is the most traditionally fastest-growing category, the biggest category by far, the fragrances on one side and makeup on the other side, of course, as you mentioned, because there is more socialization, people are getting outside their homes, going back to stores, traveling to Hainan. By the way, the travel to Hainan has been higher than last Jan, if you compare between Jan this year and Jan last year.

順便說一句，很高興第一次見到你。所以在某種程度上，我可以告訴你的是，再次確認我剛才的評論，在品類、高端化、健康化、轉向新品牌、新產品、一種轉型速度方面中國市場越來越看重品牌，我可以告訴你，重新平衡可能會讓所有品類都增長。在某種程度上，護膚品是傳統上增長最快的類別，迄今為止最大的類別，一方面是香水，另一方面是化妝品，當然，正如你提到的，因為社會化程度更高，人們開始走出家門，回到商店，去海南旅行。順便說一句，如果你比較今年一月和去年一月，去海南的旅遊比去年一月要多。

So we start to see this, which is really a great, I would say, information for us as Coty as a company because it would mean that we will be able to really run on our 3 legs in China, of course, fragrance, makeup and skincare with the upcoming launch of, Lancaster, Ligne Princiere in March.

所以我們開始看到這一點，我想說，這對我們 Coty 作為一家公司來說真的是一個很好的信息，因為這意味著我們將能夠在中國真正依靠我們的 3 條腿，當然，香水，化妝品和護膚品，Lancaster，Ligne Princiere 將於 3 月推出。

And then just one more on the comment on the (inaudible). So you called out CoverGirl and Rimmel have seen a little bit of a benefit from consumers trading down from the Prestige. Is that something that we should understand as evidence of trade down? Is that something you're seeing more broadly? Or is it a bit more brand specific?

然後只是關於（聽不清）的評論。所以你呼籲 CoverGirl 和 Rimmel 已經看到消費者從 Prestige 降價購買的一點好處。這是我們應該理解為交易下降的證據嗎？這是你看到的更廣泛的東西嗎？或者它更具體一點？

Sidney, it's not a trade down from Prestige at all. In fact, this has existed since many years. It's been accelerating recently, of course, as you can imagine, because you have more and more consumers, specifically the Gen Zs shopping on TikTok and all this kind of social media artists, making their opinions there before shopping online. And this, I would say, consumers in a way, what they are looking for is high quality at an affordable price, which is the reason why we are really working all our brands to become cool, efficient, clean because this is what people are looking for, still at an affordable price versus what is happening in the rest of the industry.

Sidney，這根本不是 Prestige 的交易。事實上，這已經存在多年了。當然，正如你可以想像的那樣，最近它一直在加速，因為你有越來越多的消費者，特別是在 TikTok 上購物的 Z 世代和所有這類社交媒體藝術家，在網上購物之前先在那裡發表他們的意見。我想說的是，在某種程度上，消費者正在尋找的是價格合理的高質量產品，這就是為什麼我們真正致力於讓我們所有的品牌變得酷、高效、乾淨，因為這就是人們所追求的尋找，仍然以負擔得起的價格與其他行業發生的事情相比。

When it comes to Prestige, we don't see any sign of slowdown on the fragrance business, as you can imagine. The importance in fragrances of the brand name is very, very important. People are also shopping a brand name. And this is in a way makes the fragrance category probably the most immune when it comes to any kind of trade down or (inaudible) phenomenon. And of course, on makeup and on skincare, I would say the growth of these businesses is big enough to allow anyone to continue to thrive.

就 Prestige 而言，正如您想像的那樣，我們沒有看到香水業務有任何放緩的跡象。品牌名稱在香水中的重要性非常非常重要。人們也在購買品牌名稱。這在某種程度上使得香水類別在涉及任何類型的降價或（聽不清）現象時可能是最免疫的。當然，在化妝品和護膚品方面，我想說這些業務的增長足以讓任何人繼續蓬勃發展。

Our next question comes from Anna Lizzul from Bank of America.

我們的下一個問題來自美國銀行的 Anna Lizzul。

Just curious with the momentum you saw in Prestige fragrance in fiscal Q2. We're seeing a nice acceleration in volumes in the Nielsen data since the quarter ended. I was wondering if you can comment on the momentum you're seeing post the quarter and to what extent those supply constraints are affecting this as well?

只是對您在第二財季看到的 Prestige 香水的勢頭感到好奇。自本季度結束以來，我們看到尼爾森數據的交易量出現了不錯的加速增長。我想知道您是否可以評論一下您在本季度後看到的勢頭，以及這些供應限制在多大程度上也影響了這一勢頭？

I haven't heard, sorry, Anna, your second part of the question.

抱歉，安娜，我還沒有聽到你問題的第二部分。

Just wondering if you can comment on the momentum that you're seeing post the quarter with elevation in volumes and whatever that the supply constraints are affecting it.

只是想知道您是否可以評論您在本季度後看到的銷量增加的勢頭以及供應限制對其產生的影響。

Yes, I got it. Thank you so much for the question. Again, the momentum in -- the momentum, sorry, in Prestige, in fragrances in Q2, again, it's in a way explainable first by the very healthy beauty demand for this category. What we love to call the fragrance index is at full effect again, whatever the region, again, and this is despite, again, glass shortages that all the industry had been facing. The innovation that we've been putting on the market, again, I was quoting Burberry and Hugo Boss are clearly having a role in this momentum that we are seeing in the company. The premiumization of the market, again, I'd love to give, again and again, the example of Burberry or de Parfum that's selling higher than Burberry eau de toilette, which is a first in the history of line extension in turn I'd say, which says a lot about the upgrading and not the down trading of these markets.

