科蒂集團 (COTY) 2024 Q3 法說會逐字稿

Good morning and good afternoon, everyone. My name is Ashley, and I'll be your conference operator today. At this time, I would like to welcome everyone to Coty's Third Quarter Fiscal 2024 Question-and-Answer Conference Call. As a reminder, this conference call is being recorded today, May 7, 2024, at 8:15 a.m. Eastern Time or 2:15 p.m. Central European Time. Please note that on May 6, at approximately 4:30 p.m. Eastern Time or 10:30 p.m. Central European Time, Coty issued a press release and prepared remark webcast, which can be found on our Investor Relations website.

大家早安，下午好。我叫阿什利，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 2024 財年第三季問答電話會議。謹此提醒，本次電話會議將於今天（2024 年 5 月 7 日）東部時間上午 8:15 或美國東部時間下午 2:15 錄製。中歐時間。請注意，5 月 6 日下午 4:30 左右。東部時間或晚上 10:30歐洲中部時間，科蒂發布了新聞稿並準備了網路廣播，您可以在我們的投資者關係網站上找到該言論。

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執行長 Sue Nabi；和財務長 Laurent Mercier。

I would like to remind you that many of the comments today may contain forward-looking statements. Please refer to Coty's earnings release and the reports filed with the SEC, where the company lists facts that could cause actual results to differ materially from the forward-looking statements. In addition, except where noted, the discussion of Coty financial results and Coty expectations reflect certain adjustments as specified in the non-GAAP financial measures section of the company's release. With that, we will now open the line for questions.

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和向美國證券交易委員會提交的報告，其中該公司列出了可能導致實際結果與前瞻性陳述有重大差異的事實。此外，除非另有說明，對科蒂財務表現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。現在，我們將開通提問熱線。

(Operator Instructions) And we'll take our first question from Filippo Falorni with Citi.

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

So I have 2 quick questions. One, I understand that you're going to give guidance for fiscal '25 in August. But you mentioned in the release that you expect a sequential acceleration in like-for-like sales in the first half of '25. So maybe you can give us some color what drives that confidence and what are the drivers of the acceleration?

我有兩個簡單的問題。第一，據我所知，您將在 8 月為 25 財年提供指導。但您在新聞稿中提到，您預計 25 年上半年的同類銷售額將連續加速。那麼也許您可以給我們一些說明是什麼推動了這種信心以及加速的驅動因素是什麼？

And then the second one on the Consumer Beauty business. You called out some softness in U.S. mass cosmetics. How long do you think that softness can last? And what are the offsetting parts of the business that drove the like-for-like sales in the business?

然後是消費美容事業的第二個。您指出了美國大眾化妝品的一些軟性。你覺得這種溫柔能持續多久？推動該業務同類銷售的抵銷業務部分是什麼？

This is Sue speaking. So again, thank you for giving us this opportunity to indeed comment on this 15 quarter of results that are in this time, above expectations and above our guidance for the third time this year.

這是蘇在說話。再次感謝您給我們這個機會對這 15 個季度的業績進行評論，這些業績今年第三次高於預期和我們的指導。

Indeed, the performance we are seeing in Prestige, which is, as you know it, they're growing double digits, is giving us confidence to see and to continue to see an acceleration in the first half sequentially from Q4. We've been outperforming the market during this quarter, Q3.

事實上，我們在 Prestige 中看到的表現，正如你所知，它們正在以兩位數的速度增長，這讓我們有信心看到並繼續看到從第四季度開始的上半年的加速增長。在第三季度，我們的表現一直優於市場。

The market is very dynamic. As you know it, the Prestige fragrance market is even accelerating sequentially versus last quarter, and this is a global phenomenon, not just in the U.S., it's also seen in big markets like in Europe.

市場非常活躍。如您所知，與上季相比，高級香水市場甚至呈現連續加速成長，這是一種全球現象，不僅在美國，在歐洲等大型市場也有這種現象。

So on a very dynamic market that we expect to continue to be dynamic because of the fragrance index structural drivers. We believe we are going to continue to outperform this market, which explains why we think we are going to sequentially accelerate from the Q4 numbers in terms of selling.

因此，在一個非常活躍的市場上，由於香水指數的結構性驅動因素，我們預計該市場將繼續保持活躍。我們相信我們將繼續跑贏這個市場，這解釋了為什麼我們認為我們將在第四季的銷售數據上連續加速。

So what gives us this confidence. Number one, the track record of the company. We've being seeing a large number of our brands growing double digits last year, and this is continuing for most of these brands. Thinking about the top 7 fragrance brands growing double digits last year, most of them, the majority of them continue to grow at the same rate.

那麼是什麼給了我們這樣的信心呢？第一，公司的業績記錄。去年，我們看到許多品牌都實現了兩位數的成長，而且大多數品牌的成長仍在持續。想想去年成長兩位數的前 7 個香水品牌，其中大多數繼續以相同的速度成長。

We have great highlights or great, I would say, superstars in the portfolio such as Burberry, Burberry Goddess is indeed confirming its huge potential, more than a potential. It's today the #1 innovation globally. It's today having a fantastic halo effect on the overall brand, pushing the other fragrance franchises but also the color cosmetics performance.

我們有很大的亮點，或者說，我想說，像Burberry這樣的投資組合中的超級明星，Burberry女神確實證實了它的巨大潛力，不僅僅是潛力。如今，它已成為全球排名第一的創新。如今，它對整個品牌產生了奇妙的光環效應，推動了其他香水系列以及彩妝的表現。

And on top of this Burberry Goddess that is continuing to build over time and with an increased penetration across the different markets around the world. We have also new stars arriving. I'm thinking about Cosmic Kylie Jenner a fragrance that started 1.5 months ago, which is the second innovation, the #2 innovation of the U.S. market this calendar year-to-date. And we have also another one, that's the #1 innovation in the U.S. market, which is Daisy Wild from Marc Jacobs.

除此之外，巴寶莉女神隨著時間的推移而不斷發展，並在全球不同市場的滲透率不斷提高。我們還有新的明星到來。我正在考慮 Cosmic Kylie Jenner 一款 1.5 個月前推出的香水，這是第二項創新，今年迄今為止美國市場排名第二的創新。我們還有另一款產品，即美國市場排名第一的創新產品，即 Marc Jacobs 的 Daisy Wild。

So this, on top of other brands growing double digits. I'm thinking about Chloe, I'm thinking about Davidoff and of course, as I said it before, Burberry. So this is really what gives us the confidence that we are building launches that are going to stand the test of time, that are going to amplify and hopefully continuing to increase the number of successes, which we call a track record in this very competitive fragrance business.

因此，在其他品牌以兩位數成長的基礎上。我想到了 Chloe，我想到了 Davidoff，當然，正如我之前所說的，還有 Burberry。因此，這確實給了我們信心，我們正在推出的產品將經受時間的考驗，將擴大並希望繼續增加成功的數量，我們稱之為這款非常有競爭力的香水的記錄商業。

We are also accelerating in Consumer Beauty. Consumer Beauty, as you remember, the story was about increasing the pace of innovation. This is happening now. The latest innovations are all becoming viral. They are potentially innovations that have this ability to speak to the influencers around the world. I'm thinking about CoverGirl Essence, I'm thinking about CoverGirl (inaudible) from last year that's continuing to do very well. CoverGirl LipStain, I'm thinking about Rimmel Wonder'Bond mascara, which is the first bonding mascara of the color cosmetics industry.

我們也正在加速消費美容領域的發展。消費者美容，正如您所記得的，這個故事是關於加快創新步伐的。現在這種情況正在發生。最新的創新都在病毒式傳播。它們是潛在的創新，有能力與世界各地的影響者對話。我想到的是 CoverGirl Essence，我想到的是去年的 CoverGirl（聽不清楚），它的表現仍然非常好。 CoverGirl LipStain，我想到了 Rimmel Wonder'Bond 睫毛膏，這是彩妝界第一款黏合睫毛膏。

All these innovations are going to be amplified by other innovations. And I said to you in the previous earnings call, that we are going to increase the pace of innovation. So all these elements give us the confidence that things are going to get to continue to do well. And the beauty market, we believe, is going to continue to do well.

