科蒂集團 (COTY) 2024 Q4 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 Fourth Quarter Fiscal 2024 Question-and-Answer Conference Call.

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 財年第四季問答電話會議。

As a reminder, this conference call is being recorded today, August 21, 2024, at 8:15 a.m. Eastern Time or 2:15 p.m. Central European Time. Please note that on August 20, 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. On today's call are Sue Nabi, Chief Executive Officer; and Laurent Mercier, Chief Financial Officer.

謹此提醒，本次電話會議將於今天（2024 年 8 月 21 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，8 月 20 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。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)

（操作員說明）

Oliver Chen, TD Cowen. Oliver, your line is open. Please check your mute function.

奧利佛·陳，TD·考恩。奧利弗，您的線路已開通。請檢查您的靜音功能。

Susan Anderson, Canaccord Genuity.

蘇珊安德森，Canaccord Genuity。

Hi, good morning. Thanks for taking my question. Nice job on the quarter a year ago to start out. I'm curious about the global distribution expansion for beta, I guess, in the year. I'm curious -- is the time line what countries you expect to expand into for them is going to roll out pretty quickly or to be kind of expect a slow rollout throughout the year and Internet? And then also, I'm curious if you already have retail distribution i place. Thanks.

嗨，早安。感謝您提出我的問題。一年前這個季度的開始做得很好。我對今年測試版的全球發行擴張感到好奇。我很好奇——您期望擴展到哪些國家/地區的時間表是很快就會推出，還是預計全年和互聯網會緩慢推出？另外，我很好奇你們是否已經有零售分銷。謝謝。

Morning, Susan, and thank you for your question. This is Sue speaking. So regarding our skincare ambition and indeed the sub-premium brand of the data, the ideas that we've been readying the brand with the a year and a half whisper strategy. And this brand got, I think the highest -- probably one of the highest number of awards, specifically behind each of omnipotent serum, which is the first of these kind of the serums using senolytic technologies inspired by, I would say, pharmaceutical technologies.

早安，蘇珊，謝謝你的提問。這是蘇在說話。因此，關於我們的護膚野心以及亞高端品牌的數據，我們一直在為該品牌準備一年半的耳語策略。我認為這個品牌獲得了最高的獎項——可能是獲得數量最多的獎項之一，特別是在每款全能血清背後，這是第一種使用senolytic 技術的血清，我想說，其靈感來自於製藥技術。

And this allowed the brand to have the highest number of awards. And we've also been having the brand presence in some department stores such as Harrods in London, such as Saks Fifth Avenue in New York, several such locations in the US and an owned store in China, which is the measure of EBITDA in Shanghai now is the right moment to accelerate the expansion of the brand.

這也讓該品牌獲得了最多的獎項。我們也在一些百貨公司有品牌存在，例如倫敦的哈羅德百貨公司、紐約的薩克斯第五大道百貨公司、美國的幾家這樣的商店以及中國的一家自營商店（這是上海的EBITDA 的衡量標準）現在正是加速品牌擴張的最佳時機。

The brand is going to open, you know, a lot of doors in the coming fiscal starting in the first half. This is, of course, no high end doors new doors. We are not talking about especially the stores. We are not even talking about classical department stores. We are talking about high end doors where we believe the consumers who are able and ready and willing to shop a $400 serum and $300 moisturizer are shopping more and more.

你知道，該品牌將從上半年開始的下一財年打開許多大門。當然，這不是高端門新門。我們不是在談論特別是商店。我們甚至不是在談論古典百貨公司。我們談論的是高端產品，我們相信有能力、準備好並願意購買 400 美元精華液和 300 美元保濕霜的消費者會越來越多地購買。

And this is really what is going to happen behind the brands. So we are talking about an acceleration of the expansion of the brand in this fiscal '25, which was really something that was long awaited.

這確實是品牌背後將要發生的事。因此，我們正在談論在本財年 25 財年加速品牌擴張，這確實是人們期待已久的事情。

Okay, great. That sounds exciting. And if I can maybe just add one more on the innovation pipeline. You mentioned a number of launches for fiscal '25 and presentation. I'm curious, are there any that haven't been announced yet that we should expect as we go throughout the year, either in fragrance or in prestige cosmetics. And then also maybe if you could touch on pricing versus volume mix for fiscal '25?

