科蒂集團 (COTY) 2023 Q4 法說會逐字稿

Good morning, and good afternoon, everyone. My name is Leo, and I'll be your conference operator today. At this time, I would like to welcome everyone to Coty's Fourth Quarter Fiscal 2023 Question-and-Answer Conference Call. As a reminder, this conference call is being recorded today, August 22, 2023.

大家早上好，下午好。我叫 Leo，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加科蒂 2023 財年第四季度問答電話會議。謹此提醒，本次電話會議於​​今天（2023 年 8 月 22 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，科蒂發布了一份新聞稿並準備了網絡廣播，您可以在其投資者關係網站上找到這些內容。

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

出席今天電話會議的有首席執行官 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 for the company risk factors that could cause actual results to differ materially from these forward-looking statements.

我想提醒您，今天的許多評論可能包含前瞻性陳述。請參閱科蒂的收益報告以及向美國證券交易委員會提交的報告，了解可能導致實際結果與這些前瞻性陳述存在重大差異的公司風險因素。

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該公司新聞稿的非公認會計準則財務指標部分中指定的某些調整。

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

至此，我們現在開始提問。

(Operator Instructions) We'll take our first question from Filippo Falorni of Citi.

（操作員說明）我們將回答花旗銀行 Filippo Falorni 的第一個問題。

Congrats on the strong fiscal '23 results. First question on kind of the assumptions embedded in your initial guidance for fiscal '24. And also, you mentioned the category at the Prestige level, particularly in fragrances, remains strong. Just what did you assume in your guidance, are you assuming a continuation of the momentum, are you assuming a little bit of a slowdown with the more uncertainty in the macro environment? Just any color on that would be helpful.

祝賀 23 財年強勁的業績。第一個問題是關於 24 財年初步指導中包含的假設類型。而且，您提到了聲望級別的類別，特別是香水，仍然很強勁。您在指導中的假設是什麼？您是否假設這種勢頭會持續？隨著宏觀環境的不確定性增加，您是否假設會出現一點放緩？任何顏色都會有幫助。

Filippo, let me give the mic to Laurent for the (inaudible).

Filippo，讓我把麥克風交給 Laurent（聽不清）。

Yes, absolutely. Filippo, so I mean, first of all, indeed, as you highlighted, what's important is really that where we are positioning the fiscal '24 guidance. I mean at the top of the midterm guidance and following, as you highlighted, I mean, a very good landing of our fiscal '23.

是的，一點沒錯。 Filippo，我的意思是，首先，正如您所強調的，重要的是我們如何定位 24 財年指導方針。我的意思是，正如您所強調的，在中期指導的頂部，以及接下來的，我的意思是，我們的 23 財年取得了非常好的著陸。

So to make it short, I mean, really, our assumption is that the momentum is here to stay. Definitely, we are seeing the beauty categories are very resilient. And here, I'm talking about both categories, Prestige and Consumer Beauty. So definitely, and this is what is confirmed also by our retailers that beauty is definitely the darling category of the retailers.

簡而言之，我的意思是，我們的假設是，這種勢頭將會持續下去。當然，我們看到美容​​類別非常有彈性。在這裡，我談論的是兩個類別：聲望和消費者美容。所以毫無疑問，我們的零售商也證實了這一點：美容絕對是零售商的寵兒。

So definitely, both on Prestige and Consumer Beauty, we're keeping this great momentum for fiscal '24, and this is amplified also by the strong initiatives that Coty is putting in place again on both divisions.

因此，毫無疑問，我們在 24 財年將在聲望和消費美容領域保持這一強勁勢頭，科蒂在這兩個部門再次採取的強有力舉措也進一步放大了這一勢頭。

Great. And just a quick follow-up on pricing. I know you guys are planning for an additional price increase in Q1. Is it mainly in Consumer Beauty? It seemed like -- you mentioned closing the gap versus competition. And can you comment a bit on like response from retailers? What you're seeing in the market from the conversation that you're having?

偉大的。並且只是對定價進行快速跟進。我知道你們計劃在第一季度進一步提價。主要是消費美容嗎？看起來——你提到縮小與競爭的差距。您能否對零售商的類似反應發表評論？從你們的談話中，您在市場上看到了什麼？

Yes. So I mean, pricing, as you know, we implemented, I mean, successfully pricing across fiscal '23, so I mean this was -- this went very smoothly with retailers, but also with consumers as there was definitely no elasticity impact. So we share that we continue in Q1 fiscal '24, we are implementing a mid-single-digit pricing, and this is on both divisions. This is really important.

是的。所以我的意思是，正如你所知，我們在23 財年成功地實施了定價，所以我的意思是，這對零售商來說非常順利，而且對消費者來說也很順利，因為絕對沒有彈性影響。因此，我們表示，我們將在 24 財年第一季度繼續實施中個位數定價，這適用於兩個部門。這真的很重要。

In the case of Prestige division and also in Consumer Beauty, so we are doing this, number one, because yes, inflation is here to stay in H1 fiscal '24, so this is really part of our plan; number two is also because we are seeing, as I said, very resilient categories.

就高端部門和消費者美容部門而言，我們正在這樣做，第一，因為是的，通脹將在 24 年上半年財年保持不變，所以這確實是我們計劃的一部分；第二個原因是，正如我所說，我們看到了非常有彈性的類別。

And also, we are making sure, as usual, and we keep the methodology that this price increase is done in a very granular manner, in a very disciplined manner. We have a pricing office, and we have a lot of data based on the last 2 years. So we know exactly where we can increase price, again, without having any elasticity.

而且，我們像往常一樣確保價格上漲是以非常精細的方式、非常有紀律的方式進行的。我們有一個定價辦公室，並且有大量過去兩年的數據。因此，我們確切地知道在沒有任何彈性的情況下可以在哪裡提高價格。

Last element I want to highlight is also that we are making sure that this price increase is combined with value creation for retailers and also for consumers. And definitely, we are investing money in sustainability agenda. This is something which is really well received by retailers and consumers and also is here also to -- is helping to accept a price increase for this Q1 fiscal '24.

我想強調的最後一個因素是，我們確保價格上漲與為零售商和消費者創造價值相結合。當然，我們正在可持續發展議程上投入資金。這是深受零售商和消費者歡迎的事情，而且也有助於接受 24 財年第一季度的價格上漲。

Your next question is from Javier Escalante of Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Javier Escalante。

And also congrats on terrific results. I have a couple of questions. One on the Consumer side and the other on Prestige. On the Consumer side, to you made comments on CoverGirl, and it feels that in your view, it's an issue of tapping digital marketing through TikTok. So if you can comment on the situation more on the stores, right, whether your shelf space going into the fall?

也祝賀取得了出色的成果。我有一些問題。一個在消費者方面，另一個在聲望方面。消費者方面，您對CoverGirl發表了評論，感覺在您看來，這是一個通過TikTok進行數字營銷的問題。那麼，如果您能更多地評論一下商店的情況，對吧，您的貨架空間是否會進入秋季？

And also in Consumer Beauty, your [plans] in Brazil is a massive mass fragrance market. So I would love to hear your views on that. And lastly on -- any update on the skincare launches in Asia will be awesome, okay?

在消費美容領域，您在巴西的[計劃]是一個巨大的大眾香水市場。所以我很想听聽你對此的看法。最後——有關亞洲護膚品發布的任何更新都會很棒，好嗎？

Of course. Javier, thank you for the question. Indeed, you're right to mention these 2 elements, which I believe are the 2 next white space opportunities for our Consumer Beauty business. The first one is indeed makeup opportunity. We believe we have done, let's say, 70% of the job, if I may say. If you look at CoverGirl, we've fixed the net category. Today, our net category under CoverGirl is among the fastest growing in the market.