所有這些創新都將被其他創新放大。我在之前的財報電話會議上對大家說過，我們將加快創新步伐。因此，所有這些因素都讓我們有信心事情會繼續表現得很好。我們相信，美容市場將繼續表現良好。

Prestige is structurally driven to become -- to continue to grow very strongly. And mass, we saw the -- mainly -- it's mainly in the U.S. that we see figures that are not what we want them to be. The rest of the world, mass market, especially color cosmetics, but also body care fragrances is booming. But in the U.S., last month's figures are a bit better than the months before. So we are optimistic, and we think that this will improve after the shock of the inflation, the shock of the price increases, et cetera, we believe consumers are going to see a clearer picture and hopefully, they will continue to buy this premium innovation, new categories, et cetera.

聲望在結構上受到驅動力持續強勁成長。總的來說，我們看到的——主要是——主要是在美國，我們看到的數字不是我們想要的。在世界其他地區，大眾市場，尤其是彩妝，還有身體護理香水正在蓬勃發展。但在美國，上個月的數據比前幾個月好一些。所以我們很樂觀，我們認為在通膨衝擊、價格上漲衝擊等之後，這種情況將會改善，我們相信消費者會看到更清晰的畫面，並希望他們會繼續購買這種優質創新、新類別等等。

So what allowed us to offset this weakness in the U.S. market is indeed categories and regions. Categories because we are growing very, very strongly behind mass fragrances and that globally, we are growing very strongly behind body, skincare, as I'd love to call it. And this is also an area that is not only premiumizing, but also accelerating. It's skincare for the body, if you want to name it differently.

所以讓我們抵銷美國市場這個弱點的確實是品類和地區。類別是因為我們在大眾香水方面的成長非常非常強勁，而且在全球範圍內，我們在身體護理、護膚品方面的成長非常強勁，我喜歡這樣稱呼它。這也是一個不僅正在高端化，而且還在加速發展的領域。如果你想換個名字的話，它是身體的保養品。

And we are also building in all the regions. Our -- what we call the growth engine market, new regions that represent almost 20%, is growing 2x faster than the rest of the company.

我們也在所有地區進行建設。我們所謂的成長引擎市場，佔近 20% 的新區域，其成長速度比公司其他區域快 2 倍。

Last but not least, and I did on purpose a long answer so that the others also got maybe answers to the upcoming questions. Travel Retail is doing fantastically well and also e-com. So if you add the Travel Retail, e-com new regions, plus new categories, you have almost half of the business of the company that's growing 2x faster than the more classical businesses, heritage businesses in mature markets.

最後但並非最不重要的一點是，我故意做了一個很長的回答，以便其他人也能得到即將到來的問題的答案。旅遊零售業的表現非常出色，電子商務也是如此。因此，如果您新增旅遊零售、電子商務新區域以及新類別，您將獲得該公司近一半的業務，其成長速度比成熟市場中的傳統業務、傳統業務快 2 倍。

We'll take our next question from Oliver Chen with TD Cowen.

我們將回答 Oliver Chen 和 TD Cowen 提出的下一個問題。

Sue and Laurent, the results continue to be really impressive. Was there opportunity to guide even higher given the momentum that you're seeing? And geographically, it looked very strong across markets. If you could help us contrast perhaps Europe versus Americas and what you're seeing with customers there?

蘇和洛朗，結果仍然令人印象深刻。鑑於您所看到的勢頭，是否有機會引導更高的價格？從地理位置上看，它在各個市場上看起來都非常強勁。您能否幫助我們對比歐洲和美洲以及您在那裡的客戶所看到的情況？

And then as we think about the fragrance category, it looks like inventories are likely very clean at your retail partners given the sellout trends. What do you expect to happen with normalization if all the KPIs are so robust?

然後，當我們考慮香水類別時，考慮到銷售趨勢，您的零售合作夥伴的庫存可能會非常乾淨。如果所有 KPI 都如此穩健，您預計標準化會發生什麼？

Thank you, Oliver. I hope you are very well. I wanted to start maybe with the last part of the question, which is around the fragrance normalization as we call it. So indeed, this was something that everyone was referring to during last earnings call. And even since almost a year now, we hear this kind of when is the normalization, some people call it slowdown, other call it trade down, but it's not happening in fact. The reality is that it's accelerating. So we see this accelerating, thanks to volumes and thanks to premiumization.

謝謝你，奧利佛。我希望你很好。我想從問題的最後一部分開始，即我們所說的香水標準化。事實上，這是每個人在上次財報電話會議上都提到的事情。即使近一年以來，我們聽到這種正常化，有些人稱之為經濟放緩，其他人稱之為貿易下降，但事實上並沒有發生。現實是它正在加速。因此，由於銷售和高端化，我們看到這種趨勢正在加速。

So it's not just a question of pricing, it's also volumes that are growing. And we see this fragrance index across the full board. In a way, from our mass fragrances such as David Beckham, Vera wang, Adidas. To the most premium one, including the recent launch of Infiniment Coty Paris at the tip of the iceberg. You clearly see all these different price tiers continuing to grow, and consumers are continuing to use fragrances as a mood booster, as a social connector and as a feel good category more or less.

因此，這不僅僅是定價問題，而且是銷售量的成長。我們全面看到了這個香味指數。某種程度上，來自我們的大眾香水，如大衛貝克漢、維拉王、阿迪達斯。其中最優質的一款，包括最近在巴黎 Coty 推出的 Infiniment，這只是冰山一角。您可以清楚地看到所有這些不同的價格等級都在持續增長，消費者繼續將香水用作情緒助推器、社交連接器以及或多或少的感覺良好類別。

So we see this category probably going to be not as dynamic as it was 2 years ago, where we were talking about mid-teens growth in some markets. But still, it will continue to grow at levels that we believe are much higher than the historical levels.

因此，我們認為這個類別可能不會像兩年前那樣充滿活力，當時我們正在談論一些市場的十幾歲左右的增長。但它仍將繼續以我們認為遠高於歷史水平的水平增長。

So those who remember pre-pandemic, when fragrance business was growing 1% or 2%, it was already an achievement. So here, we are talking about mid- to high single-digit growth for the Fragrance business, which we believe is going to be something that is sustainable over time.

因此，那些記得大流行前的人，當香水業務增長 1% 或 2% 時，這已經是一項成就了。因此，我們在這裡談論的是香水業務的中高個位數成長，我們相信隨著時間的推移，這將是可持續的。

Now the second part of your question around the contrast between Europe and the U.S., I have to say that Europe is very dynamic in both divisions, in both markets, color cosmetics is doing very well in Europe. Prestige Fragrances are doing very well in Europe, skincare is doing also very well.

現在你的問題的第二部分是關於歐洲和美國之間的對比，我不得不說歐洲在這兩個部門都非常有活力，在這兩個市場，彩妝在歐洲都做得很好。 Prestige Fragrances 在歐洲做得很好，護膚品也做得很好。

In the U.S., the picture is almost as good as the one in Europe, except as I said it before, regarding the mass color cosmetics category. But there, we believe that after the, I would say, these price increases that put some pressure on, I would say, the low-income consumers, the continuous innovation rate of this market, the continuous premiumization, the ability to connect with consumers on social media with -- in a way or another compensate this, I would say, more difficult moment. But we see this getting better during the last month compared to the month of the previous months where the figures were quite negative.

在美國，情況幾乎與歐洲一樣好，除了我之前說過的大眾彩妝類別的情況。但我們認為，在這些價格上漲之後，我想說的是，這些價格上漲給低收入消費者、這個市場的持續創新率、持續的高端化、與消費者聯繫的能力帶來了一些壓力。想說，在社群媒體上以某種方式補償這個更困難的時刻。但我們看到，與前幾個月的數字相當負面相比，上個月的情況有所改善。

Now was there opportunity to guide even higher? I believe that guiding at the upper end of 9% to 11% for this fiscal is honestly an outstanding performance. It's probably the best in class among our peers now that almost everyone has finished.

現在有機會引導得更高嗎？我相信，本財年 9% 至 11% 的上限指導確實是一項出色的表現。現在幾乎每個人都完成了，這可能是我們同行中最好的。

So I believe this is really a performance that we are super proud of. And again, what we did tell you in terms of what we are starting to see around Q1 figures is also a good element of confidence for the company or for everyone who's looking at this.

所以我相信這確實是一場讓我們非常自豪的表演。再說一遍，我們所告訴您的關於我們開始看到的第一季數據的資訊對於公司或每個關注此事的人來說也是一個很好的信心因素。

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

我們將回答美國銀行 Anna Lizzul 的下一個問題。

You have Christian Junquera on for Anna Lizzul. You mentioned e-commerce was particularly strong in the quarter, now representing about 1/5 of your business. Can you talk about the drivers of this with greater innovation and marketing? And where do you see the potential for sales from e-commerce?