好的，太好了。聽起來很令人興奮。如果可以的話，也許我可以在創新管道中再增加一項。您提到了 25 財年的多項發布和演示。我很好奇，在這一年中，是否還有一些尚未公佈的消息值得我們期待，無論是在香水還是在高檔化妝品方面。另外，您能否談談 25 財年的定價與銷售組合？

Yes. Let me start with the first part and then maybe Laurent can take the pricing versus volume mix. But so in terms of innovation, pipeline. As a reminder, you know, we've been very active since Q1 of last fiscal as fiscal '24, indeed started very, very big. Remember the company, the growth was 18% in the Q1 of fiscal '24 and prestige was even bigger. It was above 20% of growth. And this was chapter one of the Burberry Goddess.

是的。讓我從第一部分開始，然後勞倫特也許可以考慮定價與銷售的組合。但在創新和管道方面也是如此。提醒一下，您知道，自上一財年第一季（24 財年）以來我們一直非常活躍，確實開始得非常非常大。請記住，該公司在 24 財年第一季的成長率為 18%，而且聲望更高。成長率超過20%。這是巴寶莉女神的第一章。

So we are adding a Burberry Goddess intense that's arising now, which is clearly something on the huge success of the good US launch that by the way, allowed us to almost double the size of the brand, this is number one. Number two, we are also having the carryover of the launches that happened in the second half of fiscal '24. So Mark Jacob's devile, while the number one innovation in spring in the US will continue its carryover during H1 Kylie Cosmetics is also going to continue its carryover during this H1 a moment number one volume in the US for this one.

因此，我們添加了一款現在正在出現的 Burberry Goddess 濃烈香水，這顯然是在美國上市取得巨大成功的結果，順便說一句，這使我們的品牌規模幾乎擴大了一倍，這是第一。第二，我們也繼承了 24 財年下半年發布的產品。因此，馬克雅各的魔鬼，雖然美國春季排名第一的創新將在上半年繼續延續，凱莉化妝品也將在今年上半年繼續延續，成為美國第一大銷售的產品。

And we are also you may have read it in in WWE, I think a few days ago, QA is doing its biggest launch ever, clearly an intense, which is also reading in fall. So the pipeline of fragrances, the chapter two of previous successes adding on top of these innovations or the carryover from H2 or fiscal 24 plus new launches such as Korea and the US are really giving us the confidence that we are going to continue the momentum behind our track record of blockbusters in prestige fragrances.

您可能已經在 WWE 中讀到過，我想幾天前，QA 正在進行有史以來最大規模的發布，顯然是一場激烈的發布會，這也是在秋季閱讀的。因此，香水的管道、先前成功的第二章加上這些創新或下半年或 24 財年的結轉加上韓國和美國等新產品的推出，確實給了我們信心，我們將繼續保持背後的勢頭我們在名牌香水方面的暢銷紀錄。

Now we are also active on other categories were active. Of course, on color cosmetics, we had a few launches arising without revealing these we have issued onto the writing specifically behind our, I would say, most successful color cosmetics brand.

現在我們也在其他品類上進行了積極的活躍。當然，在彩妝方面，我們推出了一些產品，但沒有透露這些產品，我們已經在我們最成功的彩妝品牌背後專門發布了這些內容。

I'm thinking about Burberry. I'm thinking about Kylie Cosmetics. We have also skincare. There is a big thing eroding behind Lancaster in Europe. So noncash, there has been doing fantastically well in China, almost doubling year on year in terms of size. Now it's the turn of Europe for these brands so that we have really both sides of the picture activated behind this brand.

我正在考慮巴寶莉。我正在考慮凱莉化妝品。我們還有保養品。歐洲的蘭開斯特背後有一件大事正在被侵蝕。因此，非現金方面，中國的表現非常出色，規模幾乎比去年同期翻了一番。現在輪到歐洲這些品牌了，這樣我們就可以真正啟動這個品牌背後的兩面形象。

And last but not least, we have also Consumer Beauty, we've announced the launch of a 3D mascara from CoverGirl, which we believe is going to be a big innovation. There is a three sector extreme from renal and many, many other launches last, but not least, Consumer Beauty is also going into fragrances in big with the first global launch of a fragrance line called adidas of age, which we believe is clearly going to ignite the second leg of categories inside this division.