是的，我知道了。非常感謝你的問題。再次，勢頭，對不起，在聲望，在第二季度的香水中，這在某種程度上首先可以通過對該類別的非常健康的美容需求來解釋。我們喜歡稱之為香味指數的東西再次全面發揮作用，無論是在哪個地區，儘管整個行業都面臨著玻璃短缺。我們一直在投放市場的創新，再次，我引用了 Burberry 和 Hugo Boss 的話，顯然在我們在公司中看到的這種勢頭中發揮了作用。市場的高端化，我願意一次又一次地舉出 Burberry 或 de Parfum 的例子，它的銷量高於 Burberry 淡香水，這在產品線延伸的歷史上尚屬首次說，這充分說明了這些市場的升級而不是下跌交易。

So this is, I would say, for me, a kind of explanation of what's happening. And this is, again, as you can imagine, during the quarter, without having any upside coming from the Chinese market where the penetration is very low and is expected to grow in the coming quarters and years as you can imagine.

所以我想說，對我來說，這是對正在發生的事情的一種解釋。正如您可以想像的那樣，在本季度，中國市場的滲透率非常低，並且預計在未來幾個季度和幾年內會增長，您可以想像，這沒有任何好處。

When it comes to the momentum that we started to see in Jan, if I may say, this I'd really link it to 3 elements. The first one is, of course, improving of service levels, and we are improving with this element quite fast, and we will continue to improve on this element in the coming quarters.

談到我們在 1 月份開始看到的勢頭，如果我可以說的話，我真的會將其與 3 個要素聯繫起來。第一個當然是提高服務水平，我們正在快速改進這個要素，我們將在未來幾個季度繼續改進這個要素。

And of course, the continued strong beauty demand, which is driving the sequential growth acceleration that we have seen. There is also a phenomenon of big innovations that are trending at the moment we are speaking by CoverGirl in the U.S. market. Again, we referred to this during the presentation, the continuity of the Clean lines with Yummy Gloss, with the Clean serums, Clean Fresh, Clean eyeshadows. And last but not least, and I guess this will be a question at the moment or another the latest improvement, that's a very strong improvement in CoverGirl sell out in the U.S. markets with the latest 4 weeks that show a 17% growth of the sales, which is the best performance since a year behind this brand.

當然，持續強勁的美容需求正在推動我們看到的環比增長加速。在我們所說的 CoverGirl 在美國市場上，還有一種大創新的趨勢。同樣，我們在演示過程中提到了這一點，即 Clean 系列與 Yummy Gloss、Clean 精華液、Clean Fresh 和 Clean 眼影的連續性。最後但同樣重要的是，我想這將是目前的一個問題或另一個最新的改進，這是 CoverGirl 在美國市場銷售的一個非常強勁的改進，最近 4 週銷售額增長了 17% ，這是該品牌落後一年以來的最佳表現。

So if you put all these together, with a little bit of restocking from our retailers, remember, our sales in Q2 were in line with the sellouts, meaning that we start the year with very lean inventories. And therefore, there is a bit of restocking. So this, I would say, is the bundle of elements that explain the start of the year that's accelerating sequentially.

因此，如果將所有這些放在一起，再加上我們零售商的一些補貨，請記住，我們在第二季度的銷售額與售罄情況一致，這意味著我們今年年初的庫存非常少。因此，有一點補貨。因此，我想說的是，這就是解釋年初順序加速的一系列元素。

Our next question comes from Rob Ottenstein from Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Rob Ottenstein。

Great. A little bit of, I think, a follow-up on some of the other questions. And that is this -- look to start off clearly significant demand for fragrances, supply chain issues. Is there any way to guesstimate how much those supply chain issues impacted sales in the quarter?

偉大的。一點點，我想，對其他一些問題的跟進。就是這樣 - 著手解決對香水和供應鏈問題的明顯需求。有什麼方法可以估計這些供應鏈問題對本季度銷售額的影響有多大？

And Laurent is going to take the question.

Laurent 將回答這個問題。

Rob, it's very difficult to estimate. I mean, Sue made the point very clearly that, indeed, I mean, we had the component shortage. But definitely, immediately, we have very tight work with supply chain procurement and ready to adjust. So and quickly, what Sue was explaining that, in fact, we are ending the Q2 with lean inventory. Now as we are improving service level, combined with great demand and great initiatives, in fact, we are seeing really some rebuilding of inventory and great start in Q3.

Rob，很難估計。我的意思是，Sue 非常清楚地表明了這一點，事實上，我的意思是，我們存在組件短缺問題。但可以肯定的是，我們在供應鏈採購方面的工作非常緊張，並準備好進行調整。所以很快，Sue 解釋說，事實上，我們將以精益庫存結束第二季度。現在，隨著我們提高服務水平，結合巨大的需求和偉大的舉措，事實上，我們確實看到了一些庫存重建和第三季度的良好開端。

That's in a way, okay, but clearly, enough to call out in material.

這在某種程度上，好吧，但很明顯，足以在材料中大聲疾呼。

No. Again, so that's not -- I'll not call it material again. So this was definitely what we did and what we monitored really in a smart way, again, there was a point from Sue. We made sure that we protected our Clean innovations, we made sure that we're protecting our 2 pillars. So that's really -- so that we are protecting really the building blocks of the business and to be consistent in the strategy, so not material. And again, we are seeing some acceleration in beginning of Q3.