克里斯蒂安·朱奎拉 (Christian Junquera) 替補安娜·利祖爾 (Anna Lizzul)。您提到電子商務在本季特別強勁，目前約佔您業務的 1/5。您能談談更大的創新和行銷的驅動因素嗎？您認為電子商務的銷售潛力在哪裡？

And also, do you expect to launch more products with e-commerce retailers similar to Estee's launch of Clinique on Amazon's Beauty Store?

另外，您是否期望與電子商務零售商合作推出更多產品，類似雅詩蘭黛在亞馬遜美容店推出倩碧？

Yes. Thank you very much for the question. Indeed, you are totally right to call out the e-commerce performance, which is, for example, in Consumer Beauty, it's half of the growth of the division. In Prestige, it's a little bit under half of the growth of the division. So we are outstandingly performing on this channel. And we have a lot of room still to continue to grow compared to some of our peers. So this is really an area where we are doing the right things. We are accelerating, but still with a lot of room to continue to grow.

是的。非常感謝你的提問。事實上，你對電子商務業績的評價是完全正確的，例如，在消費美容領域，它佔了該部門成長的一半。在 Prestige 中，它略低於該部門增長的一半。所以我們在這個頻道上表現出色。與一些同行相比，我們還有很大的持續成長空間。所以這確實是我們正在做正確事情的領域。我們正在加速，但仍有很大的持續成長空間。

What explains this performance? If I take the Consumer Beauty division, where the growth has been astronomical this is really where our brands are winning in a big, big way, specifically CoverGirl in the U.S. It has to do a lot with the digitalization of our marketing needs. In a way, we were, as you remember, communicating in a traditional way just 2 years ago, still talking to the loyal base of our consumers, which where people above 35 years old. And this is a precious part of the market that CoverGirl is one of the only brands that is continuing to take care of in a way.

怎樣解釋這樣的表現呢？如果我以消費美容部門為例，該部門的成長是天文數字，這確實是我們的品牌正在以巨大的方式獲勝的地方，特別是美國的 CoverGirl。在某種程度上，正如您所記得的那樣，兩年前我們還在以傳統方式進行溝通，仍然與我們的忠實消費者群體（即 35 歲以上的消費者）進行交流。這是市場的寶貴部分，CoverGirl 是唯一在某種程度上繼續關注的品牌之一。

But we were not using the modern marketing tools such as influencer marketing, advocacy and all the funnel that goes with it with the retail media search et cetera, et cetera. The progress we have done in this area. And the latest EMV from CoverGirl in the U.S. where we moved from #6 a year ago to #3 in terms of EMV on the very competitive U.S. market.

但我們並沒有使用現代行銷工具，例如影響力行銷、宣傳以及零售媒體搜尋等與之相關的所有管道。我們在這方面所取得的進展。美國 CoverGirl 的最新 EMV 在競爭非常激烈的美國市場上的 EMV 排名從一年前的第六名上升到了第三名。

Same thing, by the way, on Rimmel in U.K., where we moved from nowhere to #4 last month. This explains a lot why we are overperforming because as you can imagine, the bigger visibility of the brand online translates instantly into bigger sales online, as simple as this. So this is what explains the Consumer Beauty division, I would say, our performance.

順便說一下，英國 Rimmel 的情況也是如此，上個月我們從無名到排名第四。這在很大程度上解釋了為什麼我們表現出色，因為正如您可以想像的那樣，品牌在線知名度的提高會立即轉化為在線銷售額的增加，就這麼簡單。我想說，這就是消費美容部門的表現的原因。

And we are implementing this playbook into Prestige too. This is also an area where we are using the experiences we are doing with Consumer Beauty to drive the penetration in the different launches. Burberry Goddess was one of the first launches that really used powerfully the power of fragrance into one search, and you see it in the results and in the very, very quick buildup of the performance.

我們也在 Prestige 中實作這個策略。這也是我們利用消費者美容領域的經驗來推動不同產品發布的滲透率的領域。 Burberry Goddess 是第一批真正將香水的力量真正運用到一次搜尋中的產品之一，您可以在結果中以及非常非常快的性能積累中看到這一點。

And we are doing more or less the same thing today with Daisy Wild. As you know, Marc Jacobs is the king of social media. So Daisy Wild will be, for sure, a key performer on this channel.

今天，我們正在與 Daisy Wild 做或多或少相同的事情。如你所知，馬克·雅各布斯是社交媒體之王。因此，Daisy Wild 肯定會成為該頻道的關鍵表演者。

The same thing with Cosmic Kylie Jenner, as you can imagine, with a name that has more than 400 million followers online, you can imagine that the sales online are going to be very, very big.

Cosmic Kylie Jenner也是如此，你可以想像，她的名字在網路上擁有超過4億粉絲，你可以想像網路上的銷售將會非常非常大。

So this is what extent the performance. Are we going to explore opportunities with the key retailers? The answer is yes. This is really driven by this brand strategies but we are, of course, doing a great job with Amazon, we will continue to do this great job and see which brands can sit with these retailers.

那麼這就是表現到什麼程度了。我們是否要與主要零售商探索機會？答案是肯定的。這確實是由品牌策略推動的，但我們當然與亞馬遜合作做得很好，我們將繼續做得很好，看看哪些品牌可以與這些零售商坐在一起。

We'll take our next question from Rob Ottenstein with Evercore.

我們將接受 Evercore 的 Rob Ottenstein 提出的下一個問題。

So you kind of touched on some of this throughout the call, but it's important. So let me just kind of go through some of these again. So in terms of the fragrance market acceleration, how much of that has to do with Travel Retail? So that's kind of question number one.

所以你在整個通話過程中談到了其中的一些內容，但這很重要。讓我再回顧一下其中的一些內容。那麼，就香水市場的加速而言，這與旅遊零售有多大關係呢？這是第一個問題。

Question number two, is -- and again, I know you just sort of touched on it, but I'd love to get a chance for you to elaborate more. There is increased competition in the fragrance area, but you guys continue to do incredibly well. Burberry has been a home run. Now you're #1, right, with the Marc Jacobs Daisy, #2 of Kylie Cosmic. You mentioned some of the stuff around that.

第二個問題是——再說一次，我知道你剛剛談到了這個問題，但我很樂意給你機會詳細說明。香水領域的競爭日益激烈，但你們仍然做得非常好。巴寶莉 (Burberry) 打出了全壘打。現在你憑藉 Marc Jacobs Daisy 排名第一，對吧，凱莉宇宙 (Kylie Cosmic) 排名第二。你提到了一些與此相關的事情。

But maybe if you could just kind of unpack sort of your competitive advantages in the fragrance market versus the competition that allows you to continually do better than everybody else?

但也許你能在香水市場上展現出你在香水市場上的競爭優勢，而不是讓你不斷比其他人做得更好的競爭優勢嗎？

And then just finally, maybe talk a little bit about the timing on Etro and Marni.

最後，或許可以談談 Etro 和 Marni 的時機。

Thank you for your question. So first part, which is around how much is Travel Retail, how much is the rest. I would say that at the end of the day, it's really a performance that's based on core U.S. and Europe, mainly, the core is really U.S. and Europe, which are booming. And on top is Travel Retail. So Travel Retail is not specifically over driving this performance, but it comes on top. And indeed, you are totally right to call out Travel Retail, which represents now 9% of the company net revenue, coming from 8% just 1.5 years ago. So it's a channel where we are overperforming on the Fragrance business, but also on color cosmetics, but also in skincare.

謝謝你的問題。第一部分是關於旅遊零售的費用是多少，其餘的費用是多少。我想說，歸根結底，這確實是一個以美國和歐洲為核心的表現，主要是美國和歐洲正在蓬勃發展。最重要的是旅遊零售。因此，旅遊零售並沒有特別過度推動這一業績，但它是最重要的。事實上，你提到旅遊零售是完全正確的，它現在占公司淨收入的 9%，而 1.5 年前僅佔 8%。因此，我們在香水業務、彩妝業務以及護膚品業務上都表現出色。

Now when it comes to why we are doing good in a way in this very competitive market, I believe it's a mix of, first of all, finding ways to create ways of working, ways of creating what we call blockbuster fragrances, that use data, that use understanding of consumers that use ability to create juices that resonate globally, but also locally, ability to create advertising that's going to stand from the crowd and making sure this is not depending on individuals.