當然。哈維爾，謝謝你的提問。事實上，您提到這兩個要素是正確的，我認為這是我們消費美容業務的下兩個空白機會。第一個確實是化妝機會。如果可以的話，我們相信我們已經完成了 70% 的工作。如果你看看 CoverGirl，我們已經修復了網絡類別。如今，我們的 CoverGirl 網絡類別是市場上增長最快的類別之一。

We've done the same thing with the eye category. The two most-recent launches from CoverGirl, which are Yummy Gloss, which is this viral product that is today going to sell something like 6 or 7x higher than what we have expected; and the upcoming launch, which started in July, which is Cleantopia mascara that saw the advertising during the earnings presentations.

我們對眼睛類別做了同樣的事情。 CoverGirl 最近推出的兩款產品是 Yummy Gloss，這是一款病毒式產品，今天的銷量將比我們預期高出 6 或 7 倍；以及即將於 7 月開始推出的 Cleantopia 睫毛膏，在收益報告中看到了廣告。

These are, in a way, going to consolidate this 2/3 of the work that we have done. Of course, we are doing all the necessary efforts to really use the 70% to 75% of ANCP we are spending on this brand that are mainly digital ANCP towards Gen Z, towards advocacy, towards creating viral moments as we've been able to achieve it with Yummy Gloss, to take one example.

從某種程度上來說，這些將鞏固我們已經完成的 2/3 的工作。當然，我們正在盡一切必要的努力，真正利用我們在這個品牌上花費的70% 到75% 的ANCP，這些資金主要是針對Z 世代的數字ANCP，用於宣傳，用於創造病毒時刻，因為我們已經能夠舉個例子，用 Yummy Gloss 來實現這一目標。

So the next phase is to fix the face category, which I believe is a category that has been driving the growth of some of our -- one of our competitors, to be very direct. It's really the face category. And this is inside the [cooking] right now.

因此，下一階段是修復面部類別，我相信這是一個非常直接地推動我們的一些競爭對手（我們的競爭對手之一）增長的類別。這確實是臉類。這是現在在[烹飪]裡面。

So hopefully, once we have the face category joining lip and eyes, the 90%, 95% of CoverGirl will be positioned for the future the way I want this brand to be positioned using modern marketing, of course, mastering advocacy, mastering marketing and TikTok and all this kind of digital ecosystem that was missing until recently, and then we started to matter, I have to say.

因此，希望一旦我們將面部類別與嘴唇和眼睛結合在一起，CoverGirl 的 90%、95% 將按照我希望使用現代營銷來定位該品牌的方式進行未來定位，當然，掌握宣傳、掌握營銷和我不得不說，TikTok 和所有此類數字生態系統直到最近才消失，然後我們開始變得重要。

So to answer your part around the shelves, which is an important one, we can confirm that the shelf space of CoverGirl has been stable post spring 2023 resets and is confirmed to be stable for the fall '23 resets. So any net space that other brands may be discussing is coming from other brands and not from CoverGirl. This is number one.

因此，為了回答您關於貨架的部分，這是一個重要的部分，我們可以確認，CoverGirl 的貨架空間在 2023 年春季重置後一直保持穩定，並且在 23 年秋季重置後也保持穩定。因此，其他品牌可能討論的任何網絡空間都來自其他品牌，而不是來自 CoverGirl。這是第一。

Number two, and this is a fundamental information that I shared with you already, and it's important to share it again and again, is that there are 2 brands gaining penetration in the U.S.: It's CoverGirl and [e.l.f]. And CoverGirl's frequency, I have to say is, I would say, 2.5x higher in terms of purchase frequency versus the category and versus key competitors. And this, for me, confirms that these brands' positioning, the new communication, the new innovations are strongly resonating with today's consumers.

第二，這是我已經與您分享的基本信息，並且一次又一次地分享它很重要，那就是有 2 個品牌正在美國獲得滲透：它們是 CoverGirl 和 [e.l.f]。我不得不說，就購買頻率而言，CoverGirl 的購買頻率比該類別和主要競爭對手高出 2.5 倍。對我來說，這證實了這些品牌的定位、新的溝通方式、新的創新與當今的消費者產生了強烈的共鳴。

Last but not least, it's very important to say that, in fact, we are doing two things. While most of our competitors are focusing on one target, CoverGirl is not a Gen Z brand. It's a Gen Z, millennials, Gen X and boomers brand. And we are going to play with these 2 key targets, the right way adopting the right marketing per target. So it's very important for us to also continue to remain as relevant as ever with Gen X, who are more loyal and who are more spending on this category.

最後但並非最不重要的一點是，非常重要的是，事實上，我們正在做兩件事。雖然我們的大多數競爭對手都專注於一個目標，但 CoverGirl 並不是 Z 世代品牌。這是 Z 世代、千禧一代、X 世代和嬰兒潮一代的品牌。我們將圍繞這兩個關鍵目標，以正確的方式針對每個目標採取正確的營銷。因此，對我們來說，繼續與 X 世代保持聯繫非常重要，他們更加忠誠，並且在這一類別上的支出更多。

So that's what I will give you in terms of answer when it comes to how we see CoverGirl brand [reconnect] that started 2 years ago.

這就是我將如何看待兩年前創立的 CoverGirl 品牌 [reconnect] 的答案。

Now I move to the second part of your question, which is around Brazil, if I'm not wrong. This, indeed, is something we started to discuss during our Investor Day back in July. We have strong capabilities. We have great capabilities in fragrances. And I'd say a word about this probably later, given the super-strong start of some of the new innovation in our Prestige, but we are applying the playbook of creating winning fragrances in both divisions.

如果我沒記錯的話，現在我轉向你問題的第二部分，這是關於巴西的。這確實是我們在 7 月份的投資者日期間開始討論的問題。我們有很強的能力。我們在香水方面擁有強大的能力。考慮到我們 Prestige 中一些新創新的強勁開局，我可能會稍後再談這個問題，但我們正在這兩個部門應用創造成功香水的劇本。

And we are also applying this in Brazil. So -- and we have also a top-notch fragrance portfolio in mass market. And you're right to mention that Brazil is a big market. It's a $4 billion opportunity.

我們也在巴西應用這一點。因此，我們在大眾市場上也擁有一流的香水產品組合。你說巴西是一個大市場是對的。這是一個價值 40 億美元的機會。

So we started the journey over there in April. We are entering in retailers where traditionally, we used to sell our Prestige portfolio. But at the same time, we are also opening opportunities in direct stores, putting our fragrances in the shelves of this kind of channel, which is very new for the Brazilian market, I have to say.

於是我們四月份就開始了那裡的旅程。我們正在進入傳統上銷售我們的 Prestige 產品組合的零售商。但同時，我們也在開設直營店的機會，將我們的香水放在這種渠道的貨架上，我不得不說，這對於巴西市場來說是非常新鮮的。

So in total, we started with 2,000 doors, with the potential to ramp up, up to 15,000 doors. So we are still at very early stages of this rollout. But you can imagine that we are super excited about how much this opportunity represents for the Consumer Beauty portfolio, especially given our mass fragrances are highly [dilutive] to our mass portfolio.