不，再一次，所以那不是——我不會再稱它為材料。所以這絕對是我們所做的，也是我們真正以一種聰明的方式監控的，Sue 也有一點。我們確保我們保護我們的清潔創新，我們確保我們保護我們的 2 個支柱。所以這真的 - 所以我們真正保護了業務的基石，並在戰略上保持一致，而不是實質性的。再一次，我們看到第三季度開始有所加速。

Our next question comes from Steve Powers from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Steve Powers。

Two questions, if I could. The first one is just around the price increase that's planned for the end of 3Q. Just any further commentary you could offer in terms of where that's targeted, how widespread versus how nuanced the implementation of that pricing will be? #1. And #2, you mentioned a couple of times this morning just the notion that this year's launch pipeline, specifically in Prestige fragrances, was primarily composed of brand extensions.

兩個問題，如果可以的話。第一個是計劃在第三季度末的價格上漲。關於目標位置、定價實施的廣泛程度和細微差別，您可以提供任何進一步的評論嗎？ #1。 #2，你今天早上多次提到今年的發布渠道，特別是 Prestige 香水，主要由品牌延伸組成。

And I'm just -- I'm curious, as we look out to the fiscal '24, an early peak into the innovation pipeline, if that is expected to continue or if next year will be a more of an innovation year that has more kind of Hero products, bigger innovations, that kind of thing?

我只是 - 我很好奇，當我們展望 24 財年時，創新渠道的早期高峰，如果預計這種情況會持續下去，或者明年是否會是一個創新年更多種類的英雄產品，更大的創新，那種事？

Steve, so on price increase, let me remind that, indeed, I mean, we implemented a mid-single-digit price increase in summer calendar '22. It went very smoothly. As I -- we explained several times, we did -- we have a dedicated pricing office which started to work, in fact, 2 years ago. So we did the work in a very granular manner, reviewing SKU base, SKUs, making sure we combined also with media support, also strategic initiatives. So it went very smoothly. So it was -- again and confirms the strength of the brand and the professional work we are doing.

史蒂夫，關於漲價，讓我提醒一下，事實上，我的意思是，我們在夏季日曆 '22 中實現了中個位數的漲價。進行得很順利。正如我——我們多次解釋過，我們確實做到了——我們有一個專門的定價辦公室，事實上，它在 2 年前就開始運作了。因此，我們以非常精細的方式開展工作，審查 SKU 基礎，SKU，確保我們還結合了媒體支持和戰略舉措。所以非常順利。所以它再次證實了品牌的實力和我們正在做的專業工作。

And this was absolutely needed, as you said, because it was really the way to mitigate inflation in the gross margin and that is definitely a key driver of our gross margin expansion in Q1 and Q2. Then indeed, we shared and that we are implementing a new price increase in Q3 fiscal '23. So this quarter -- again, so this is what we announced similar level, we are doing, again because it's same approach, granular work and again, making sure that we are also completely consistent with consumer needs.

正如您所說，這是絕對必要的，因為這確實是緩解毛利率通脹的方法，這絕對是我們第一季度和第二季度毛利率擴張的關鍵驅動力。然後確實，我們分享了我們正在 23 財年第三季度實施新的價格上漲。所以這個季度 - 再次，這就是我們宣布的類似水平，我們正在做，再次因為它是相同的方法，精細的工作，再次確保我們也完全符合消費者的需求。

We are also working a lot on mix management. So it's really because we are seeing really some appetite for premiumization, and this is what we are doing in both Prestige and Consumer Beauty. So perfectly on track, detailed work, granular and again, always focusing that we are matching consumer needs and expectations.

我們也在混合管理方面做了大量工作。所以這真的是因為我們確實看到了對高端化的一些需求，這就是我們在 Prestige 和 Consumer Beauty 中所做的事情。如此完美地步入正軌，細緻的工作，細化，再次，始終專注於滿足消費者的需求和期望。

Yes. And Steve, this is Sue. So on the second part of the question, which is around the launch pipeline that was mainly brand expansion. Thank you first for reminding everyone about this. The performance of our Prestige business is indeed in comparative with the big, big launches we have made last year. It was Burberry Hero, it was Gucci Flora and of course, Calvin Klein picking in size. So this year, of course, it was line extension. This is traditional in our business.

是的。史蒂夫，這是蘇。所以關於問題的第二部分，這是圍繞主要是品牌擴張的發布渠道。謝謝你先提醒大家這一點。我們 Prestige 業務的表現確實可以與我們去年推出的大型產品相提並論。這是 Burberry Hero，是 Gucci Flora，當然還有 Calvin Klein 挑選尺碼。所以今年當然是產品線的延伸。這在我們的業務中是傳統的。

But again, for the first time, line extensions that are towards more premium offerings of de Parfum Burberry is 30% above Her eau de toilette, has made in a way this second year, a year of continuing growth. But you're right, the question is how about fiscal '24 and hopefully, we'll be back with blockbusters.

但再次強調，Burberry 香水的更多高端產品的產品線擴展比 Her eau de toilette 高出 30%，這在某種程度上是第二年持續增長的一年。但你是對的，問題是 24 財年怎麼樣，希望我們能帶著大片回來。

Our next question comes from Korinne Wolfmeyer from Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Korinne Wolfmeyer。

So first from my end, can you just touch a little bit about how you're thinking about China growth for the rest of the year? And how much improvement are you baking into the guidance? And then as we look into 2024, how are you thinking about expectations for China there?