現在，當談到為什麼我們在這個競爭非常激烈的市場中以某種方式做得很好時，我認為首先是尋找創造工作方式的方法，創造我們所謂的重磅香水的方法，使用數據，利用對消費者的理解，利用能力創造出在全球範圍內引起共鳴的果汁，同時也在當地創造出與眾不同的廣告，並確保這不取決於個人。

Traditionally, what happens in brands is that sometimes, from time to time, you have one or several individuals who understand the brand very well and take it to a new height. This is, of course, always happening, but what we try to do is to be independent from this and make sure the organization is done in a way that it will -- whatever, whoever are the people leading the brands, without again underestimating the power of individuals, which is super, super important. But still, it has to be both elements, and this is something we've been doing for the last 3 years, finding ways to understand what is going to resonate.

傳統上，品牌中發生的情況是，有時，時不時地，會有一個或幾個人非常了解該品牌，並將其提升到一個新的高度。當然，這種情況總是會發生，但我們試圖做的是獨立於這種情況，並確保組織以既定的方式運作——無論領導品牌的人是誰，而不會再次低估品牌的價值。但仍然必須同時具備這兩個要素，這是我們過去三年來一直在做的事情，尋找方法來理解什麼會引起共鳴。

There is also a question of, I would say, ability to say this is going to be the big launch of the company. This is something that is intentionality. Intentionality is very important, but it's based, of course, on data. It's based on what you hear, what you see, how consumers are talking about our products when we test them, et cetera. So it's a mix of organizational capabilities, but also ability to be intentional and to be ambitious.

我想說，還有一個問題是，是否有能力說這將是該公司的重大發布。這就是意向性。意向性非常重要，但它當然是基於數據的。它基於您所聽到的、您所看到的、消費者在我們測試產品時如何談論我們的產品等等。因此，它是組織能力的結合，也是有目的和雄心勃勃的能力的結合。

Last but not least, it's also a question more and more of technology. You've heard how much Infiniment Coty Paris, the latest launch of the company, uses for the first time the power of technology to have increased longevity for the fragrances. Each and every fragrance of this line last for 30 hours at minimum. And this is industry. This is science. This is technology, coupled with art and artistry and understanding of consumers.

最後但並非最不重要的一點是，這也越來越成為技術問題。您一定聽過該公司最新推出的 Infiniment Coty Paris 首次利用科技力量來延長香水的使用壽命。系列的每一款香水的留香時間至少為 30 小時。這就是工業。這是科學。這是技術，加上藝術和藝術性以及對消費者的理解。

Last part of your question, which is around Etro and Marni. Marni -- Etro has already a fragrance line. So we are integrating this fragrance line into 30 ecosystem, if I may say. And as soon as this integration and registrations are done, this existing fragrance line will instantly be launched all around the world, which will give the base to the brand in terms of net revenues.

你問題的最後一部分是關於 Etro 和 Marni 的。 Marni -- Etro 已經推出了香水系列。所以，如果我可以這麼說的話，我們正在將這個香水系列整合到 30 個生態系統中。一旦整合和註冊完成，現有的香水系列將立即在世界各地推出，這將為該品牌的淨收入奠定基礎。

And of course, in parallel, we are working on creating the, I would say, the upcoming fragrances that represent the brand equity.

當然，同時，我們正在努力創造代表品牌資產的即將推出的香水。

And Marni same thing. There isn't a business that is existing today, but we started to work almost at the moment we made the announcement a few months ago. And we believe that in the next 2 years, we can see new things arising from these 2 brands.

瑪尼也一樣。今天還沒有一項業務存在，但我們幾乎在幾個月前宣布這一消息的同時就開始了工作。我們相信，在未來的兩年裡，我們可以看到這兩個品牌產生新的事物。

We'll take our next question from Korinne Wolfmeyer with Piper Sandler.

我們將回答 Korinne Wolfmeyer 和 Piper Sandler 提出的下一個問題。

Congrats on the quarter. I'd like to touch on, first, the -- what you're seeing in the Middle East and if there's any kind of headwind you're baking into guidance and if there's any change in trends that you're seeing there? And then as we think about these new partnerships coming on and then the one announced this morning, how should we be thinking about the contribution of these to the longer-term growth algo?

恭喜本季。首先，我想談談您在中東所看到的情況，您是否正在將任何不利因素納入指導，以及您在那裡看到的趨勢是否有任何變化？然後，當我們考慮這些即將出現的新合作夥伴關係以及今天早上宣布的合作夥伴關係時，我們應該如何考慮這些合作夥伴關係對長期成長演算法的貢獻？

Okay. So when it comes to the first part of the question, again, this region, the Middle East accounts for a mid-single digit percentage of our revenues. And it's fairly broad-based. So this is the first element. At present, we are not seeing a change in the business. In fact, I have to say that we are seeing even a strong momentum in the Middle East, which is driven mainly by our Prestige, Fragrances well. So this is what we are seeing today in the Middle East, nothing that would be materially impacting our business over there.

好的。因此，當談到問題的第一部分時，中東地區占我們收入的中位數百分比。而且它的基礎相當廣泛。這是第一個元素。目前，我們沒有看到業務發生變化。事實上，我必須說，我們在中東看到了強勁的勢頭，這主要是由我們的威望、香水所推動的。這就是我們今天在中東看到的情況，不會對我們在那裡的業務產生重大影響。

Now when it comes to the new licenses, the idea is really to build businesses that are complementary to the current businesses of the company. These licenses have been chosen and chose also because they are incremental to our portfolio. They are bringing new visions, they are bringing new ways to talk to consumers. And these are the main regions where we end up working together. It's because we believe new brands can bring new audiences.

現在談到新許可證時，我們的想法實際上是建立與公司當前業務互補的業務。選擇這些許可證也因為它們是我們產品組合的增量。他們帶來了新的願景，帶來了與消費者對話的新方式。這些是我們最終合作的主要地區。這是因為我們相信新品牌可以帶來新的受眾。

In the case of Marni, it's obvious in the case of Etro, it's also obvious. If you think about the extension of Marc Jacobs license to color cosmetics, it's also very obvious what a brand like Marc Jacobs can bring to the color cosmetics portfolio of a company like Coty. With this kind of (inaudible) brand, which is very unique positioning in the market.

就 Marni 而言，這一點很明顯，就 Etro 而言，這也是顯而易見的。如果您考慮將 Marc Jacobs 許可擴展到彩妝領域，那麼 Marc Jacobs 這樣的品牌可以為 Coty 這樣的公司的彩妝產品組合帶來什麼也是非常明顯的。擁有這種（聽不清楚）品牌，在市場上的定位非常獨特。

So that's the way we see it. It's really all about bringing additionality, targeting new audiences that increased the reach of the company over time.

這就是我們的看法。這實際上是為了帶來額外性，瞄準新的受眾，隨著時間的推移擴大公司的影響力。

We will take our next question from Andrea Teixeira with JPMorgan.

我們將回答摩根大通的 Andrea Teixeira 提出的下一個問題。

This is Shovana Chowdhury on behalf of Andrea. I wanted to ask you for more color on consumption versus shipments. And more specifically, if you could please confirm if the now mid-single-digit headwind from restocking in the base period that is expected in the fiscal fourth quarter, it seems it is not -- if it's similar to fiscal third quarter? Because when you gave the guidance for second half last quarter, the hit was expected to be low to mid-single digit, but now it's been raised to mid-single digit.

我是肖瓦娜·喬杜里，代表安德里亞。我想請您提供更多有關消費與出貨量的資訊。更具體地說，如果您能確認第四財季基期補貨帶來的目前中個位數的逆風是否會出現，那麼情況似乎並非如此——是否與第三財季類似？因為當您給出上個季度下半年的指導時，預計命中率將低至中個位數，但現在已提高至中個位數。

And also, I wanted to ask you about your LFL growth of 6% in Consumer Beauty. Did you see some pull forward of inventory building in this segment that could have put a little bit of pressure in fiscal fourth quarter?

另外，我想問貴公司消費美容業務 6% 的 LFL 成長情況。您是否看到該領域的庫存建設有所提前，這可能會給第四財季帶來一些壓力？

So I mean, first of all, consumption and shipments are fully aligned, okay? So it's really that we are making sure that there is a strong correlation between our set out selling. And indeed, we are making sure that there is no inventory building at the retailer level. So this is a very healthy equation.