所以總的來說，我們一開始有 2,000 個門，有可能增加到 15,000 個門。因此，我們仍處於此次推出的早期階段。但你可以想像，我們對這個機會對消費美容產品組合的意義感到非常興奮，特別是考慮到我們的大眾香水對我們的大眾產品組合來說是高度[稀釋]的。

Last part is, very quickly, probably on skincare and in Asia. Again, the launch that happened in Asia was the Lancaster Ligne Princiere that started in March. As presented during the earnings presentation, this launch is achieving every milestone we are looking for, be it in terms of ability to create buzz on social media, its ability to meet consumers' highly demanding pace in terms of efficacy, in terms of textures, in terms of sensing, in terms of look and feel, all of these, we have advocacy ratings that are very, very high.

最後一部分很快可能是關於護膚品和亞洲。同樣，在亞洲舉行的發布會是 3 月份開始的 Lancaster Ligne Princiere。正如收益報告中所介紹的那樣，此次推出正在實現我們所尋求的每一個里程碑，無論是在社交媒體上引起轟動的能力，還是滿足消費者在功效、質地、在傳感方面，在外觀和感覺方面，所有這些，我們的宣傳評級都非常非常高。

And as we said during the speech and the script of the earnings call, now our job is really to increase the traffic towards the brand. And this has a lot to do with mastering the ecosystem between [RED], Douyin, WeChat and all this ecosystem with, of course, creating content and creating the fantastic story behind the brand on RED , taking people to do live streaming on Douyin and, of course, creating community management into WeChat.

正如我們在演講和財報電話會議腳本中所說，現在我們的工作實際上是增加品牌的流量。這與掌握[小紅書]、抖音、微信和所有這些生態系統之間的生態系統有很大關係，當然，在小紅書上創作內容並創造品牌背後的精彩故事，帶人們在抖音上進行直播，當然，在微信中創建社區管理。

So everything is on track when it comes to our skincare agenda, and we are entering a new phase today, mastering much better than in the past our Chinese digital ecosystem.

因此，就我們的護膚議程而言，一切都步入正軌，今天我們正在進入一個新階段，比過去更好地掌握我們的中國數字生態系統。

And I have to say that the fact that this is a skincare brand, and that's a skincare brand that we own in a way, helped us also to have the possibility to play with 360 degrees of the Chinese ecosystem, which has never been the case up to now because makeup and fragrances are not as sophisticated categories as skincare is in this market. So that's also a fantastic school for Coty China, but also for Coty overall and globally.

我不得不說，事實上，這是一個護膚品牌，而且是我們在某種程度上擁有的護膚品牌，這也幫助我們有可能360度地玩弄中國的生態系統，這是前所未有的。到目前為止，因為化妝品和香水在這個市場上並不像護膚品那麼複雜。因此，對於科蒂中國乃至整個科蒂乃至全球而言，這都是一所出色的學校。

We'll take your next question from Anna Lizzul of Bank of America.

我們將回答美國銀行的 Anna Lizzul 提出的下一個問題。

Yesterday, you announced the expansion of the Marc Jacobs license with the build-out of the beauty side. I was wondering, how should we think about that build-out versus your initiatives with owned brands in your portfolio like Infiniment Coty in fragrance and Lancaster in skincare?

昨天，您宣布擴大 Marc Jacobs 授權範圍，擴大美妝業務。我想知道，與您的產品組合中自有品牌（例如香水領域的 Infiniment Coty 和護膚品領域的 Lancaster）的舉措相比，我們應該如何考慮這種擴張？

Yes. So in fact, this announcement we have made yesterday is, first of all, a continuity of a 20 years long-standing relation with Marc Jacobs Fragrances. We've been together -- married together since 20 years. And the outcome of this collaboration is, I have to say, fantastic. During fiscal '23, the second fastest-growing brand of Prestige was, indeed, Marc Jacobs, high double-digit growth. And this is really something that is the result of this long-standing collaboration.

是的。所以事實上，我們昨天宣布的這一消息首先是與 Marc Jacobs Fragrances 20 年長期合作關係的延續。我們已經在一起了——結婚二十年了。我不得不說，這次合作的成果非常棒。在 23 財年，Prestige 增長第二快的品牌確實是 Marc Jacobs，實現了兩位數的高增長。這確實是長期合作的結果。

We've decided to extend this collaboration in the coming decades, but also we've decided to bring back the highly coveted and [craved] Marc Jacobs makeup. If you've seen the -- some of the titles of people who have already published around this new collaboration around makeup, there is a lot of talk, following for this brand.

我們決定在未來幾十年內擴大這種合作，同時我們也決定恢復備受追捧的 Marc Jacobs 彩妝。如果你看過——一些人已經圍繞這個關於化妝的新合作發表了一些文章，那麼就會有很多關於這個品牌的討論。

And this brand is fantastically positioned to do makeup in the area of -- in the mid [scottiere], which is really where the market is heading to and where you can really find the biggest part of the growth of the market.

這個品牌在化妝品領域的定位非常好——在中部[斯科蒂埃]，這確實是市場的發展方向，也是你真正可以找到市場增長的最大部分的地方。

If you talk about our owned brands, it's a parallel story. This company is the go-to destination for licenses, very long-term licenses. In this case, we are adding a new category which has strengthened our portfolio of color cosmetics, specifically in Prestige, but all our other color cosmetics brands, especially in mass market, our owned brands, again, think of CoverGirl, Max Factor, Bourjois, [Orveda], to name the 4 most important ones.

如果你談論我們的自有品牌，這是一個平行的故事。該公司是獲得許可證、非常長期許可證的首選目的地。在這種情況下，我們添加了一個新類別，加強了我們的彩妝產品組合，特別是Prestige，但我們所有其他彩妝品牌，特別是在大眾市場，我們的自有品牌，再次考慮CoverGirl、Max Factor 、Bourjois 、[Orveda]，僅舉四個最重要的。

So this is really -- it's an end. You know how I love to work. I love to do and rather than either or rather. It's really this and this at the same time. So actually, Coty is on track. The launch -- the PR launch is going to be in October. And we hit the first stores, including a global DTC, in Jan 2024. And Lancaster, again, I have made the comments around Lancaster.

所以這真的是——這是一個結束。你知道我有多熱愛工作。我喜歡做“並且”，而不是“要么”要么“更”。這確實是同時存在的。事實上，科蒂正在步入正軌。發布——公關發布將於十月舉行。我們於 2024 年 1 月開設了第一家商店，包括全球 DTC。蘭卡斯特，我再次圍繞蘭卡斯特發表了評論。

Last but not least, we are opening today the sales of what we do believe in skincare, is probably one of the most potent serum of all time behind the Orveda skincare line. This serum is called OmniPotent Concentrate, and it's open to be sold to a longer queue of consumers waiting for this since May today at the end of the day.

最後但並非最不重要的一點是，我們今天開始銷售我們所堅信的護膚品，它可能是 Orveda 護膚品系列有史以來最有效的精華液之一。這款精華素被稱為 OmniPotent Concentrate，從今天開始，它就開始向排隊等候的消費者開放銷售。

Your next question comes from Korinne Wolfmeyer of Piper Sandler.

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

Congrats on a great quarter. So first, I'd like to touch a little bit more on the guidance for next fiscal year and really the quarterly cadence that you alluded to, and it looks like there is a bit of a slowdown that may be implied in the back half of the year. And I know you're coming up against some more challenging comps in the back half.