最後但並非最不重要的一點是，我們還有消費者美容業務，我們宣布推出 CoverGirl 的 3D 睫毛膏，我們相信這將是一項重大創新。腎臟有三個極端，還有許多其他產品，最後但並非最不重要的一點是，消費者美容也大舉進軍香水領域，首次在全球範圍內推出了名為adidas of Age 的香水系列，我們相信這顯然會點燃該部門內類別的第二站。

Next to color cosmetics. We now have a big fragrance launches happening in this division now on pricing and volume.

僅次於彩妝。我們現在這個部門正在推出大型香水，無論是價格還是銷售量。

Yes, absolutely. So on I mean, Susan, just to step back a little and we remind you that from in fiscal 24, definitely and price was a big component of the growth was high single digit because it was definitely a year where we had the carryover from fiscal '23 pricing and E&O was the peak of inflation will be material on price increase. So we had reasons carryover positive impact in fiscal '24.

是的，絕對是。所以，我的意思是，蘇珊，退後一步，我們提醒您，從24 財年開始，價格肯定是增長的一個重要組成部分，並且是高個位數，因為這絕對是我們從財政年度結轉的一年。 '23 定價和 E&O 是通貨膨脹的頂峰，將對價格上漲產生重大影響。因此，我們有理由對 24 財年產生正面影響。

And we continued also to implement price increase in fiscal '24 at the beginning of the year, which was mid-single digit. But also in second half, which was more low single digit in fiscal '24. So indeed, in fiscal '24, pricing was really a high single digit.

我們也在年初繼續實施了 24 財年的價格上漲，漲幅為中個位數。但下半年也是如此，24 財年的個位數更低。事實上，在 24 財年，定價確實是高個位數。

Now moving forward to fiscal 25, definitely. I mean our accretion of 6% to 8%, of course, and the reason is more balanced between volume, price and mix. And so it means that indeed, the volume is absolutely key. And also the innovation that we have shared, of course, are really driving additional volumes.

現在肯定要進入第 25 財年了。當然，我的意思是我們增加了 6% 到 8%，原因是數量、價格和組合之間更加平衡。因此，這意味著確實，成交量絕對是關鍵。當然，我們分享的創新也確實推動了銷售量的成長。

Pricing. We will continue definitely in a very targeted manner because we know we have the data. We definitely know where we are. We can implement price increase engine. So this is very, very granular. And the last piece, the mix is very important.

定價。我們肯定會以非常有針對性的方式繼續進行，因為我們知道我們擁有數據。我們絕對知道我們在哪裡。我們可以實施提價引擎。所以這是非常非常細緻的。最後一塊，混音非常重要。

All the work we are doing is really to drive mix up and either in your current portfolio because we can really have a great portfolio. But also innovation definitely is a strong way to improve your mix.

我們所做的所有工作實際上都是為了在您目前的投資組合中推動混合，因為我們確實可以擁有出色的投資組合。但創新絕對是改善組合的有效方法。

And all these initiatives are captured under a stream, which is strategic revenue management that now we are leading and is really to unlock value on all SKUs or placebo, and of course, is contributing. It doesn't include any, but also to the gross margin.

所有這些舉措都包含在一個流中，即我們現在正在領導的策略收入管理，真正釋放所有 SKU 或安慰劑的價值，當然，正在做出貢獻。它不包括任何，但也包括毛利率。

Oliver Chen, TD Cowen.

奧利佛·陳，TD·考恩。

Hi Sue and Laurent. Ver helpful. Thank you. You mentioned retailers are placing some order with caution in the near term. Can you elaborate on that, that would be helpful in terms of what retailers you're seeing and how you're planning inventory as a result? And second, would love your thoughts on comparing or contrasting how consumers and our customers are feeling regionally, just given those lots of cross currents and environment at fragrance clearly remains very attractive.

嗨，蘇和洛朗。很有幫助。謝謝。您提到零售商在短期內會謹慎下一些訂單。您能否詳細說明一下，這對於您所看到的零售商以及您如何規劃庫存方面會有幫助？其次，希望您能夠比較或對比消費者和我們的客戶在不同地區的感受，因為香水領域的大量交叉流和環境顯然仍然非常有吸引力。

And finally, as we think more generally about investments this year, any highlights, especially in terms of the continued innovation and digital and best practices as well as R&D. Thank you.