所以我的意思是，首先，消費和出貨量完全一致，好嗎？因此，我們確實要確保我們的銷售計劃之間有強烈的相關性。事實上，我們正​​在確保零售商層級上不會出現庫存增加。所以這是一個非常健康的方程式。

Now about a mid-single-digit headwind in Q4. I mean we shared several times and we share very clearly in the last earnings that indeed, there will be debalanced Q3 and Q4. And in fact the headwind in Q3, it was very minimal. But then indeed, the headwind is definitely located in Q4, and this is mid-single digits in Q4.

現在第四季面臨中等個位數的逆風。我的意思是，我們多次分享過，並且在最近的收益中非常清楚地分享了第三季和第四季確實會出現失衡。事實上，第三季的阻力非常小。但事實上，逆風肯定出現在第四季度，而且是第四季的中個位數。

But again, as Sue explained during the earnings call, this is really purely base effect from shipments done last year, which was really service level recovery and also the pricing of great innovation. So this is definitely no change versus what we shared.

但正如蘇在財報電話會議上所解釋的那樣，這實際上純粹是去年出貨量的基數效應，這實際上是服務水準的恢復，也是偉大創新的定價。所以這與我們分享的內容絕對沒有任何改變。

So indeed, as we explained, I mean, was low single digit, mid-single digit in H2. So -- and this is again what we have been saying for many months.

因此，正如我們所解釋的，我的意思是，下半年的數字是低個位數、中個位數。所以——這也是我們幾個月來一直在說的。

We will take our next question from Olivia Tong with Raymond James.

我們將與雷蒙德·詹姆斯一起回答奧利維亞·唐的下一個問題。

Great. My question is primarily around the mix between Prestige versus mass obviously, given the strength in procedure mix has shifted to about 60-40 Prestige from 50-50 pre-pandemic. So this has clearly helped you drive pricing on top of the volume growth that you've seen nicely, obviously nicely on target to get to your mid-60s gross margin target as well.

偉大的。我的問題主要是圍繞著聲望與品質之間的混合，顯然，考慮到程序組合的強度已從大流行前的 50-50 轉變為約 60-40 聲望。因此，這顯然幫助您在銷售成長的基礎上推動定價，您已經很好地看到了，顯然也很好地實現了 60 年代中期的毛利率目標。

So how has that changed your management of the overall business? Can -- how much further can we go in terms of gross margin? And what are you embedding in terms of sort of a volume price mix going forward as you continue to push the premiumization?

那麼，這如何改變了您對整體業務的管理？就毛利率而言，我們還能走多遠？隨著您繼續推動高端化，您將在未來的量價組合方面嵌入什麼？

Yes. So indeed, I mean, mix, I mean Prestige weight has increased. But definitely, I mean what you can see is that overall, our gross margin has significantly improved over the last 4 years. So you remember that we were at a level which was below 60% of gross margin. And now we are reaching this level of 65%.

是的。所以事實上，我的意思是，混合，我的意思是聲望權重增加了。但毫無疑問，我的意思是您可以看到，總體而言，我們的毛利率在過去 4 年中顯著提高。所以你記得我們當時的毛利率水準低於 60%。現在我們已經達到了 65% 的水平。

And I want to be very clear that this gross margin expansion is coming from both divisions, okay? So this is really all the actions that we put in place, productivity, and we share many examples of productivity initiatives that we put in place on standardization, platforming and this brought definitely a significant savings in gross margin. So that's number one.

我想非常明確的是，毛利率的成長來自兩個部門，好嗎？這實際上是我們採取的所有行動，即生產力，我們分享了許多我們在標準化、平台化方面採取的生產力舉措的例子，這無疑帶來了毛利率的顯著節省。所以這是第一。

Number two is the pricing. Definitely, we implemented really some very targeted price increase on both divisions. And you see the result in this Q3 with 190 basis point gross margin expansion. So this is what we did again on both divisions.

第二是定價。當然，我們確實對兩個部門實施了一些非常有針對性的價格上漲。您會看到第三季的結果，毛利率增加了 190 個基點。這就是我們在兩個部門再次所做的事情。

And last but not least is definitely on mix management. Same work, same playbook on both divisions. So it's really -- and you know in Prestige, all the work done that now we are selling more and more all the partner. We are -- the niche category is booming, and this is, of course, gross margin accretive.

最後但並非最不重要的一點肯定是混合管理。兩個部門的工作相同，劇本相同。所以，你知道，在 Prestige 中，我們所做的所有工作現在都在向所有合作夥伴出售越來越多的產品。我們的利基類別正在蓬勃發展，這當然會增加毛利率。

But we have also in Consumer Beauty that all the new initiatives that we are launching in color cosmetics are strong and gross margin accretive, sometimes even at the level of Prestige. And also the new categories that we are pushing such as mass fragrance and so on, had a very strong gross margin.

但在消費美容領域，我們在彩妝領域推出的所有新舉措都很強勁，而且毛利率有所增加，有時甚至達到了 Prestige 的水平。我們正在推出的新品類，如大眾香水等，也有非常強勁的毛利率。

So again, really keep in mind that this gross margin expansion is really coming from a strong improvement on both divisions. It's not a division mix effect. This is pretty minor.

因此，請再次記住，毛利率的成長實際上來自兩個部門的強勁改善。這不是分割混合效果。這是相當小的。

So now looking ahead -- and you saw, you see again the results this year on the fiscal year-to-date. You see our volumes are low single digit, price is high single digit and mix is low single digit. So definitely, we are making sure in our algorithm that we keep this good balance between volume, mix and also pricing.

所以現在展望未來 - 你會看到，你會再次看到今年迄今為止的財年結果。您會看到我們的銷售量較低個位數，價格較高個位數，而產品組合較低個位數。因此，我們肯定會在演算法中確保在數量、組合和定價之間保持良好的平衡。

Definitely, pricing impact is going to lower because we will not be at the same level of price increase as we did the last 2 years. But I want to be clear that it will be really well balanced between these 3 items. And again, what Sue has explained, it gives you concrete example that volumes, I mean all the work we are doing on new initiatives, the growth engine market, so really growing volumes, mix is really again the continuous work we are doing on both divisions.

當然，價格影響將會降低，因為我們不會像過去兩年那樣處於相同的價格上漲水準。但我想澄清的是，這三個項目之間確實會取得很好的平衡。蘇所解釋的，它給了你具體的例子，即數量，我的意思是我們在新舉措、增長引擎市場上所做的所有工作，所以數量的真正增長，混合實際上是我們在這兩個方面所做的持續工作部門。

And pricing, we will continue pricing in a very targeted manner. Again, we are very well equipped. So again, very balanced between these 3 items in terms of top line growth and continue the gross margin expansion in both divisions.

在定價方面，我們將繼續以非常有針對性的方式定價。再說一次，我們裝備精良。再說一次，這三個項目在營收成長方面非常平衡，兩個部門的毛利率都繼續擴張。

We'll take our next question from Chris Carey with Wells Fargo Securities.

我們將回答富國銀行證券公司 Chris Carey 提出的下一個問題。

So one follow-up on Consumer Beauty and then more of a global strategic question. On Consumer Beauty, I think e-commerce was up over 30% or -- and really was quite strong in the quarter. It does imply, I think, that the brick-and-mortar business was weak. Can you just contextualize how important U.S. brick-and-mortar is for the overall organization, the underlying trends that you're seeing in that business and perhaps a bit of your sequential outlook from here, specifically for U.S. brick-and-mortar?

這是一個關於消費者美容的後續問題，然後是一個全球策略問題。在消費美容方面，我認為電子商務在本季度增長了 30% 以上，而且確實相當強勁。我認為，這確實意味著實體業務疲軟。您能否介紹一下美國實體店對整個組織的重要性、您在該業務中看到的基本趨勢以及您對美國實體店的連續展望？

And then, two, just a bit more globally, the Prestige market is driven by balanced growth, but Asia and Travel Retail are actually exceeding what we're seeing in Americas and EMEA, which are also solid, but certainly higher growth. You're so thoughtful about the sustainability of growth and the durability of growth. Are you seeing anything in these markets that might give you a little bit of pause about whether they're perhaps growing faster in areas that don't seem to give you multiyear returns as we've seen with some of your peers?