所以首先從我這邊開始，你能談談你對今年剩餘時間中國經濟增長的看法嗎？您在指南中做了多少改進？然後當我們展望 2024 年時，您如何看待那裡對中國的期望？

So in -- so first of all, you (inaudible). First of all, we are confirming indeed our guidance, 6% to 8%. So this is -- and as you can see, these H1 results, we are perfectly on track. Definitely, China was a headwind in Q2 due to lockdown. So we are betting on acceleration definitely in Q3 and Q4. So this is embedded in our algorithm, 6% to 8%. And this is, of course, supported by all the strong initiatives that Sue has explained.

因此，首先，您（聽不清）。首先，我們確實在確認我們的指導，6% 到 8%。所以這是 - 正如你所看到的，這些 H1 結果，我們完全走上了正軌。毫無疑問，由於封鎖，中國在第二季度是一個逆風。因此，我們肯定會在第三季度和第四季度押注加速。所以這是嵌入在我們的算法中，6% 到 8%。當然，這得到了 Sue 解釋的所有強有力舉措的支持。

And definitely that all these initiatives will accelerate in '24. So China will become indeed an acceleration for growth in fiscal '24. And again, all of this is fully included in our midterm algorithm of 6% to 8%.

毫無疑問，所有這些舉措都將在 24 世紀加速。因此，中國確實會成為 24 世紀財政增長的加速器。同樣，所有這些都完全包含在我們的 6% 到 8% 的中期算法中。

Very helpful. And then can you just touch a bit on the broader fragrance market? I mean, it's been growing really well the past couple of years. And then the fragrance segment for Coty has been growing even better. Can you just touch on how sustainable you think this market growth is? Do you think will come up against some tough comps at some point? And then as we think about the segment for Coty, how sustainable do you think that strength is?

很有幫助。然後你能稍微談談更廣泛的香水市場嗎？我的意思是，過去幾年它的發展非常好。然後 Coty 的香水部門增長得更好。你能談談你認為這個市場增長的可持續性嗎？你認為在某個時候會遇到一些強硬的對手嗎？然後當我們考慮 Coty 的細分市場時，您認為這種優勢的可持續性如何？

Yes. Thank you, Korinne. This is Sue speaking. I'm going to take the second part. So again, when it comes to the fragrance market/the fragrance index, indeed, the fragrance market is 25 -- 20% to 30% higher than the levels of 2019. And in markets like the U.S., again, and you may know this, the Prestige fragrance market is over 60% higher than compared to pre-COVID levels. Again, it's hard to see how this would just be driven to some onetime factors, I have to say.

是的。謝謝你，科琳娜。這是蘇說話。我要講第二部分。所以，再次談到香水市場/香水指數，的確，香水市場比 2019 年的水平高出 25% 到 30%。在美國這樣的市場，你可能知道這一點，與 COVID 之前的水平相比，Prestige 香水市場高出 60% 以上。同樣，我不得不說，很難看出這將如何被某些一次性因素所驅動。

And sometimes I hear this. And I do believe it's not the right explanation. Historically, this has been big distinct category. But what we are now seeing in consumers using fragrance as part of their daily routine. And this business has become really a health business, mental health business, I would say. Fragrances being seen as mood boosters, allowing people to feel better in their daily -- day-to-day life.

有時我會聽到這個。我相信這不是正確的解釋。從歷史上看，這是一個很大的不同類別。但我們現在看到消費者將香水作為日常生活的一部分。我想說，這項業務已經成為真正的健康業務，心理健康業務。香水被視為情緒助推器，讓人們在日常生活中感覺更好。

In particular, during the last couple of years, we have seen increased usage by new categories where the penetration has increased structurally. I'm thinking about Gen Z. I'm thinking about men and I'm thinking about Hispanic consumers, if you of course focus on the American market. We are also seeing, at the same time, the rise of fragrance influencers and social media, specifically TikTok, but also on YouTube, which is also helping to drive sustainable growth for this category.

特別是在過去幾年中，我們看到新類別的使用率在結構上有所提高。我在考慮 Z 世代。我在考慮男性，我在考慮西班牙裔消費者，如果你當然關注美國市場的話。與此同時，我們還看到香水影響者和社交媒體的興起，特別是 TikTok，還有 YouTube，這也有助於推動這一類別的可持續增長。

They are driving discovery of different fragrances. They are providing authentic ways for consumers to engage with the product virtually before purchasing, which is really new. It's a new kind of sampling that I might say, virtual sampling. We are also noticing particularly with the younger consumers that they are using fragrances more and more. So the penetration in the U.S. to compete with, is in the high 20s level, which is still well below that of Europe, which is closer to 50%.

他們正在推動不同香水的發現。他們為消費者提供真實的方式，讓他們在購買前以虛擬方式與產品互動，這真的很新鮮。我可能會說這是一種新型採樣，虛擬採樣。我們還特別注意到年輕消費者越來越多地使用香水。因此，美國的滲透率處於 20 多歲的較高水平，仍遠低於接近 50% 的歐洲。

Not speaking about the Chinese penetration, which is around 3%. So this give you, I would say, a zoom out of what is coming soon with this fragrance category globally.

不談中國的滲透率，大約是 3%。因此，我想說的是，這讓您可以縮小全球範圍內該香水類別即將推出的產品。

Our next question comes from Olivia Tong from Raymond James.