恭喜您度過了一個出色的季度。首先，我想更多地談一下下一財年的指導，以及您提到的季度節奏，看起來下半年可能會出現一些放緩。那一年。我知道你在後半段會遇到一些更具挑戰性的比賽。

But I was wondering if you could touch on if there's anything else that you're factoring into guidance for the year beyond that in regards to the cadence.

但我想知道除了節奏之外，您是否還可以談談今年的指導中是否還有其他因素。

Korinne, so I mean, first of all, indeed, the fiscal year '24 guidance, top line, so is really a bit top of midterm guidance, 6% to 8%. So what we shared is that H1, we are positioning H1 from 8% to 10%. So indeed -- and this is definitely based on the strong start on fiscal '24 that we are currently contemplating. So this is really giving us full confidence.

Korinne，所以我的意思是，首先，確實，24 財年的指導，頂線，所以確實有點高於中期指導，6% 到 8%。所以我們分享的是H1，我們把H1定位從8%到10%。事實上，這絕對是基於我們目前正在考慮的 24 財年的強勁開局。所以這確實給了我們十足的信心。

And again, as I shared before, because the categories, both categories are really growing fast, and then Coty really brings some very successful initiatives on both divisions. So I mean, on top of what Sue has just explained, which is really the momentum of the initiative that we kicked off last year, such as skincare, Consumer Beauty, we started.

再說一遍，正如我之前分享的那樣，因為這兩個類別確實都在快速增長，然後科蒂確實在這兩個部門都帶來了一些非常成功的舉措。所以我的意思是，除了蘇剛剛解釋的內容之外，這實際上是我們去年啟動的計劃的動力，例如我們開始的護膚品、消費者美容產品。

We have also some great initiatives in Prestige. Prestige fragrance I want to name. And you saw during the presentation on Burberry Goddess, which currently, I mean, what the data we received from retailers and consumers, I mean, are really stellar. So again, this is really giving a very strong start of the year.

我們在 Prestige 方面也有一些偉大的舉措。我想命名的高級香水。你在 Burberry Goddess 的演示中看到了，我的意思是，目前我們從零售商和消費者那裡收到的數據非常出色。再說一遍，這確實是今年的一個非常強勁的開局。

Consumer Beauty also, we are seeing very good momentum. Yummy Gloss that we launched recently, sales are 8x higher than our initial forecast. So you really need to see as a combination of very dynamic market growth, again, on Prestige and Consumer Beauty and amplified by, definitely, all the initiatives and the work that Coty has implemented and has built over the last 3 years.

美容消費品方面，我們也看到了非常好的勢頭。我們最近推出的 Yummy Gloss，銷量比我們最初預測高出 8 倍。因此，您確實需要將聲譽和消費者美容視為非常活躍的市場增長的結合，並且肯定會通過科蒂在過去三年中實施和建立的所有舉措和工作來放大。

So there is nothing structural implying slowing down in H2. And we have good visibility to the strong momentum in H1 at this stage, this is really what I can tell you.

因此，沒有任何結構性暗示下半年會放緩。我們可以清楚地看到現階段上半年的強勁勢頭，這就是我可以告訴你的。

Very helpful. And then if I could just touch a little bit on the segment margins, I believe there was a bit of a contraction in Consumer Beauty. Can you just touch on it as we think about going forward over the next couple of quarters and years, on how to think about the proper run rate for margins for each of the segments? And where will we really see the most expansion from?

很有幫助。然後，如果我能稍微觸及一下細分市場的利潤率，我相信消費美容領域出現了一些收縮。當我們考慮未來幾個季度和幾年的發展時，您能否談談如何考慮每個細分市場的適當利潤運行率？我們真正能從哪裡看到最大的擴張？

So definitely -- I just want to remind that when you look at the EBIT margin fiscal year for Consumer Beauty, I mean the EBIT grew 21% and by 70 basis points. So it's growing. And definitely, all the work that we kicked off 3 years ago, which is really the revamp of the brand, and Sue share the example of CoverGirl, this is -- we are also doing this work on gross margin.

所以，我只是想提醒一下，當你查看消費美容財年的息稅前利潤率時，我的意思是息稅前利潤增長了 21%，增長了 70 個基點。所以它正在增長。當然，我們三年前開始的所有工作，這實際上是品牌的改造，Sue 分享了 CoverGirl 的例子，這是——我們也在毛利率方面做這項工作。

So definitely, in our midterm algorithm is really that gross margin expansion and EBIT [margin] expansion is definitely on both segments, Consumer Beauty and Prestige. What I can add to your question is that I would say Consumer Beauty was most impacted by COGS inflation during fiscal '23.

因此，在我們的中期算法中，毛利率擴張和息稅前利潤（利潤）擴張肯定會出現在消費者美容和聲望這兩個領域。我可以補充你的問題的是，我想說的是，23 財年消費美容品受銷貨成本通脹的影響最大。

And then that's why, okay, we implemented some price increase, and we continue, as I said, in Q1 fiscal '24. And we are continuing definitely on our innovations. I can definitely tell you that the innovation that we are currently launching, and we launched in the second half of last year at the gross margin, in some cases, which is equivalent for Prestige.

這就是為什麼我們實施了一些提價，正如我所說，我們在 24 財年第一季度繼續提價。我們將堅定地繼續我們的創新。我可以肯定地告訴你，我們目前推出的創新，以及我們去年下半年推出的創新，在某些情況下，毛利率與Prestige相當。

So we have really all the elements in our hands. We need to build sustainable, profitable growth for Prestige and also Consumer Beauty. And we have also some productivity actions on Consumer Beauty. One big one, we shared a few times with concrete example, is about platforming. So it's really to have a standard platform on all our brands. And definitely, it is going to create really some optimization. And of course, we will see some expansion in both businesses, Consumer Beauty, in the coming years.

所以我們確實掌握了所有要素。我們需要為 Prestige 和 Consumer Beauty 建立可持續的、盈利的增長。我們還在消費者美容方面採取了一些生產力行動。我們多次通過具體示例分享了其中的一大問題，那就是平台化。因此，我們的所有品牌確實需要一個標準平台。當然，它確實會帶來一些優化。當然，未來幾年我們將看到消費美容這兩項業務的擴張。

Your next question is from Olivia Tong of Raymond James.

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

Congrats on a very strong year. My first question is around the pricing actions in Consumer Beauty. If you could just elaborate a little bit on the range of price plans that you have, key categories where you see the biggest gap and then, whether it's coming with new product plans along with that.

祝賀您度過了非常強勁的一年。我的第一個問題是關於消費美容領域的定價行為。您能否詳細說明一下您擁有的價格計劃範圍、您認為差距最大的關鍵類別，以及是否附帶新產品計劃。

So pricing on CB, as I usually repeat, is very granular, okay? So there is not a simple answer. It's really that we are reviewing brand-by-brand, segment-by-segment, market-by-market and really making sure that our pricing is really matching consumer needs and also what retailers are working in.

因此，正如我通常重複的那樣，CB 的定價非常精細，好嗎？所以沒有一個簡單的答案。事實上，我們正在逐個品牌、逐個細分市場、逐個市場進行審查，並真正確保我們的定價真正符合消費者的需求以及零售商的工作內容。

What's very important, as you know, is that the price [partition] is quite extended on Consumer Beauty. We are starting from $4, $5, and we can go up to above $20. So this is also what we are reviewing in detail. So this is on the existing portfolio.