最後，當我們更普遍地思考今年的投資時，有什麼亮點，特別是在持續創新、數位化、最佳實踐以及研發方面。謝謝。

Laurent, maybe you can start with the first.

勞倫特，也許你可以從第一個開始。

Yes, absolutely. So either I think your question indeed is very important that your opportunities questioning their yield in a way that is really depending on the regions and underserved categories because indeed, the dynamics can be very different.

是的，絕對是。因此，我認為你的問題確實非常重要，你的機會質疑其收益的方式實際上取決於地區和服務不足的類別，因為事實上，動態可能非常不同。

As you know, energy is really what we flagged is that we are seeing that the beauty of all and it keeps growing keeps very dynamic and we been in the mid-single digits and definitely and we are seeing in these first two big ones are not around and Consumer Beauty being more in Zillow around the lower end.

如你所知，能源確實是我們所標記的，我們看到一切的美麗，它不斷增長，保持非常有活力，我們一直處於個位數中間，而且我們在前兩個大的領域中看到的肯定不是消費美容更集中在 Zillow 的低端市場。

And we are seeing I mean, metro markets serving also in zoom in on mid-single digit. And we are seeing I mean, our growth engine in V. being in the double digits now when we go more in-depth.

我們看到，我的意思是，地鐵市場也以中個位數成長。我的意思是，當我們更深入地了解時，我們看到 V. 的成長引擎現在達到兩位數。

So which is your question indeed on the Consumer Beauty in US, yes, we have seen that indeed, the color cosmetic market indeed is a is a is challenged. And we have seen indeed that some US retailers are managing their inventory indeed with. So with caution, definitely the Caesar what are what we are seeing.

那麼，這確實是您對美國美容消費的問題，是的，我們確實看到，彩妝市場確實受到了挑戰。我們確實看到一些美國零售商確實正在管理他們的庫存。因此，請謹慎行事，我們所看到的絕對是凱撒。

But at the same time, I want to highlight that, and this is only a fraction of our net revenue now. So it's really a small part. And we are seeing at the same time that took on the other regions. I mean we are seeing retailers keeping very dynamic retail prestige, but also on consumer beauty is in the growth engines are in the course engines or market.

但同時，我想強調這一點，這只是我們現在淨收入的一小部分。所以這確實是一小部分。我們同時看到其他地區也出現了同樣的情況。我的意思是，我們看到零售商保持著非常有活力的零售聲望，但消費者的美感也存在於成長引擎或市場引擎中。

So that's why the fee, I mean, it is driving our expectation for Consumer Beauty to be moderately positive in Q1. So indeed, we are taking this into consideration in our algorithm. And I was wondering this is taking.

這就是為什麼費用，我的意思是，它推動了我們對消費美容在第一季適度積極的預期。事實上，我們在我們的演算法中考慮到了這一點。我想知道這是否需要。

So your second part of the question was about how consumers are saving in the different regions. So of course, the big region for us and for first big region for us in the US where we clearly see that fragrances, specifically prestige fragrances, but also mass-market fragrances, by the way, remain bright spots. It's really a story of twofold.

所以問題的第二部分是關於不同地區的消費者如何儲蓄。因此，當然，對我們來說，也是我們在美國的第一個大區域，我們清楚地看到香水，特別是高檔香水，順便說一句，還有大眾市場香水，仍然是亮點。這確實是一個雙重的故事。

I would say people shopping high and fragrances are continuing to shop high and fragrances, mainly presumes of the buffer is it C. has or that kind of highly concentrated with a strong trails fragrances. But at the same time. You also see in the same channel entry prestige fragrances doing very, very well.

我想說，人們會繼續購買高級香水，主要是假設緩衝劑是 C. 或那種高度濃縮、帶有強烈痕蹟的香水。但同時。您還可以在同一頻道中看到名牌香水的表現非常非常好。

So it's not either it's not one or the other. It's both at the same time and these entry prestige, I would say users are, of course, towards, I would say, smaller formats. Trials are much that also, you know, including body sprays that we saw so heavily used by a lot of younger generation.