我們的下一個問題來自 Raymond James 的 Olivia Tong。

First, I want to talk about China and the reopening. And now that reopening, it's happening, what can go into the place that wasn't -- you couldn't over the last couple of years? And could you talk a little bit about how much opportunity there is for you to grow shelf space and the conversations that you're having with your folks on the ground or with retailers, particularly in Travel Retail?

首先，我想談談中國和重新開放。現在重新開放，它正在發生，有什麼可以進入過去幾年不能進入的地方？你能談談你有多少機會增加貨架空間，以及你與當地人或零售商的對話，尤其是在旅遊零售領域？

Olivia, thank you for this question, which is indeed a very important question. Again, just to refer to our daily life, last week in Amsterdam, we had people from all around the world, spending a week for the first time since many, many, many, I would say, months and quarters altogether, including the Chinese general managers, the APAC general managers, everyone was in the same room, in the same place, spending 5 days, discovering all the new innovation for fiscal '24 and above.

Olivia，謝謝你提出這個問題，這確實是一個非常重要的問題。再次提及我們的日常生活，上週在阿姆斯特丹，我們有來自世界各地的人，這是自很多很多很多個月和幾個季度以來第一次度過一周，包括中國人總經理，亞太區總經理，每個人都在同一個房間，同一個地方，花了 5 天的時間，發現了 24 財年及以上的所有新創新。

And I can tell you that the level of confidence I have seen on the faces, specifically the Chinese general managers and teams and marketing director was a very, very strong sign of how they see Coty in this market where the opportunities are almost endless for a company like ours. What do we do better? And again, in a way, if I may say, I love to give this image of sometimes destiny needs to help you. And in a way, we had 2.5 years to strengthen, to prepare -- to strengthen our fragrance business, to strengthen our makeup business specifically on the Prestige side, to put ideas, intelligence and marketing behind the brand like adidas or Max Factor that are 2 big brands in the Chinese market.

而且我可以告訴你，我在臉上看到的自信程度，特別是中國總經理和團隊以及營銷總監是一個非常非常強烈的跡象，表明他們如何看待科蒂在這個市場上的機會幾乎是無窮無盡的像我們這樣的公司。我們做什麼更好？再一次，在某種程度上，如果我可以說，我喜歡給出這種有時命運需要幫助你的形象。在某種程度上，我們有 2.5 年的時間來加強、準備——加強我們的香水業務，加強我們的化妝品業務，特別是在 Prestige 方面，將創意、智慧和營銷放在阿迪達斯或蜜絲佛陀這樣的品牌背後中國市場2大品牌。

And last but not least, to fully prepare for our first skincare launch in China, which is happening in next month as we are speaking. So in a way, this is what's different. It's absolutely not the same Coty, but we're starting doing beauty business in China as much than the one that was doing business just 2 years ago.

最後但並非最不重要的一點是，為我們在中國推出的首款護膚品做好充分準備，這將在我們談話的下個月舉行。所以在某種程度上，這就是不同之處。這絕對不是同一個科蒂，但我們開始在中國開展美容業務，與 2 年前開展業務的業務一樣多。

Our next question comes from Andrea Teixeira from JPMorgan.

我們的下一個問題來自摩根大通的 Andrea Teixeira。

I was just like hoping to see if you can talk about a little bit of the Prestige side in terms of like how you parse out skin? And I know Lancaster was a big launch vis-a-vis fragrances. Of course, I mean, fragrances are the main motor of that. But I was wondering at the exit of the quarter, we did see -- not to take credit for it, but we did see the deceleration for the quarter.

我只是想看看你能不能談談聲望方面的一些東西，比如你是如何解析皮膚的？我知道 Lancaster 是一款大型香水產品。當然，我的意思是，香水是其中的主要動力。但我想知道在本季度結束時，我們確實看到了 - 不要因此而受到讚揚，但我們確實看到了本季度的減速。

And even adding back Russia, it's probably coming in below expectations. And of course, understanding all of the supply chain issues but if you can help us understand how skin vis-a-vis fragrances in the exit of the quarter?

即使加上俄羅斯，它的表現也可能低於預期。當然，了解所有供應鏈問題，但您是否可以幫助我們了解本季度結束時皮膚與香水的對比情況？

Yes, Andrea, thank you for the question. If I understood well, you were referring to the cost or deceleration in fragrances. And again, I do believe that this is not the way you should read the figures, if I may say. Again, I am referring the story around our Q2 saying that this performance, given the shortages, given the boom of the demand, given the pipe of innovation last year, which was unprecedented in the history of Coty's, a very, very strong performance, I have to say.

是的，安德里亞，謝謝你的提問。如果我理解得很好，你指的是香水的成本或減速。再說一遍，我確實認為這不是您閱讀數字的方式，如果我可以說的話。再次，我指的是我們第二季度的故事，考慮到短缺，考慮到需求的繁榮，考慮到去年的創新管道，這是科蒂歷史上前所未有的表現，非常非常強勁的表現，我不得不說。

So that's really the way I see it. And I really see skincare specifically on the Chinese market as an additional layer and not something that's supposed to compensate anything else. Skincare is really for us an additional, I would say, a growth driver and new journey for the company that's very, very important, as you can imagine, if we want to become a beauty giant in Asia.