如您所知，非常重要的是消費者美容產品的價格[分區]相當長。我們的價格從 4 美元、5 美元起，最高可達 20 美元以上。所以這也是我們正在詳細審查的內容。這是現有的投資組合。

What I want to add on top is, of course, is about innovation. We have a great pipeline of innovations, and we shared already some example as Yummy Gloss, mascara Cleantopia, [Lash Brow]. And we are making sure that all these initiatives are really launched with a premium and definitely -- so we are taking opportunity of these innovations to increase price. So this is definitely a lever.

當然，我想補充的是創新。我們擁有大量的創新產品，我們已經分享了一些例子，例如 Yummy Gloss、睫毛膏 Cleantopia、[Lash Brow]。我們確保所有這些舉措確實以溢價推出，並且絕對如此，因此我們正在利用這些創新的機會來提高價格。所以這絕對是一個槓桿。

But again, because these are high-quality products and this is amplified by the GMV and there is really strong appetite from this product, and as I shared before, is also combined with a clean vegan sustainable products.

但同樣，因為這些都是高質量的產品，並且 GMV 放大了這一點，而且人們對該產品的需求非常強烈，正如我之前分享的，它還與清潔素食可持續產品相結合。

Last, the third element I really want to bring to you is that we are -- we have now kicked off streams on strategic revenue management. And definitely, these are programs that we are going to amplify in all the key markets. And it's really a way, of course, to increase value of our products and always to make sure that we share this value with retailers and Consumer Beauty.

最後，我真正想向您介紹的第三個要素是，我們現在已經啟動了戰略收入管理的流程。當然，我們將在所有主要市場擴大這些計劃。當然，這確實是增加我們產品價值的一種方式，並始終確保我們與零售商和消費者美容分享這種價值。

So we have really a very detailed plan, very granular, and this is going to enable, of course, the improvement of the gross margin of Consumer Beauty in the coming years.

因此，我們確實有一個非常詳細的計劃，非常細化，這當然將有助於提高未來幾年消費美容毛利率。

Great. And then my follow-up question is just around the fragrances and the licenses, given that you've renewed a number of fragrances for your [fragrances] as of late. And in some cases, are you [earlier] or are they all just kind of coming up for exploration or for renewal around the same time? And if you are renewing earlier, could you talk about terms, whether anything has changed in terms of length of partnership or terms around it? And if so, what's driving that?

偉大的。然後我的後續問題只是圍繞香水和許可證，因為您最近已經為您的[香水]更新了許多香水。在某些情況下，你是[更早]還是他們都只是在同一時間進行探索或更新？如果您提前續約，您能否談談條款，合作期限或相關條款是否有任何變化？如果是這樣，是什麼推動了這一點？

Yes. Let me take this part. So indeed, fragrance licenses, some of them are renewed before the renewal period, if I may say, and some of them are renewed earlier, which is a great sign of confidence towards Coty as the leading destination for this fashion brands that are willing to go into beauty, not just fragrances, but also makeup. We've seen this recently also with Marc Jacobs. So that's very important in terms of mood.

是的。讓我來承擔這一部分。因此，確實，香水許可證，如果我可以說的話，其中一些是在續訂期之前更新的，而其中一些是更早更新的，這是對科蒂作為這個時尚品牌的主要目的地的信心的一個很好的標誌，他們願意走進美容，不僅僅是香水，還有彩妝。我們最近在 Marc Jacobs 身上也看到了這一點。所以這對於心情來說非常重要。

And again, let me remind the audience that we've renewed and extended and sometimes enriched in terms of [queries 4] contracts recently. This is really also something that I wanted to stress.

再次，讓我提醒觀眾，我們最近更新並延長了合同，有時還豐富了[查詢 4] 合同。這確實也是我想強調的一點。

Second, it's very important that everyone hears also the fact that there is a momentum today in terms of fashion companies reaching out to Coty to create beauty businesses together. And again, it's very important that we have this ability to make new brands, new territories, new visions and beauty part of the Coty portfolio. That's something that's very important.

其次，非常重要的是，每個人都必須聽到這樣一個事實，即當今時尚公司與科蒂合作創建美容業務的勢頭強勁。再說一遍，我們有能力將新品牌、新領域、新願景和美容產品納入科蒂產品組合，這一點非常重要。這是非常重要的事情。

There have not been any material changes in licensing terms, this is something I can confirm to you. And again, it's really a great occasion for me to say how much Coty is seen today as a partner of choice. And again, I welcome any fashion brand willing to enter the beauty industry to partner with Coty because the ecosystem we're proposing is unparalleled, in fact, in terms of reach, in terms of R&D, in terms of ability to operate multiple categories and in terms of marketing.

許可條款沒有任何重大變化，這是我可以向您確認的。再說一遍，這對我來說確實是一個很好的機會來表達今天科蒂是多麼被視為首選合作夥伴。再次，我歡迎任何願意進入美容行業的時尚品牌與科蒂合作，因為我們提出的生態系統實際上是無與倫比的，無論是在覆蓋範圍、研發、運營多個品類的能力以及在營銷方面。

And this gives me the occasion to say a few words about one of the launches of the company. They are all important for me, but one is very dear to my heart, which is the one of Burberry Goddess. Burberry Goddess, for me, have a look at this launch, this is the best of Coty know-how in terms of creating, winning users. I've been talking about this since many, many quarters. We are there, finally. It takes time to put in place these kind of methodologies to craft the launch. That is a 5-star launch at this level.

這讓我有機會談談該公司的一項新產品。它們對我來說都很重要，但其中一件是我最珍視的，那就是Burberry Goddess。 Burberry Goddess，對我來說，看看這次的發布，這是科蒂在創造、贏得用戶方面最好的專業知識。我從很多很多個季度以來一直在談論這個問題。我們終於到了。落實這些方法來精心策劃發布需要時間。這是這個級別的五星級發布。

To execute it, we started to do this in Travel Retail in July. And now we are expanding globally. And what we are seeing is, in a way, giving a direction or flavor of what could be the upcoming innovations from Coty in this area, and therefore, for our partners, when it comes to fashion houses. So this is really something I want to stress during this earnings call.

為了執行它，我們從七月份開始在旅遊零售領域這樣做。現在我們正在全球擴張。我們所看到的是，在某種程度上，為科蒂在這一領域即將推出的創新提供了方向或風格，因此，對於我們的合作夥伴來說，當涉及時裝公司時。所以這確實是我想在本次財報電話會議上強調的事情。

Your next question is from Chris Carey of Wells Fargo Securities.

您的下一個問題來自富國銀行證券的克里斯·凱里。

So I realize it's been asked several times, but just a couple of quick follow-ups on pricing and impact. Number one, with the high end of the 6% to 8% sales outlook, is it reasonable to assume that your full-year sales expectations are exclusively price-driven? And can you comment on what you expect for volumes this year?

所以我意識到這個問題已經被問過好幾次了，但只是對定價和影響進行了幾次快速跟進。第一，鑑於 6% 至 8% 的銷售前景高端，假設您的全年銷售預期完全由價格驅動是否合理？您能否評論一下今年的銷量預期？

And the second question is with the pricing around in Q3 and Q1, I guess I'm a little surprised that gross margins would be down in the front half of the year, even with the inflation, which doesn't sound like it's getting worse. It's just lingering. And so can you perhaps expand a bit more on what's driving the gross margin down year-over-year, despite the incremental pricing and inflation, which doesn't seem to be building?