所以這不是一個也不是另一個。我想說，無論是在同一時間還是這些入門聲望，使用者當然都傾向於較小的格式。你知道，試驗也很多，包括我們看到許多年輕一代大量使用的身體噴霧劑。

So this is clearly what we see on the fragrance part on color cosmetics, clearly, and interestingly, we see still some dynamism in this market and a lot of the consumers now that the prices US mass market has been increasing quite strongly in the last two years.

因此，這顯然是我們在彩妝香水部分看到的情況，顯然，有趣的是，我們看到這個市場和許多消費者仍然有一些活力，因為美國大眾市場的價格在過去兩年中一直在強勁增長年。

You see some trade-up, which is really a first in this kind of environment, you see a portion of consumers from mass market trading up to entry, prestige color cosmetics. So that's very interesting. So we are not at all seeing trade downs.

你會看到一些以舊換新，這在這種環境下確實是第一次，你會看到一部分消費者從大眾市場轉向入門級、高檔彩妝。這非常有趣。所以我們根本沒有看到貿易下降。

We are seeing trade-up and we are seeing consumers operating in a different price bracket. So still very, very active in Europe. The dynamism of the beauty market is still intact. And fragrances, are there also a bright spot color cosmetics in Europe doing better than what they are doing in the US.

我們正在看到以舊換新，我們看到消費者在不同的價格範圍內進行操作。所以在歐洲仍然非常非常活躍。美容市場的活力仍然完好無損。香水和彩妝品在歐洲也有一個亮點，比在美國做得更好。

And the reason the pressure we see in the US on mainly drugstore chains where this is really where we see the pressure. The rest of the distribution in the US is for us less pressure. And last but not least, in Asia. So it's just a twofold story here.

我們在美國看到壓力主要集中在連鎖藥局的原因，這才是我們真正看到壓力的地方。美國的其餘分配對我們來說壓力較小。最後但並非最不重要的一點是在亞洲。所以這只是一個雙重的故事。

Again, if you look at the outside of China, there is dynamism specifically behind fragrances. Fragrance indexes at play penetration is very low and there. It's also a story from less than $10 to above $10. We see it in what we call growth engine markets.

同樣，如果你看看中國以外的地區，你會發現香水背後特別有活力。香味指數在發揮滲透力時非常低且存在。這也是一個從低於 10 美元到高於 10 美元的故事。我們在所謂的成長引擎市場中看到了這一點。

We got recently the news that's one of our agile beauty initiatives is called change. Sandoz, a French Spanish brand that was active 20 years ago that we reignited a year ago, we launched it in many countries, including in South Africa under $10 needs to become the number one fragrance in this country recently.

我們最近得到的消息是，我們的敏捷美容計劃之一稱為「變革」。 Sandoz是一個活躍於20年前的法國西班牙品牌，一年前我們重新點燃了它，我們在許多國家推出了它，包括在南非，它最近成為全國銷量第一的香水，價格低於10美元。

So you clearly see that whatever is the price there is still this huge demand for a few goods and look good, I would say element highlights and investment in fiscal '25 best practices. I think the two best practices that I and two highlights of investment in fiscal '25 is to continue our best practices in a blood vessel creation.

因此，您可以清楚地看到，無論價格是多少，仍然對一些商品有巨大的需求，而且看起來不錯，我想說的是要素亮點和對 25 財年最佳實踐的投資。我認為我的兩個最佳實踐和 25 財年投資的兩個亮點是繼續我們在血管創建方面的最佳實踐。

When it comes to prestige fragrances, you know we are not anymore in a catch-up phase like we used to be two years ago now, we are becoming a trendsetting company in this area, and we've been really driving a big legal, more slash vanilla slash. You know, banana. We are some of our fragrances which are resonating today from mass market to punish. So this is really something that we intend continued.

當談到高級香水時，你知道我們不再像兩年前那樣處於追趕階段，我們正在成為這一領域的引領潮流的公司，而且我們一直在真正推動一項大型法律，更多斜線香草斜線。你知道，香蕉。我們的一些香水如今在大眾市場上引起了共鳴，受到了懲罰。所以這確實是我們打算繼續做的事情。

Second thing, we are also bringing up our advocacy model that we have put in place. You may have noticed during the prepared remarks that we've grown the EMD on both the reman and cost of debt by 400%. That's really a huge progress.