這就是我的看法。而且我真的認為中國市場上的護膚品是額外的一層，而不是可以彌補其他任何東西的東西。如果我們想成為亞洲的美容巨頭，護膚品對我們來說真的是一個額外的增長動力和公司的新旅程，正如你可以想像的那樣，這是非常非常重要的。

So really continuous performance on our fragrance business, strong performance on our Prestige business, specifically in the U.S., without China, as you can imagine, that was under lockdown during the full quarter. And last but not least, adding a new leg, which is the skincare leg starting with Lancaster. Of course, not referring, but again, it gives me the opportunity to refer to this the (inaudible) launch that is going to happen also in the coming months. And last but not least, the extension with the high premium offer behind Orveda, that's happening in the coming quarters.

因此，我們香水業務的真正持續表現，我們 Prestige 業務的強勁表現，特別是在美國，沒有中國，正如你可以想像的那樣，整個季度都處於鎖定狀態。最後但同樣重要的是，增加了一條新腿，這是從蘭卡斯特開始的護膚腿。當然，不是指，而是再次讓我有機會提到這個（聽不清）發布，也將在未來幾個月內發生。最後但並非最不重要的一點是，在接下來的幾個季度中，Orveda 將提供高溢價的延期。

Our next question comes from Chris Carey from Wells Fargo Securities.

我們的下一個問題來自 Wells Fargo Securities 的 Chris Carey。

So just a follow-up on Andrea's question just around individual category growth. I appreciate last quarter, the bodycare launch had some impact that was favorable. I think if I heard you correctly in the prepared remarks, you said that growth was more balanced across your categories between fragrance and bodycare and makeup. But can you maybe just contextualize how category delivery was for you in the quarter on a like-for-like sales basis and maybe what your expectations are for the full year in the context of your full year like-for-like sales guidance?

所以只是跟進安德里亞關於個人類別增長的問題。我很欣賞上個季度，身體護理產品的推出產生了一些有利的影響。我想如果我在準備好的發言中沒聽錯的話，你說過香水、身體護理和化妝品之間的增長在你的類別中更加平衡。但是，您是否可以根據類似銷售的基礎，將本季度的品類交付情況具體化，以及在全年類似銷售指導的背景下，您對全年的期望是什麼？

Yes, and basically, so, I mean what you're highlighting in fact is definitely a strength for Coty's unique that we have a balanced portfolio. And indeed, that we are in both divisions. Now we have, I would say, subcategories which are performing very well. Just on Prestige, I really want to emphasize, within that, of course, we have fragrance, but now we are seeing Prestige makeup and skincare, which are accelerating and will be strong growth drivers.

是的，基本上，所以，我的意思是你所強調的實際上絕對是科蒂獨特的優勢，即我們擁有平衡的投資組合。事實上，我們屬於兩個部門。我想說，現在我們有表現非常好的子類別。就 Prestige 而言，我真的想強調，當然，我們有香水，但現在我們看到了 Prestige 化妝品和護膚品，它們正在加速並將成為強勁的增長動力。

On Consumer Beauty, so it's definitely also the same thing. So Consumer Beauty, now we are seeing, I mean, strong acceleration in bodycare, definitely, so adidas, successful innovations in Q2. So with really (inaudible) so is really high mix in terms of high value for the consumers. And really, we are seeing some great traction. So it's coming on top of Color Cosmetics and our Mass Fragrance. So indeed, this is a great acceleration.

在 Consumer Beauty 上，這絕對也是一回事。所以消費者美容，現在我們看到，我的意思是，身體護理領域的強勁加速，阿迪達斯在第二季度取得了成功的創新。因此，就消費者的高價值而言，真的（聽不清）真的是高組合。實際上，我們看到了一些巨大的吸引力。因此，它超越了彩妝和我們的大眾香水。所以確實，這是一個很大的加速。

I want to highlight also that we have also very strong performance in Brazil, okay, where bodycare is -- we have very strong brands. And also really, we can also create some cross synergy -- synergies vis-a-vis with the rest of the business. So this is definitely a strength for the company. So -- and definitely, to conclude on skincare, so this is definitely what we'll accelerate in H2 and beyond, of course, in fiscal '24 and fiscal '25.

我還想強調，我們在巴西也有非常強勁的表現，好吧，在身體護理領域——我們有非常強大的品牌。而且實際上，我們還可以創造一些交叉協同作用——與其他業務的協同作用。所以這絕對是公司的優勢。所以 - 當然，總結一下護膚品，所以這絕對是我們將在下半年及以後加速的工作，當然，在 24 財年和 25 財年。

Our next question comes from Linda Bolton-Weiser from D.A. Davidson.

我們的下一個問題來自 D.A. 的 Linda Bolton-Weiser。戴維森。

I was curious, as you increase your spending on the advertising and promotion over time, can you talk about where you're seeing the best ROIs? And as you spend more, are your ROIs actually improving over time?

我很好奇，當您隨著時間的推移增加廣告和促銷支出時，您能談談您看到最佳投資回報率的地方嗎？隨著您花費的增加，您的投資回報率是否真的隨著時間的推移而提高？

Linda, that's a very important question. I will say this is also even the daily focus of the organization. So let me step back a little. This is what you are highlighting here is now fully part of our all-including umbrella. So very clearly we started to focus on fixed cost, then on cost of goods, now we are really addressing with all the agency teams. We are investing and we are building methodology to of course, combined with marketing teams, digital teams and commercial teams, right now we are getting fully equipped to measure and to optimize ROI. So this is the #1 focus.