第二個問題是第三季度和第一季度的定價，我想我有點驚訝的是，即使在通貨膨脹的情況下，今年上半年的毛利率也會下降，這聽起來並沒有變得更糟。它只是揮之不去。那麼，儘管定價和通脹似乎並沒有增加，但您是否可以進一步闡述導致毛利率同比下降的原因？

So thanks for those two just on price-risk volume, I guess, for the full year and the gross margin question for those in the front half.

因此，我想感謝這兩個人在價格風險量上的表現，以及全年的毛利率問題。

Yes, sure, Chris. So let me take these two elements. I mean, I want to make it very clear that, I mean, volume is absolutely key.and -- definitely. And this is what we are seeing already in the second half of fiscal '23 that the growth is driven by pricing, by mix, but also by volumes, okay?

是的，當然，克里斯。讓我來談談這兩個要素。我的意思是，我想明確表示，數量絕對是關鍵。而且——絕對是。這就是我們在 23 財年下半年所看到的情況，增長是由定價、組合以及銷量推動的，好嗎？

So it's -- and definitely, the model we are building for fiscal '24 and beyond is really a balanced-growth algorithm, which is really the combination of pricing, mix and volume. So I'm really insisting on this.

所以，毫無疑問，我們為 24 財年及以後構建的模型實際上是一個平衡增長算法，它實際上是定價、組合和銷量的結合。所以我真的很堅持這一點。

And we gave very concrete examples, just what we shared. I mean Burberry Goddess, all what we are doing in Consumer Beauty, [as all the] launches. So these are definitely volumes -- additional volumes in our equation. And volumes are also very important because it's really showing penetration, increasing of market share. And of course, for our factories, our footprint, is also a positive way to absorb the fixed cost. So this is very, very clear in our model.

我們給出了非常具體的例子，正是我們所分享的。我的意思是巴寶莉女神，我們在消費者美容領域所做的一切，[正如所有]發布的那樣。所以這些絕對是體積——我們方程中的額外體積。銷量也非常重要，因為它確實顯示出滲透率和市場份額的增加。當然，對於我們的工廠來說，我們的足跡也是吸收固定成本的積極方式。所以這在我們的模型中非常非常清楚。

On your second point, which is gross margin, so first of all, I really want to highlight, I mean, the great landing that we are doing on gross margin, we shared several times that there will be a modest gross margin expansion, fiscal year '23. And this is exactly where we are landing and even with a very good result in Q4. So you see that all the work we are doing in gross margin, despite inflation, has delivered strong results.

關於你的第二點，即毛利率，所以首先，我真的想強調，我的意思是，我們在毛利率方面正在取得巨大的進步，我們多次表示，毛利率將會適度擴張，財政23年。這正是我們正在著陸的地方，甚至在第四季度取得了非常好的結果。所以你會看到，儘管通貨膨脹，我們在毛利率方面所做的所有工作都取得了強勁的成果。

So we confirm also that for fiscal '24, there will be also modest gross margin expansion. So gross margin will keep growing. And we also confirm to be in the [mid-60s] by fiscal '25 exactly, as per our midterm algorithm that we shared more than 2 years ago. Now to tell you, indeed, so we highlighted that there will be some phasing, H1 from H2, definitely H1, so the big few elements.

因此，我們還確認，24 財年毛利率也將出現小幅增長。因此毛利率將持續增長。根據我們兩年多前分享的中期算法，我們還確認到 25 財年將進入 [60 年代中期]。現在告訴你，確實如此，所以我們強調將會有一些階段性的變化，H1從H2，肯定是H1，所以是幾個大的元素。

Number one is that we are expecting -- price inflation is here to stay in H1, as I said. And we have also some, I explained a few times, accounting treatment that inflation COGS are capitalized during 4 months. So between the moment that we have inflation and the moment it's released in the P&L, there is a lag effect of 4 months. So that's why we still see this inflation in H1, but there will be some easing in H2, okay? So that's number one.

第一，正如我所說，我們預計上半年價格通脹將持續。我解釋過幾次，我們還有一些會計處理方法，即通脹銷貨成本在 4 個月內資本化。因此，從通貨膨脹發生到損益表中公佈通貨膨脹的那一刻，存在 4 個月的滯後效應。這就是為什麼我們在上半年仍然看到通脹，但下半年會有一些寬鬆，好嗎？所以這是第一。

Number two, also, which is important for you to know, is that last year, due to [service-level] challenges and also component shortage, we had to make a decision really to reduce gift sets in Prestige. And as you know, I mean -- and this year, in H1, now that we have solved all supply chain issues and component shortage, now we are really back towards the normal share of gift sets in Q1 and Q2.

第二，對您來說也很重要的是，去年，由於[服務水平]挑戰和組件短缺，我們不得不做出真正減少 Prestige 禮品套裝的決定。正如你所知，我的意思是，今年上半年，我們已經解決了所有供應鏈問題和零部件短缺問題，現在我們真的回到了第一季度和第二季度禮品套裝的正常份額。

And as you know, gift sets gross margin is a few points lower than the standard [scale]. So this is also something which is explaining the [feeling]. But it's absolutely in control. It's also supported by business decision and fully embedded in our fiscal year '24 algorithm and midterm algorithm.

如您所知，禮品套裝的毛利率比標準[規模]低幾個百分點。所以這也是解釋[感覺]的東西。但絕對是在掌控之中。它還得到業務決策的支持，並完全嵌入我們的 '24 財年算法和中期算法中。

Your next question is from Andrea Teixeira of JPMorgan.

您的下一個問題來自摩根大通的 Andrea Teixeira。

I wanted to sort of take this opportunity around, you mentioned, the phasing for gross margin. And can you talk about SG&A because you gave a 10 to [30] basis point EBITDA margin expansion? How we should be thinking of your long-term algorithm essentially that now would be the year where the inflation just -- you just closed inflation of 2%, you had pricing/mix [upstand]? Isn't that -- right now, I understand all this good [sense] on the phasing of gross margin.

你提到的，我想利用這個機會來逐步提高毛利率。您能否談談 SG&A，因為您將 EBITDA 利潤率擴大了 10 到 [30] 個基點？我們應該如何考慮你的長期算法，本質上現在是通脹剛剛結束的一年——你剛剛結束了 2% 的通脹，你的定價/組合[正常]？是不是——現在，我理解毛利率階段性的所有這些好[意義]。

But as we go into 2020 -- fiscal 2024, especially the second half, wouldn't you be able to trickle down more? Or you're just having the cost base and all this gap between pricing and inflation be reinvested into greater SG&A or greater marketing investments, as you mentioned (inaudible) and all the other influences that you became more, I'd say, (inaudible) of that? Is that away or it's mostly the investment in Prestige and especially skincare into China?

但當我們進入 2020 年——2024 財年，尤其是下半年，你難道不能提供更多資金嗎？或者你只是將成本基礎和定價與通貨膨脹之間的所有差距重新投資到更大的SG&A或更大的營銷投資，正如你提到的（聽不清）以及你變得更多的所有其他影響，我想說，（聽不清） ）那個？是不是已經消失了，還是主要是對中國的 Prestige（尤其是護膚品）的投資？

Okay. So I mean, on your [points], remarks, I mean, this is definitely the constant focus and work that we've been doing over the last 3 years. So it's really focusing on productivity, focusing on gross margin expansion and then definitely allocating these resources, this money to support all the strategic initiatives.

好的。所以我的意思是，關於你的[觀點]、評論，我的意思是，這絕對是我們過去三年來一直在做的持續關注和工作。因此，它真正關注的是生產力，關注毛利率的擴張，然後明確地分配這些資源，這些資金來支持所有的戰略舉措。

And you are currently, I mean, seeing that this model works with really the 17% growth in Q4 and also improving our margin and improving our profit. And again, as you see, we are improving our EBIT margin this year by 170 basis points, and we're improving our EBITDA margin by 40 basis points. So the model is in place.