第二件事，我們也提出了我們已經實施的倡議模式。您可能已經在準備好的評論中註意到，我們已將再製造和債務成本的 EMD 提高了 400%。這確實是一個巨大的進步。

Now what we need to do is to increase the agility of our innovation, putting on the market innovation as quickly as in six to nine months, there's versus more than a year in the previous years. And this we are going to put in place a startup organization inside the company so that this huge progress on advocacy marketing on one side, coupled with an agile innovation start-up machine inside Gucci will allow us to multiply by two the level of innovation in color cosmetics, but also in fragrances in this division, knowing that we have already multiplied this level by three.

現在我們要做的是提高創新的敏捷性，最快六到九個月就可以投入市場創新，而前幾年則需要一年以上的時間。我們將在公司內部建立一個新創組織，這樣一方面宣傳行銷方面的巨大進步，再加上 Gucci 內部靈活的創新啟動機制，將使我們的創新水平翻倍。級別乘以三了。

So we are really in a high-speed base. That's but not least, we are also applying these regs Best Practices sorry, beat advocacy marketing first to beauty or on the other side, fragrance momentum to mass market with the launch of adidas, right that we believe is a huge mass presence at Dotomi.

所以我們確實處於一個高速基地。但並非最不重要的一點是，我們也在應用這些規定最佳實踐抱歉，首先將宣傳營銷擊敗美容產品，或者另一方面，隨著阿迪達斯的推出，香水勢頭進入大眾市場，我們相信Dotomi 的大規模存在。

Filippo Falorni, Citigroup.

菲利波·法洛尼，花旗集團。

Hi. Hi everyone. Thanks for taking the questions. So I wanted to go back to the Consumer Beauty business, what level of promotional environment have you seen in the US market? Clearly, we've seen the category being more under pressure, particularly with low-income consumers.

你好。大家好。感謝您提出問題。所以我想回到消費美容業務，您在美國市場看到什麼程度的促銷環境？顯然，我們看到該類別面臨更大的壓力，特別是對於低收入消費者而言。

So are you planning more promo as a certain part of the portfolio or how are you planning to respond to kind of customers?

那麼，您是否計劃將更多促銷活動作為產品組合的某個部分，或者您計劃如何應對各類客戶？

Good morning, Filippo. This is Sue, speaking. We're some low-income customers, you know, I think one actually for this is because we've done a lot of firm studies recently to really understand what are the levers to in a way is to support our growth in Consumer Beauty which is mainly a color cosmetics for Gucci in the US to take this example.

早安，菲利波。我是蘇，正在講話。我們是一些低收入客戶，你知道，我認為實際上這是因為我們最近做了很多公司研究，以真正了解在某種程度上支持我們在消費美容領域增長的槓桿是什麼拿這個例子來說，主要是美國Gucci的彩妝。

And what we are seeing is that really for a brand like Caragele, which is really talking to people from 18 years or even younger at to above 50, 60, 70 years old. It's really a kind of very specific mix of Steve TV advertising. Still a lot of advocacy, marketing, influencer marketing and a little bit of coupon, it's really a little bit of coupon.

我們所看到的是，對於像 Caragele 這樣的品牌來說，確實如此，它真正與 18 歲甚至更年輕的人到 50、60、70 歲以上的人交談。這實際上是史蒂夫電視廣告的一種非常具體的組合。還有很多宣傳、行銷、有影響力的行銷和一點優惠券，這真的是一點優惠券。

So from Monash promotionality and prices, pressure on prices is not what is driving the consumption. Remember what I just said a few minutes ago, we are seeing some consumers trading up from Consumer Beauty, color cosmetics category to entry prestige category. So it's really this that we are seeing.

所以從莫納許的促銷和價格來看，價格壓力並不是推動消費的因素。請記住我幾分鐘前所說的，我們看到一些消費者從消費美容、彩妝類別轉向入門高端類別。所以我們看到的確實是這樣的。

So it's really the job of us and the job of all the players of this industry to put on the market. And I would say at Prestige light innovation, if I may call it like this, but at the prices of mass market, this is the recipe that works. It's not about cheaper brands, cheaper brands are not taking the I would say the volumes, it's really about this part that is shared between upper mass and frequency.