琳達，這是一個非常重要的問題。我會說這甚至也是該組織的日常重點。所以讓我退後一步。這就是您在這裡強調的內容，現在完全是我們包羅萬象的保護傘的一部分。所以很明顯，我們開始關注固定成本，然後是商品成本，現在我們真的在與所有代理團隊討論。我們正在投資，我們正在建立方法，當然，結合營銷團隊、數字團隊和商業團隊，現在我們已經完全準備好衡量和優化投資回報率。所以這是第一要點。

And also, we are improving because as we shared just before, we are now also growing in different categories. And basically, the way you spend money in skincare is different versus the way you spend money in fragrance. So these are really nice capabilities that we have built. And so I was right to say that we used over the last 2 years, and this time to build these capabilities. So ROI is the key word, definitely making sure that each dollar we are spending on either on innovations or base business, every time we deciding based on ROI and is reviewed by Sue and by myself and of course, within the team in recurring fashion.

而且，我們正在改進，因為正如我們之前分享的那樣，我們現在也在不同類別中成長。基本上，您花在護膚品上的方式與花在香水上的方式是不同的。所以這些都是我們構建的非常好的功能。所以我說我們在過去 2 年中使用的是正確的，這次是為了構建這些功能。所以 ROI 是關鍵詞，絕對確保我們在創新或基礎業務上花費的每一美元，每次我們根據 ROI 做出決定並由 Sue 和我自己以及當然在團隊內部以反復出現的方式進行審查。

So that's absolutely, so that we make sure we are making the best of our money and better ROI for the coming quarters.

所以這是絕對的，這樣我們才能確保在接下來的幾個季度中充分利用我們的資金和更好的投資回報率。

Our next question comes from Mark Astrachan from Stifel.

我們的下一個問題來自 Stifel 的 Mark Astrachan。

Two questions for me. One, just first on the Consumer Beauty. So still gaining share there. The rate of increase narrowed a little bit in the quarter. I guess, what would be your expectations going forward for that? And then maybe sort of related to that, curious about your views on the length of the current beauty cycle, which has obviously been a couple of years now coming out of the kind of the peak of the pandemic mask wearing, et cetera.

我有兩個問題。一，首先是消費者美容。所以仍然在那裡獲得份額。本季度增幅略有收窄。我想，您對此有何期望？然後可能與此有關，想知道你對當前美容週期長度的看法，這顯然已經過去了幾年，從戴口罩等流行病的高峰期開始。

So fragrance and makeup have been drivers of the beauty category. Is it reasonable, continues and kind of what would be your expectations for the length of the current cycle?

因此香水和化妝品一直是美容品類的驅動力。它是否合理，是否繼續以及您對當前週期長度的期望是什麼？

So thank you for these 2 questions. Sue speaking. So again, when it comes to Consumer Beauty, you're right to point out on the fact that Consumer Beauty is entering the new cycle, in fact. The first cycle that started somewhere around Jan '21 was really to reinvent the brand equity, sometimes coming back to historical brand equities, strengthening these, modernizing these, creating great advertising with the highest ROI as just mentioned by Laurent.

所以謝謝你提出這兩個問題。蘇說話。所以，再說一次，當談到消費者美容時，你指出消費者美容正在進入新周期這一事實是正確的。 1 月 21 日左右開始的第一個週期實際上是重塑品牌資產，有時會回到歷史品牌資產，加強這些，使它們現代化，創造出具有最高投資回報率的偉大廣告，正如勞倫特剛才提到的那樣。

And this was really what explains the back to market share gains, which happened now for the full year. This is the first time since 2016 that this division is gaining market share for a full year. So this was Stage 1. Stage 2, in a way, I love to say that Stage 1 was fixing the surface, if I may say, and then Stage 2 is really getting deeper, and we'll start to see real, I would say, disruptive, best-in-class in terms of efficacy in the market innovation.

這確實解釋了現在全年發生的市場份額回升。這是自 2016 年以來該部門首次獲得全年市場份額。所以這是第 1 階段。第 2 階段，在某種程度上，我喜歡說第 1 階段正在修復表面，如果我可以說的話，然後第 2 階段真的越來越深入，我們將開始看到真實的東西，我會就市場創新的功效而言，可以說是顛覆性的、一流的。

This takes time. It takes 1.5 years to create a fantastic mascara, fantastic foundation or a long-lasting lip color. So this is now the moment of this. So you can imagine that Consumer Beauty businesses, specifically behind makeup, are going to continue to put on the market big innovation supported by excellent advertising, having the best ROIs in the company.

這需要時間。創造一款夢幻般的睫毛膏、夢幻般的粉底或持久的唇色需要 1.5 年的時間。所以現在是時候了。所以你可以想像，消費者美容業務，特別是化妝品業務，將繼續在優秀廣告的支持下向市場推出重大創新，在公司中獲得最高的投資回報率。

And on top of this, we have the adidas brand. We've talked to you about adidas last quarter. We started in West -- Eastern Europe, sorry, with very, very strong results, specifically on the high-end shower gels. And now we are implementing this innovation in the Western world. And as you can imagine, this has a big potential also this brand in China, where the brand is cooler than ever, and it's already the #1 shower gel brand for Chinese men in this country.

除此之外，我們還有阿迪達斯品牌。我們在上個季度與您討論過阿迪達斯。我們從西歐開始——對不起，結果非常非常好，特別是在高端沐浴露方面。現在我們正在西方世界實施這項創新。你可以想像，這個品牌在中國也有很大的潛力，這個品牌比以往任何時候都更酷，而且它已經是這個國家中國男士的第一沐浴露品牌。

So you can imagine us building this brand into a well-being, high-end, well-being brand in Europe, in China and hopefully, in the rest of the world, as you can imagine. Now to answer the second part of your question, about the beauty cycle. Again, I'm a strong believer that the main thing that has changed since a few years now is what I call the healthification of the beauty industry. This industry is about things that make people look better or feel better. And this becomes something that's non-negotiable for consumers.