我的意思是，您目前看到該模型確實與第四季度 17% 的增長相匹配，並且還提高了我們的利潤率和利潤。正如您所看到的，我們今年的 EBIT 利潤率將提高 170 個基點，EBITDA 利潤率將提高 40 個基點。所以這個模型已經就位了。

Now looking forward, as I shared, I mean, definitely, the midterm algorithm is fully in place. So it's really reaching the mid-60s gross margin by fiscal '25, and it is supported by all the actions I shared before in productivity.

現在展望未來，正如我所分享的，我的意思是，中期算法肯定已經完全到位。因此，到 25 財年，它的毛利率確實達到了 60 年代中期的水平，並且得到了我之前在生產力方面分享的所有行動的支持。

On SG&A, definitely, we have a strong focus, and it's fully included in our All-In To Win program. So definitely here, we continue some productivity initiatives. But also, we are making sure that when we are talking about resource allocation, indeed, we are allocating in ANCP to support the strategic initiatives, to support also all the white space opportunities that we are seeing. And Sue shared a few, of course, we continue -- China program/plan is really midterm strategic, very, very important plan.

對於SG&A，我們當然非常重視，並且它完全包含在我們的“All-In To Win”計劃中。因此，我們肯定會繼續採取一些生產力舉措。而且，我們還確保，當我們談論資源分配時，我們確實在 ANCP 中進行分配，以支持戰略舉措，也支持我們看到的所有空白機會。蘇分享了一些，當然，我們繼續——中國計劃/計劃確實是中期戰略，非常非常重要的計劃。

We talked about Brazil, so these are really fantastic opportunities. And we're also improving in our capabilities. We shared the example of R&D. So we have a very strong footprint on R&D that we keep investing.

我們談到了巴西，所以這確實是絕佳的機會。我們的能力也在不斷提高。我們分享了研發的例子。因此，我們在研發方面擁有非常強大的影響力，並不斷進行投資。

So we continue really to improve productivity, to allocate the resources, which create profitable growth. And at the same time, we continue to improve our margin. And we just -- our midterm algorithm, which is a 6% to 8% net revenue growth; and EBITDA improvement, 9% to 11%, doesn't change. So your question is definitely the daily world that we operate in.

因此，我們繼續真正提高生產力，分配資源，從而創造利潤增長。與此同時，我們繼續提高利潤率。我們只是——我們的中期算法，即淨收入增長 6% 到 8%； EBITDA 提高了 9% 到 11%，沒有變化。所以你的問題肯定是我們所處的日常世界。

Your next question is from Linda Bolton of Davidson.

您的下一個問題來自戴維森的琳達·博爾頓。

I was wondering if the pressures in the Hainan region with still waiting to have more travelers return to that area, if that impacted your ability to get shelf space for the Lancaster launch? Could you have gotten more shelf space, but for the pressures in that region, is that affecting? And also, is that affecting Gucci and Burberry growth at all in the region?

我想知道海南地區仍然等待更多旅客返回該地區的壓力是否會影響您為蘭卡斯特發射獲得貨架空間的能力？您是否可以獲得更多的貨架空間，但考慮到該地區的壓力，這會產生影響嗎？而且，這是否會影響 Gucci 和 Burberry 在該地區的增長？

Linda, let me take this question. So in fact, what we are seeing in Hainan is that our shelf space for Lancaster has not at all been affected by all the pressures we are seeing. We are just doing the job as step-by-step. In fact, we don't want to open a massive number of doors and -- while at the same time, creating the business model of success of this brand.

琳達，讓我回答這個問題。事實上，我們在海南看到的是，蘭卡斯特的貨架空間根本沒有受到我們所看到的所有壓力的影響。我們只是按部就班地做工作。事實上，我們不想打開大量的大門，同時創建該品牌成功的商業模式。

So we are doing this very carefully in terms of investment, be it cap investment, media investment, et cetera. And therefore, in Hainan and also in Mainland China, we are making the productivity of the doors that we have opened so far as high as possible before starting to expand the number of doors and the expansion of the shelf space.

因此，我們在投資方面非常謹慎，無論是上限投資、媒體投資等等。所以，在海南，也是在中國大陸，我們都是把目前已經打開的門的生產率盡可能提高，然後才開始增加門的數量和擴大貨架空間。

When it comes to the other brands that you have mentioned, which are Gucci and Burberry, there was no impact from what's happening in Hainan. Today, these 2 brands that were doing great on makeup, are recovering, thanks to the back of makeup consumption in the country. They were growing very fast on the makeup area. This has been, in a way, limited during the lockdowns and the fact that since the opening of the country beginning of calendar '23, it's chasing step-by-step in this area.

至於你提到的其他品牌，即Gucci和Burberry，海南發生的事情沒有受到影響。如今，這兩個在彩妝領域表現出色的品牌正在復蘇，這要歸功於國內彩妝消費的回升。他們在化妝領域發展得非常快。在某種程度上，這在封鎖期間受到了限制，而且自 23 年初該國開放以來，它正在這一領域逐步追逐。

But I wouldn't say that the -- what's happening behind, I guess, that you are referring to the [Daimaru], et cetera, et cetera, is affecting our brands because we are not exposed to this kind of phenomenon, given our small size, but also given how much we are willing to pay a very strong attention to preserving the brand equity of the brands we had in [Coty].

但我不會說，我猜，你所指的[大丸]等背後發生的事情正在影響我們的品牌，因為我們沒有遇到這種現象，考慮到我們的規模雖小，但也考慮到我們願意非常重視保護我們在[科蒂]擁有的品牌的品牌資產。

Your next question is from Mark Astrachan of Stifel.

您的下一個問題來自 Stifel 的 Mark Astrachan。

Just a follow-up on one of the prior questions back to price and volume assumptions. So we carry over the pricing in 4Q, and I know there was some incremental pricing in 4Q. It would certainly suggest that most, if not all, at least the first half, is pricing driven. So I just wanted to, again, understand that. And if you could just give the specifics in terms of your underlying volume assumptions.

只是對先前問題之一的後續價格和數量假設。因此，我們在第四季度繼續定價，我知道第四季度有一些增量定價。這肯定表明，大多數（如果不是全部）至少在上半年是由定價驅動的。所以我只是想再次理解這一點。如果您能提供有關基本交易量假設的具體信息。

And then maybe a bigger picture, how do you think about pricing and mix on a longer-term basis in terms of composition to overall sales growth within that 6% to 8% algorithm? And sort of related to kind of both of them, how do you think about the A&P spend? What's the optimal level for the business over time, the gross margins sort of modestly increase relative to where we ended fiscal '23?

然後，也許從更大的角度來看，在 6% 到 8% 的算法內，您如何考慮長期基礎上的定價和組合，以及整體銷售增長的構成？與兩者都有關，您如何看待廣告費用支出？隨著時間的推移，毛利率相對於 23 財年末的情況略有增加，業務的最佳水平是多少？

Yes. Thank you, Mark. So I mean, just to make it very clear, and again, so we are positioning our fiscal year '24 top line at the top of the guidance and really is higher in H1, so it's 8% to 10%. And as I shared, it's absolutely confirmed by a strong start of fiscal '24. And this is built, yes, with the pricing carryover, we continue also mix improvement, and it also includes volume growth. And we shared, again, some very concrete example, Burberry Goddess is a very obvious case. So this is really a part of it.