因此，將產品推向市場確實是我們的工作，也是這個產業所有參與者的工作。我想說的是，在 Prestige Light Innovation，如果我可以這樣稱呼它的話，但以大眾市場的價格來看，這是行之有效的秘訣。這與更便宜的品牌無關，更便宜的品牌並沒有佔據我想說的銷量，這實際上是關於上部品質和頻率之間共享的部分。

Yes.

是的。

Javier Escalante, Evercore.

哈維爾·埃斯卡蘭特，Evercore。

Hi, good morning, everyone. My question is on in Brazil -- of Brazil, if I understood well, in your prepared remarks, you mentioned that it could do very high double digit. Gross margins increased 400 basis points or so how do you accomplish so much in just one year? What is the role of Brazil in Europe to driving consumer profit margins? And I have a follow-up.

嗨，大家早安。我的問題是關於巴西的——巴西，如果我理解得好的話，在你準備好的發言中，你提到巴西可以做到非常高的兩位數。毛利率增加了 400 個基點左右，您是如何在短短一年內取得如此大的成就的？巴西在歐洲對提高消費者利潤率有何作用？我有一個後續行動。

Yes, let me start with the first part and thank you very much for giving me and giving us the opportunity to highlight the fantastic. I would say, growth trajectory of the Brazilian market and the Brazilian coated teams. So let me maybe update you on this on this market.

是的，讓我從第一部分開始，非常感謝你們給我機會，讓我們有機會突出精彩。我想說的是巴西市場和巴西塗層球隊的成長軌跡。那麼，讓我向您介紹一下這個市場的最新情況。

So the Brazilian business has been growing very rapidly. It's more or less 20% of growth that we have seen on this market in fiscal '24, we are already a leader in many categories. We are the leader of the nail category with a brand called rescale and 30 has very strong positions in body care as we are the number one in centered body oils, which are becoming a global phenomenon by the way. And number two in body lotions with a brand called Manon Jay. We are now unlocking the substantial fragrance opportunity in this country.

因此巴西業務成長非常迅速。 24 財年，我們在這個市場上看到了約 20% 的成長，我們已經在許多領域處於領先地位。我們是美甲類別的領導者，擁有一個名為rescale 的品牌，30 在身體護理領域擁有非常強大的地位，因為我們是中心身體油領域的第一名，順便說一下，這已成為一種全球現象。排名第二的是潤膚露，品牌為 Manon Jay。我們現在正在釋放這個國家巨大的香水機會。

A little bit of context. The Brazilian market is a very big market, as you said it, it's over $2 billion market and the penetration of fragrance usage or centering items usage is close to 70%. So you can imagine this is Paradise for a company like Gucci.

一點背景知識。巴西市場是一個非常大的市場，正如您所說，它是超過20億美元的市場，香水使用或中心物品使用的滲透率接近70%。所以你可以想像這是像 Gucci 這樣的公司的天堂。

So while direct selling particularly data, though, has been historically a big in this country, the retail channel has been growing very strongly and very quickly in both mass and prestige recently. And here, as you can imagine, our company is very well positioned to win as we are leveraging our global portfolio of mass, but also prestige fragrance brands.

因此，雖然直銷（尤其是數據）在這個國家歷史上一直很重要，但零售通路最近在大眾和聲望方面都成長得非常強勁、非常快。正如您可以想像的那樣，我們公司在這方面處於非常有利的地位，因為我們正在利用我們的全球大眾和知名香水品牌組合。

We are leveraging our leading fragrance capabilities, our extensive distribution in this country as well as the fact that we have a big factory where we can manufacture locally. So only one year after launching a few of our mass fragrance brands in the Brazilian retail channel. We reached already the number six ranked in this country with over 4% of market share.

我們正在利用我們領先的香料能力、我們在這個國家的廣泛分銷以及我們擁有一家可以在當地生產的大型工廠的事實。我們在巴西零售通路推出一些大眾香水品牌僅一年後。我們已經在全國排名第六，市佔率超過 4%。

Of course, we will continue to drive this through additional brand introduction. It move in productivity, and we are doing to accelerate the expansion as a step to, but it's also the story of prestige fragrances where we took over the business from distributors a few years ago, and we are now reaching almost 10% market share, up almost 200 basis points versus fiscal '21.