其次，在全球範圍內，高端市場是由平衡成長推動的，但亞洲和旅遊零售實際上超過了我們在美洲和歐洲、中東和非洲看到的情況，這些市場也很穩健，但成長肯定更高。您對成長的可持續性和成長的持久性考慮得非常周到。您是否在這些市場中看到了一些可能讓您猶豫的事情，即它們是否可能在某些領域增長更快，而這些領域似乎並沒有像我們在您的一些同行中看到的那樣為您帶來多年回報？

So just the concept of responsible growth globally and whether you're seeing any hotspots in Asia in Travel Retail that might give you some pause as far as your longer-term objectives?

那麼，全球負責任成長的概念以及您是否在亞洲旅遊零售領域看到了任何熱點，這可能會讓您在實現長期目標方面猶豫不決？

Yes. Thank you for the question, Chris. So indeed, e-com was indeed a top performer for the Consumer Beauty division. But you're right, the brick-and-mortar performance was not as high as the one from e-com.

是的。謝謝你的提問，克里斯。事實上，電子商務確實是消費美容部門表現最好的。但你是對的，實體店的表現並不像電子商務那麼高。

But in a way, another way to say it is that among, I would say, a big player, among what we call historical brands and the U.S. market. CoverGirl, if we think about this brand, is the one that's resisting the best in a way, including in brick-and-mortar.

但在某種程度上，我想說的是，在我們所說的歷史品牌和美國市場中，都是一個大玩家。如果我們考慮這個品牌，CoverGirl 就是在某種程度上抵制最好的品牌，包括實體店。

So we are in the middle of a transformation of this brand, as you know it. We are doing the, I would say, fastest part of the market, which is the online reinvention with new brand equities. CoverGirl is still the #1 brand equity in terms of score in the U.S., great rate of innovation, supported by advocacy marketing.

如你所知，我們正處於這個品牌的轉型之中。我想說，我們正在做市場上最快的部分，就是利用新品牌資產進行線上重塑。 CoverGirl 仍然是美國排名第一的品牌資產，其創新率很高，並得到了宣傳行銷的支持。

All this translating into a huge increase in terms of penetration online, but we are also taking care of our stores and we are working hand-in-hand with our key partners to reinvent what the shopping experience in brick-and-mortar could be for the color cosmetics brand, and there are beautiful things that I see in the work. So hopefully, this will help us to also make sure that both sides of the story are performing equally and well for both sides. So this is to answer your question about the brick-and-mortar versus the e-com for the Consumer Beauty division.

所有這些都意味著線上滲透率的大幅增長，但我們也在照顧我們的商店，我們正在與我們的主要合作夥伴攜手合作，重塑實體店的購物體驗彩妝品牌，還有我在工作中看到的美好的東西。因此，希望這也能幫助我們確保故事的雙方都表現得平等且良好。這是為了回答您關於消費者美容部門的實體店與電子商務的問題。

Now when it comes to Prestige, I have to say that the net revenues that we got for Prestige in the EMEA region, a very good double-digit growth during the quarter. The U.S. market remains very, very strong. So again, it's very balanced, and it's not tied to one region or another region.

現在說到 Prestige，我必須說我們在 EMEA 地區的 Prestige 淨收入在本季度實現了非常好的兩位數成長。美國市場仍然非常非常強勁。再說一遍，它非常平衡，並且不依賴一個地區或另一個地區。

But again, the best way to be ready for whatever can happen and could happen is that you multiply the number of growth engines, be it in terms of categories or in terms of regions.

但同樣，為可能發生的情況做好準備的最佳方法是增加成長引擎的數量，無論是在類別還是在地區方面。

If I start with regions, we were just a week ago, visiting the Southeast Asian region. We were in Vietnam, we were in Thailand, in China and many other countries. And these are markets where the fragrance penetration is also increasing, people are more and more looking for fragrances, specifically on both sides of the market, be very accessible price tiers or very high-end price tiers. And these are markets where the company is growing 2x faster than the rest of the portfolio, the rest of the regions.

如果我從地區開始，我們就在一周前訪問了東南亞地區。我們在越南、泰國、中國和許多其他國家。這些市場的香水滲透率也在不斷提高，人們越來越多地尋找香水，特別是在市場的兩側，無論是非常平易近人的價格層還是非常高端的價格層。在這些市場中，該公司的成長速度是其投資組合中其他公司（其他地區）的兩倍。

So we are, in a way, preparing for the next growth engine but also in terms of categories, color cosmetics is accelerating like never before in the Prestige division, mid-teens growth.

因此，在某種程度上，我們正​​在為下一個成長引擎做準備，而且在品類方面，彩妝在名牌部門正以前所未有的速度加速成長，達到十幾歲左右的成長。

And skincare, I didn't get the question for once, but I can answer it even if no one has asked, but skincare is accelerating. It's been a year in test, learn, correct, test, learn, correct. And now the brand equities of each of the 3 brands are quite clear. They are performing, and skincare is increasing by double digits inside the company. Some brands are the smaller, some even triple digits.

還有護膚品，我一次沒有得到這個問題，但即使沒有人問我也可以回答，但護膚品正在加速。這是測驗、學習、修正、測驗、學習、修正的一年。現在這三個品牌的品牌資產都非常清晰。他們表現出色，公司內部保養品以兩位數的速度成長。有些品牌較小，有些甚至是三位數。

So what we are preparing for the future, and we are preparing in terms of categories, in terms of regions and using the power of both divisions. So that's the way I would answer your question about maybe growth coming from here and there, it's not a reality.

那麼我們為未來正在做哪些準備，我們正在從類別、從區域以及利用兩個部門的力量方面進行準備。這就是我回答你關於成長可能來自各處的問題的方式，這不是現實。

We'll take our next question from Ashley Helgans with Jefferies.

我們將接受 Jefferies 的 Ashley Helgans 提出的下一個問題。

Congrats on the nice quarter. We wanted to ask about the current promotional environment. And then just anything you can tell us about your expectations on promos as we head into holiday, especially here in the U.S.

恭喜這個美好的季度。我們想詢問一下目前的促銷環境。然後，當我們進入假期時，尤其是在美國，您可以告訴我們您對促銷活動的期望。

Yes. So I mean we are not seeing any major change definitely in terms of a promotional environment. So as we just explained, definitely, we are going through some adjustments. I mean the market is going through adjustment following some significant price increase, which was done over the last 2 years. But definitely, the last results we are seeing is really a slight recovery of the market.

是的。所以我的意思是，我們在促銷環境方面沒有看到任何重大變化。正如我們剛才所解釋的，我們肯定正在經歷一些調整。我的意思是，在過去兩年價格大幅上漲之後，市場正在經歷調整。但可以肯定的是，我們看到的最後結果確實是市場略有復甦。

And again, our brands are really, namely CoverGirl, is gaining market share omnichannel across brick-and-mortar and e-commerce. So it's really performing really well. And it's really -- the way also we do it is really through premium innovation in fact. So this is what matters, and this is also that coming with high-quality products. The launch of Simply Ageless Essence is a great success. And it's a pretty premium products.

再說一遍，我們的品牌，即 CoverGirl，正在實體店和電子商務的全通路中獲得市場份額。所以它的表現確實非常好。事實上，我們這樣做的方式確實是透過優質創新。所以這才是最重要的，也是高品質產品帶來的。 Simply Ageless Essence 的推出取得了巨大成功。這是一個相當優質的產品。

So you see that really coming with high-quality product is giving really some munition and it's not about increasing promotions. And again, we are making sure that within Coty, we are not playing that game.

所以你看，真正提供高品質的產品實際上是提供一些彈藥，而不是增加促銷。再次，我們確保在科蒂內部，我們不會玩這種遊戲。

We'll take our next question from Lauren Lieberman with Barclays.

我們將接受巴克萊銀行勞倫·利伯曼的下一個問題。

Sue, you've offered a lot of perspective this morning, and so I may have lost a bit in the details. But I was just wondering if you could comment on why you think there's been the slowing in U.S. mass cosmetics, just kind of getting behind the why, not the fact that it's happened, but why? And then thoughts on why it may or may not impact other categories? What are the -- where are the consumers spending? Are they allocating differently? Are there pantries too full of stuff?

蘇，你今天早上提供了很多觀點，所以我可能失去了一些細節。但我只是想知道你是否可以評論為什麼你認為美國大眾化妝品增長放緩，只是背後的原因，而不是它發生的事實，但為什麼呢？然後思考為什麼它可能會或可能不會影響其他類別？消費者在哪裡消費？他們的分配方式不同嗎？食品儲藏室是否堆滿了東西？

And then with that backdrop on category growth, just curious, when we look -- you called out in your slide last night, the expected acceleration into the first half of next year. I know you've got easier comparisons, obviously. But just curious if that's an expectation to be sort of on algorithm growth as we get into Q1 and the comp start to ease?