是的。謝謝你，馬克。所以我的意思是，為了說得非常清楚，我們將 24 財年的頂線定位在指導的頂部，並且在上半年確實更高，所以它是 8% 到 10%。正如我所分享的，24 財年的強勁開局絕對證實了這一點。這是建立起來的，是的，通過定價結轉，我們還繼續進行組合改進，並且還包括銷量增長。我們再次分享了一些非常具體的例子，Burberry Goddess 就是一個非常明顯的例子。所以這確實是其中的一部分。

Now looking ahead, and I said it is -- we are really making sure that starting H2 fiscal '24, definitely that our growth algorithm is really well balanced between pricing, mix and volume. So this is really the combination of three. So once we are out of this really high inflation period with high pricing, we enter more a normalized model in terms of growth.

現在展望未來，我說過，我們確實確保從 24 年下半年開始，我們的增長算法在定價、組合和銷量之間確實取得了很好的平衡。所以這實際上是三者的結合。因此，一旦我們擺脫了這個高定價的高通脹時期，我們就進入了增長的常態化模式。

And the second part of your question, again, our algorithm, our methodology doesn't change. So it's really definitely -- and as I shared, we continue this All-In To Win program, so meaning that next year, we will deliver $100 million savings, and in fiscal '25, $75 million. So the objective of this productivity plan is we need to continue to improve our gross margin, to optimize our G&A and then to reinvest to support all our strategic initiatives.

你問題的第二部分，我們的算法、我們的方法論不會改變。所以這確實是——正如我所分享的，我們將繼續這個“全力以赴”的計劃，這意味著明年我們將節省 1 億美元，並在 25 財年節省 7500 萬美元。因此，該生產力計劃的目標是我們需要繼續提高毛利率，優化我們的一般管理費用，然後進行再投資以支持我們所有的戰略舉措。

So concretely, what does it mean? It means that in terms of ANCP, we are -- now we are at the level of the high 20s, and this is really a level that we are going to keep and reallocate in a very perfect manner, always focusing on ROI on both divisions and on all the [new] initiatives that we are launching.

那麼具體來說，這意味著什麼？這意味著就 ANCP 而言，我們現在處於 20 多歲的水平，這確實是我們將以非常完美的方式保持和重新分配的水平，始終關注兩個部門的投資回報率以及我們正在發起的所有[新]舉措。

Your next question is from Ashley Helgans of Jefferies.

您的下一個問題來自 Jefferies 的 Ashley Helgans。

So just first on the pricing action, I'm just curious if you could talk a little bit about the key indicators you're using to gauge consumers' willingness to spend more on clean beauty? And then maybe you can just give us a little bit more color on planned investments in the first half that's offsetting some of the pricing benefits.

首先，關於定價行動，我很好奇您是否可以談談您用來衡量消費者在清潔美容上花更多錢的意願的關鍵指標？然後也許你可以給我們更多關於上半年計劃投資的信息，這抵消了一些定價優勢。

So definitely, on the key indicators, I mean, what I can -- I mean, we have a strong, powerful team, C&I team. So -- and again, when we say that over the last 3 years, we rebuild strong capabilities, of course, we talk about ANCP. We just talked also about R&D.

所以，在關鍵指標上，我的意思是，我能做到的——我的意思是，我們有一支強大的團隊，C&I 團隊。所以，當我們說在過去的三年裡，我們重建了強大的能力時，當然，我們談論的是 ANCP。我們剛才也談到了研發。

But indeed, I can add that for the consumer research in terms of teams, we have very good teams, and we have also tools, okay? So it's really that we can really capture data from consumers. And we have -- thanks to CRM and so on, we are really expanding and we have very good understanding. And of course, so listening always what's going on in social network and so on. And we get also some good indications and data from our retailers, which are very precious.

但事實上，我可以補充一點，對於團隊方面的消費者研究，我們有非常好的團隊，我們也有工具，好嗎？所以我們確實可以真正從消費者那裡獲取數據。得益於 CRM 等，我們確實在擴展，並且我們有了很好的理解。當然，所以總是傾聽社交網絡等方面發生的事情。我們還從零售商那裡得到了一些非常寶貴的良好跡象和數據。

So it means that, again, when we -- all the actions, all the work we are doing on clean beauty is really based on very -- and I would say, scientific data.

因此，這再次意味著，當我們——我們在清潔美容方面所做的所有行動、所有工作實際上都是基於——我想說的是，科學數據。

But I also want to add that, in fact, these data, they don't come as a surprise. So I was referring to CoverGirl. Clean beauty in CoverGirl is not something new. It started at the beginning when the brand was launched. So it's also reigniting things which are obvious for the brand. So again, this is -- and again, on this clean beauty, this is really well accepted, and this is the case on Consumer Beauty, and this is also the case on Prestige.

但我還想補充一點，事實上，這些數據並不令人意外。所以我指的是封面女郎。 CoverGirl 的干淨美並不是什麼新鮮事。這要從品牌創立之初開始。因此，它也重新點燃了對該品牌來說顯而易見的事情。所以，再說一次，在這種清潔美容方面，這確實被廣泛接受，消費者美容就是這種情況，威望也是這種情況。

If you allow me, clean beauty is the only area where consumers, in all the studies that are published by us, but also by any company studying consumers, move, et cetera, is the only category where people -- clean and sustainable beauty, where people are ready to spend more money on. And that's very important because they believe they are doing the right choice for the planet and for them and for their skin health, by the way.

如果你允許我的話，清潔美容是消費者在我們發表的所有研究中以及任何研究消費者、移動等的公司的唯一領域，是人們——清潔和可持續美容，人們願意花更多錢的地方。這非常重要，因為他們相信他們正在為地球、他們自己以及他們的皮膚健康做出正確的選擇。

So I think we can close the call after this question. If you allow me, Laurent, everyone, I would like to do some closing remarks. The first one is also to clarify again, if needed, how we see the white space opportunities phasing, it's very important that you see that the immediate white space opportunities for this company are female fragrances, ultra-premium fragrances, Prestige cosmetics, Travel Retail [initiative] issue, Brazil, if you want.

所以我想我們可以在這個問題之後結束通話。如果勞倫特、大家允許的話，我想做一些結束語。第一個也是如果需要的話，再次澄清我們如何看待空白機會的階段性，非常重要的是，你要看到這家公司的直接空白機會是女性香水、超高端香水、高檔化妝品、旅遊零售[倡議]問題，巴西，如果你願意的話。

And then there are the midterm opportunities, which are skincare in China. It's very important that this is, in a way, understood by all of us and all of you who are watching Coty.

然後是中期機會，即中國的護膚品。在某種程度上，我們所有人以及所有關注科蒂的人都能夠理解這一點，這一點非常重要。

And last but not least, I wanted to say that we are very proud for the second year of double-digit growth. I have to say that this is really a great region for price for all Coty teams around the world. And we are very, very happy to see Q1 starting very strongly. Thank you very much.

最後但並非最不重要的一點是，我想說，我們對第二年實現兩位數增長感到非常自豪。不得不說，對於全球所有科蒂車隊來說，這確實是一個性價比很高的地區。我們非常非常高興看到第一季度的強勁開局。非常感謝。

This does conclude today's conference. You may now disconnect your lines. And everyone, have a great day.

今天的會議到此結束。您現在可以斷開線路。祝大家有美好的一天。