所以你可以想像我們把這個品牌打造成歐洲、中國乃至世界其他地區的幸福、高端、幸福品牌，正如你想像的那樣。現在回答你問題的第二部分，關於美容週期。再一次，我堅信幾年以來發生的主要變化是我所說的美容行業的健康化。這個行業是關於讓人們看起來更好或感覺更好的東西。這對消費者來說是沒有商量餘地的。

And there, the limit is only us in terms of ability to innovate, to tell new stories, to bring new brands and new technologies to continue to make the consumer interested in our category because this is a need to meet and not something that is nice to have.

在創新、講述新故事、帶來新品牌和新技術以繼續讓消費者對我們的品類感興趣的能力方面，限制只有我們，因為這是滿足的需要，而不是美好的事物具有。

The last question comes from Carla Casella from JPMorgan.

最後一個問題來自摩根大通的Carla Casella。

You talked about Prestige high single-digit growth in Mass, mid-single digit. Can you talk about how much of that was new doors? Or is that mostly just pure sell-through of kind of the new products you've been talking about?

你談到了大眾中等個位數的 Prestige 高個位數增長。你能談談其中有多少是新門嗎？或者這主要只是您一直在談論的那種新產品的純粹銷售？

Yes. So basically, the model we are using for Prestige and Consumer Beauty, so this is mostly organic growth, and also definitely either Prestige or Consumer Beauty. But definitely, if I take the case of Consumer Beauty, now step by step, we are seeing that we are getting shelf space. So definitely, that success of innovation, acceleration of rotation by all these elements step-by-step, we are regaining traction first with consumers and retailers and this is giving us absolutely all the ammunition now to gain to their shelf space. So that's really -- we are building, as we're building those -- done in a healthy way. That's really, in the back always we talk about discipline that we are doing definitely with marketing teams either Consumer Beauty or Prestige.

是的。所以基本上，我們用於 Prestige 和 Consumer Beauty 的模型，所以這主要是有機增長，而且肯定是 Prestige 或 Consumer Beauty。但可以肯定的是，如果我以消費者美容為例，現在一步一步，我們看到我們正在獲得貨架空間。因此，毫無疑問，創新的成功，所有這些元素逐步加速的輪換，我們首先重新獲得了消費者和零售商的吸引力，這給了我們現在絕對所有的彈藥來獲得他們的貨架空間。所以這真的 - 我們正在建設，因為我們正在建設那些 - 以健康的方式完成。真的，在後面我們總是談論我們正在與營銷團隊一起做的紀律，無論是 Consumer Beauty 還是 Prestige。

We are really focusing on productivity for those. That's again, we're taking about the [white] productivity for the -- is absolute KPI. And once we optimize productivity further, then, of course, we are working on new doors, but with very selective criteria that we're entering new doors, only and if only we have guarantee that productivity is really up on the table.

我們真正關注的是那些人的生產力。又一次，我們正在考慮的 [白色] 生產力 - 是絕對 KPI。一旦我們進一步優化生產力，那麼，當然，我們正在研究新門，但是我們進入新門的標準非常有選擇性，只有當我們保證生產力真正擺在桌面上時。

I think we've reached our allotted time for question-and-answer session. I will now turn the program back over to our speakers for any additional or closing remarks.

我想我們已經到了分配的問答時間。我現在將把程序轉回給我們的發言人，以徵求任何補充或結束語。

Yes. Thank you, everyone, for your questions. If you allow me a few closing remarks, the first one is about the category, Beauty is and will continue to be the darling category of consumers around the world for all the regions we have mentioned during this earnings call. Please see Coty in its reinvention Stage 2 phase, entering into re-innovation, fantastic ROI behind advertising, new white spaces in terms of regions, categories, including skincare and of course, targeting leverage by about 3x at the end of this calendar.

是的。謝謝大家的提問。如果你允許我說幾句結束語，第一個是關於類別，對於我們在本次財報電話會議中提到的所有地區，美容現在是並將繼續成為全球消費者的寵兒類別。請參閱 Coty 在其重塑階段 2 階段，進入再創新，廣告背後的驚人投資回報率，在地區、類別（包括護膚品）方面的新空白，當然，在本日曆結束時將槓桿率目標提高約 3 倍。

Last but not least, I would say that even Coty is not in its maturity stage. As you can imagine, we will continue to grow given all the white spaces that we're having. And the last remark is that it's very important that the long-term vision and view is really the one that is at play at Coty, and we are building this company for the coming, I would say, decades to become a true beauty powerhouse.

最後但同樣重要的是，我要說的是，即使是 Coty 也未處於成熟階段。正如您可以想像的那樣，鑑於我們擁有的所有空白空間，我們將繼續發展。最後一點是，長期願景和觀點確實在 Coty 發揮作用，這一點非常重要，我們正在建設這家公司，以期在未來幾十年成為真正的美容巨頭。

Thank you very much.

非常感謝。

Thank you, ladies and gentlemen. This concludes today's teleconference. You may now disconnect.

謝謝你們，女士們，先生們。今天的電話會議到此結束。您現在可以斷開連接。