然後，在類別成長的背景下，只是好奇，當我們看時，您昨晚在幻燈片中指出，預計明年上半年將加速成長。我知道你顯然有更容易的比較。但只是好奇，當我們進入第一季並且競爭開始放鬆時，這是否是演算法成長的預期？

Lauren. So again, let me start with the last part of your question, which is around the acceleration in the first half. And I have to correct something now, which is -- it's not easy comparatives at all, this Q1 of last year was double-digit growth, the high teens, mid-teens, if I'm not wrong, the Prestige division. This was the biggest quarter ever at Coty. It was the launch of Burberry Goddess, the launch of fragrance and Hugo Boss, the launch of fragrances under Gucci. All the brands were doing launches at that time. So you cannot say that we are getting into easy comparatives, I would love to, but it's not the case. So that's an important point to correct before answering your questions.

勞倫.那麼，讓我再次從你問題的最後一部分開始，也就是關於上半場的加速。我現在必須糾正一些事情，那就是——這根本不容易比較，去年第一季是兩位數的增長，高十幾歲，中十幾歲，如果我沒記錯的話，是聲望部門。這是科蒂有史以來規模最大的一個季度。分別是Burberry Goddess香水的推出與Hugo Boss Gucci旗下香水的推出。當時所有品牌都在進行新品發表。所以你不能說我們正在進行簡單的比較，我很樂意這樣做，但事實並非如此。因此，在回答您的問題之前，這是需要糾正的重要一點。

So let me now maybe move to the first part of your question. And I'm sorry, I'm going to give you even more details, so be ready. But when it comes to the U.S. weaker performance, when it comes to color cosmetics, we believe there are a few things at play. Number one, pricing, as you can imagine, was a contributor to the higher growth of the category in the last couple of years. And now the pricing benefit by definition, is moderating by several percentage points.

現在讓我轉到你問題的第一部分。很抱歉，我將向您提供更多詳細信息，所以請做好準備。但當談到美國彩妝表現疲軟時，我們認為有一些因素在起作用。第一，正如你想像的那樣，定價是過去幾年該類別高速成長的因素。現在，根據定義，定價優勢正在減弱幾個百分點。

Number two, the mass cosmetics consumption in the U.S. was growing here again, like on fragrances above historical levels in the last years, and we are seeing now some easing in these dynamics since consumers are stocked on some products.

第二，美國的大眾化妝品消費再次成長，就像過去幾年高於歷史水平的香水一樣，我們現在看到這些動態有所緩解，因為消費者儲備了一些產品。

Related to that element of stock up at home, coupled with economic pressure, particularly on lower income, there has been some decline in cosmetic household penetration across age groups. This we see, but at the same time, and this is very important, the younger consumers are changing the dynamics of the market, including, number one, shifting to new channels, which are not captured by Nielsen, such as Ultra Amazon dollar stores.

與國內庫存因素相關，再加上經濟壓力，特別是收入較低，化妝品在各個年齡層的家庭滲透率下降。我們看到了這一點，但同時，這一點非常重要，年輕消費者正在改變市場的動態，其中第一，轉向尼爾森沒有捕捉到的新管道，例如 Ultra Amazon 一元商店。

Number two, shifting to new ways and new consumption when it comes to color cosmetics. I'm thinking about primers, I'm thinking about concealers, I'm thinking about highlighters, brow products, and this comes at the expense of traditional products like foundations and mascara, which used to be the queen categories.

第二，彩妝新方式、新消費的轉變。我在考慮底漆，我在考慮遮瑕膏，我在考慮熒光筆，眉毛產品，這是以犧牲傳統產品為代價的，例如粉底和睫毛膏，這些產品曾經是女王類別。

Number three, these consumers are even trading up, and we see them trading up to masstige brands and to masstige channels because they are looking for what we call cool beauty, trending beauty, et cetera. And this has been seen in fact, that Prestige color cosmetics is benefiting from this. That's what explains the health of this part.

第三，這些消費者甚至正在升級，我們看到他們升級到大眾品牌和大眾管道，因為他們正在尋找我們所說的酷美、流行美等等。事實上，Prestige彩妝正從中受益。這就是解釋這部分健康狀況的原因。

The good news for a company like Coty is that we are really adjusting -- actively adjusting in keeping with this changing consumer behaviors. Number one, as you've seen it with the performance of Consumer Beauty, we are doubling down on e-com, particularly Amazon, where our brands, I'm thinking about CoverGirl, I'm thinking about Sally Hansen are growing by close to 30%, 3-0 in the last quarter.

對於像科蒂這樣的公司來說，好消息是我們正在真正進行調整——積極調整以適應不斷變化的消費者行為。第一，正如你在消費美容領域的表現所看到的，我們正在加倍投資電子商務，特別是亞馬遜，我們的品牌，我在想 CoverGirl，我在想 Sally Hansen，都在以接近的速度增長。到了30%，上節3-0。

Number two, we are picking up distribution in growing channels. I'm thinking about channels like Dollar General or Five Below. We are also reallocating media on one hand towards advocacy to drive penetration with the younger consumers. But -- and this is a very important, but, we are also keeping the right level of media to continue to keep the consumption of consumers above 30 years old because they are a big part of the market.

第二，我們正在不斷成長的通路中進行分銷。我正在考慮像 Dollar General 或 Five Below 這樣的頻道。一方面，我們也重新分配媒體進行宣傳，以推動對年輕消費者的滲透。但是——這是非常重要的，但是，我們也在保持適當的媒體水平，以繼續保持 30 歲以上消費者的消費，因為他們是市場的重要組成部分。

Number four, we are also -- you've seen it launching products that are more and more disruptive, distinct, made to viralize on social media. We are amplifying the cool factor of our brands.

第四，我們也——你已經看到它推出的產品越來越具有顛覆性、獨特性，並在社群媒體上病毒式傳播。我們正在放大我們品牌的酷感。

So at the end of the day, it's important to note that all these global trends as cosmetic demand in other parts of the world remain very solid, including strong category growth in Germany, in U.K., Poland and Brazil. So the American market will go in the same direction.

因此，歸根結底，值得注意的是，所有這些全球趨勢以及世界其他地區的化妝品需求仍然非常強勁，包括德國、英國、波蘭和巴西的強勁品類成長。所以美國市場也會朝著同樣的方向發展。

So in sum, this, again, reinforces the ability of the company in terms of multichannel, multicategory international portfolio to be in a way, a good differentiator and a point of strength versus competition.

總而言之，這再次增強了公司在多通路、多類別國際投資組合方面的能力，在某種程度上成為一個良好的差異化因素和競爭優勢。

We'll take our next question from Linda Bolton-Weiser with D.A. Davidson.

我們將回答 Linda Bolton-Weiser 和 D.A. 提出的下一個問題。戴維森。

I was wondering if you could comment first, on fragrance, you called out different things that are really drivers like Goddess. But I was curious about Gucci and Hugo Boss, you didn't really call those out. So are there plans in the upcoming quarters there? And maybe you could comment on how, with Hugo Boss, just in general how men's fragrance is doing?

我想知道你是否可以先評論一下，關於香水，你提到了不同的東西，這些東西確實是像女神這樣的司機。但我對 Gucci 和 Hugo Boss 很好奇，你並沒有真正說這些。那麼接下來的幾季有計畫嗎？也許您可以評論 Hugo Boss 男士香水的整體表現如何？

And then secondly, on Lancaster, I was curious what does it take to see before you kind of expand it beyond Asia in terms of making it a broader global anti-aging skin are brand?

其次，在蘭卡斯特，我很好奇在將其擴展到亞洲以外、使其成為更廣泛的全球抗衰老皮膚品牌之前，需要看到什麼？

Thank you for the question. So let me start with the Lancaster. Indeed, the brand is not an Asian brand. The brand is mainly a European brand. Lancaster is the #1 photo aging or sun care brand in Europe in Prestige channels, and this is something that is important to remind everyone. So it's a big business in Europe. It's one of the fastest growing some sun brand in Europe. And we took the brand to China mainly to see how we can confront the super, very competitive market.

感謝你的提問。讓我從蘭開斯特開始。事實上，該品牌不是亞洲品牌。該品牌主要是歐洲品牌。 Lancaster 是 Prestige 頻道中歐洲排名第一的光老化或防曬品牌，這點值得提醒大家。所以這在歐洲是一門大生意。它是歐洲發展最快的太陽品牌之一。我們把這個品牌帶到中國主要是想看看我們如何面對超級、競爭非常激烈的市場。

So you'd see Lancaster acting now on 2 legs, Asia on one side and Europe on the other side. On both categories, be it photo protection of skincare. So the brand will be double-sided photo aging and photo repair, which is skincare and UV protection, but also 2 legs, 1 European leg and 1 Chinese/Asian leg. So that hopefully answers your question, and this is going to happen in the calendar year that we are in, this year.

所以你會看到蘭卡斯特現在兩條腿行動，一邊是亞洲，另一邊是歐洲。在這兩個類別中，無論是護膚品的光保護。所以品牌會雙面光老化和光修復，也就是護膚和防紫外線，而且還有2條腿，1條歐洲腿和1條中國/亞洲腿。希望這能回答您的問題，這將在我們所處的日曆年（今年）發生。

Now when it comes to the fragrance part, you are talking about entry Prestige fragrance brands. I can tell you that a brand like Davidoff, for example, is booming in the portfolio of Coty simply because this brand is a quality brand, at the same time, much more affordable than many other brands.

現在說到香水部分，您談論的是入門高級香水品牌。我可以告訴你，像大衛杜夫這樣的品牌在科蒂的產品組合中蓬勃發展，只是因為這個品牌是一個優質品牌，同時比許多其他品牌更便宜。

And this part of the market is doing well. Hugo Boss is also doing well. Again, it's part of our top 7 brands that have been growing double digits until the end of last year. And we see also all these brands accelerating more and more inside the portfolio.

而且這部分市場表現不錯。 Hugo Boss 的表現也不錯。再次強調，它是我們的七大品牌之一，截至去年年底，這些品牌一直以兩位數的速度成長。我們也看到所有這些品牌在產品組合中的速度越來越快。

Other plans there, of course, there are plans. I'm not going to reveal whatever is going to happen in the fall because of competitors listening to us. But this part is very important as a growth driver of the company and men's fragrances, indeed, Hugo Boss is a huge leader, specifically in the countries like France.

其他的計劃還有，當然還有計劃。我不會透露秋季會發生什麼，因為競爭對手會傾聽我們的意見。但這部分作為公司和男士香水的成長動力非常重要，事實上，Hugo Boss 是一個巨大的領導者，特別是在法國等國家。

I have to tell you that the overperformance of Burberry, Chloé and Hugo Boss in a country like France, explains that Coty is one of the only 2 companies that are gaining market share on the very competitive French market during the last quarter.

我必須告訴你，Burberry、Chloé 和 Hugo Boss 在法國這樣的國家表現出色，說明科蒂是上個季度在競爭激烈的法國市場上獲得市場份額的僅有的兩家公司之一。

We will take our final question from Mark Astrachan with Stifel.

我們將接受 Stifel 的 Mark Astrachan 提出的最後一個問題。

Question on Fragrance. I guess maybe more specifically on the Prestige side, I wanted to ask how to think about the category broken out between designer brands, which is sort of the bulk of your portfolio, the Prestige beauty brands that also have fragrance extensions and those that are more or less pure-play ultra Prestige fragrance brands, where I feel like you're gaining obviously a lot of share relative to some others. And is it that some of those other segments are decelerating the designers or accelerating and what's driving that?

關於香水的問題。我想也許更具體地說，在 Prestige 方面，我想問如何考慮設計師品牌之間的類別劃分，這是你的投資組合的大部分，Prestige 美容品牌也有香水擴展，以及那些更多的品牌。或是不太純粹的超威望香水品牌，我覺得相對於其他一些品牌，你顯然獲得了很多份額。是不是其他一些部分正在減慢或加速設計師的速度，是什麼推動了這一點？

Yes, that's a good question. Indeed, you perfectly described the 3 parts of the market, fragrance coming from beauty brands, fragrances coming from designer brands and including what we call collections, which is the high end of the designer brands and few players of the niche.

是的，這是一個好問題。事實上，你完美地描述了市場的三個部分，來自美容品牌的香水，來自設計師品牌的香水，包括我們所說的系列，這是設計師品牌的高端產品和利基市場的少數參與者。

The part that's doing the best, the one that's accelerating is in these few players. So it's really fragrance brands that are not tied to fashion companies or to beauty companies more or less. And it's really pure players, some of them are not going to quote our competitors. But Infiniment Coty Paris is exactly this. It's a pure player. It's not tied to a fashion brand, and it's not neither coming from a beauty name, if I may call it like this.

做得最好、加速的部分就在這幾個參與者身上。因此，香水品牌實際上與時裝公司或美容公司或多或少沒有聯繫。而且這些都是純粹的玩家，他們中的一些人不會引用我們的競爭對手的話。但 Infiniment Coty Paris 正是如此。這是一個純粹的玩家。它與時尚品牌無關，也不是來自美麗的名字，如果我可以這樣稱呼它的話。

This is the fastest-growing part of the market, and this is even representing in some regions like China, almost 1/3, if not 40% of the market. We believe this is going to be the fastest-growing part of the market for the next decade. And this is where more and more consumers are shopping.

這是市場成長最快的部分，甚至在中國等一些地區也佔據了近 1/3 甚至 40% 的市場。我們相信這將成為未來十年市場成長最快的部分。這就是越來越多消費者購物的地方。

Then you have designer brands with fragrance successes such as Burberry Goddess or Daisy Wild or Kylie Cosmic that we launched recently, some of these brands have collections which is a small portion of the business, is the fastest-growing part, but growing less than pure players.

然後是在香水方面取得成功的設計師品牌，例如我們最近推出的Burberry Goddess 或Daisy Wild 或Kylie Cosmic，其中一些品牌的系列只佔業務的一小部分，是增長最快的部分，但增長低於純粹的成長玩家。

And indeed, the path that we see not growing anymore, at least last time I looked at this, it was not the part that was growing and I would say, more than a decade trend is beauty brands doing fragrances, which is really, in a way, shrinking year after year and over the last decade. That's the way I would describe this fragrance market.

事實上，我們看到的道路不再增長，至少上次我看到這一點時，這不是增長的部分，我想說，十多年來的趨勢是美容品牌生產香水，這實際上是在一種方式，在過去的十年中年復一年地萎縮。這就是我描述這個香水市場的方式。

For us, we have a fantastic opportunity, as you can imagine, on niche pure players. This is an area where we are working very hard. And Infiniment Coty Paris is clearly one of these bets that we are doing in this area.

對我們來說，正如你可以想像的那樣，我們在利基純玩家方面擁有絕佳的機會。這是我們正在努力工作的領域。 Infiniment Coty Paris 顯然是我們在這一領域所做的賭注之一。

We are, of course, double-betting on designer brands. The successes -- the recent successes we've been posting are really a great testament to how much this category is something we understand well and in which we are going to complete more and more.

當然，我們對設計師品牌下了雙重賭注。成功——我們最近發布的成功確實很好地證明了我們對這一類別的了解程度，以及我們將在其中完成越來越多的工作。

But also collections Chloé Atelier des Fleurs is one of the fastest-growing collection among the portfolio of the company, but also Hugo Boss le collection, which was launched a year ago with a more masculine audience. This one is also doing very, very well. So that's more or less the way I would answer your question.

Chloé Atelier des Fleurs 系列是該公司產品組合中成長最快的系列之一，Hugo Boss le 系列也是一年前推出的，面向更多男性受眾。這個也做得非常非常好。這或多或少就是我回答你問題的方式。

And there are no further questions at this time. I'll turn the call to the speakers for closing remarks.

目前沒有其他問題。我將把電話轉給發言者，讓其致閉幕詞。

Thank you very much, everyone. I think this is another quarter of results that are above expectations, 16 quarters, almost 4 years. So we are super, super happy, super proud, and we are going to continue to create the most innovative, the most exciting, the most -- the trendiest things that consumers are not expecting because this is the way the beauty industry works. And see you in August for the Q4 earnings. Thank you very much.

非常感謝大家。我認為這是另一個季度業績超出預期，16 個季度，差不多 4 年了。所以我們超級、超級高興、超級自豪，我們將繼續創造消費者意想不到的最創新、最令人興奮、最時尚的東西，因為這就是美容產業的運作方式。八月份第四季財報見。非常感謝。

Thank you. This does conclude today's program. Thank you for your participation. You may disconnect at any time.

謝謝。今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。