當然，我們將繼續透過引入更多品牌來推動這一目標。它提高了生產力，我們正在加速擴張，作為一步，但這也是名牌香水的故事，幾年前我們從分銷商手中接管了業務，現在我們已經達到了近 10% 的市場份額，與21 財年相比值上升了近200 個基點。

And this is led by brands such as Calvin Klein, Hugo Boss. So you can imagine that for us, this is really a blend of opportunities and is just the beginning of this story. Laurent, maybe you can complement on the profitability plus expected profit.

其中以 Calvin Klein、Hugo Boss 等品牌為主。所以你可以想像，對我們來說，這確實是一個機會的混合體，而且只是這個故事的開始。勞倫特，也許你可以補充獲利能力和預期利潤。

Yes, absolutely. So indeed, yes, definitely the agenda from Brazil was, of course, a key knowledge, a strong growth engine that was really to make it in a very profitable manner. And so this was definitely a mandate. And indeed, you will see from the numbers that, you know, even over the over deliver.

是的，絕對是。因此，確實，是的，巴西的議程當然是一個關鍵知識，一個強大的成長引擎，真正以非常有利可圖的方式實現。所以這絕對是一項任務。事實上，你會從數字中看到，你知道，甚至超額交付。

So starting with gross margin, a lot of initiatives. I will start first with pricing. And if nuclear, we implemented a significant price increase because there was inflation number one, but also because really the lighting power were there. And again, the innovations are strengths of the brands was really low into disease.

所以從毛利率開始，有很多措施。我先從定價開始。如果是核電，我們會大幅提高價格，因為通貨膨脹是第一位的，而且也因為照明電源確實存在。再說一遍，創新是品牌的優勢，但很少會引發疾病。

And there was really a deep review of the portfolio. Our continuing strategic revenue management is really a fantastic case. When you open your nose or the whiskey brands, a mono-brand only runs, I mean and you apply that playbook, then we were really able to unlock a lot of opportunity.

確實對投資組合進行了深入的審查。我們持續的策略收入管理確實是一個很棒的案例。當你打開你的鼻子或威士忌品牌時，單一品牌只會運行，我的意思是，如果你應用該策略，那麼我們真的能夠釋放很多機會。

So indeed, this was really pricing and keep in mind also that in Brazil we are also, you know, our own R&D, we have our own factory. So we were really born with these additional volumes really to gain fixed cost absorption and also to gain significant improvement on them enough on procurement. So this was really a boosting the gross margin.

因此，事實上，這確實是定價，請記住，在巴西，我們也是我們自己的研發部門，我們擁有自己的工廠。因此，我們確實生來就有這些額外的銷售量，確實是為了吸收固定成本，並在採購方面獲得足夠的顯著改善。所以這確實提高了毛利率。

And then that's really the virtuous circle that we explained many times. We're able really to invest in your new your new opportunities. So it means that for fiscal '24, in fact, Brazil is accretive for the question because of the additional basis points that they are gaining in fact, is moving even faster than the components. So it shows that chemo is our growth engine markets and they bring growth the green profit. And because we have the right platform.

這就是我們多次解釋過的真正的良性循環。我們能夠真正投資於您的新機會。因此，這意味著，事實上，對於 24 財年，巴西在這個問題上有所增加，因為他們獲得的額外基點實際上比各個組成部分的移動速度更快。因此，這表明化療是我們的成長引擎市場，它們帶來了綠色利潤的成長。因為我們有合適的平台。

Ana Goshko, Bank of America.

安娜‧戈什科，美國銀行。

Hi, good morning. Thank you so much for the question. I wanted to go back to on the Consumer Beauty topic. You mentioned you're diving into innovation doubling in the next couple of years, just given the strength of certain competitors in the space, do you now view the mass beauty side as expanding and therefore, more of a growth opportunity. And you mentioned trading up, which is very interesting from the mass space to entry-level prestige. Are you seeing any benefit here in Consumer Beauty, though, from trade down into more challenging consumer environment. Thanks.

嗨，早安。非常感謝你的提問。我想回到消費者美容話題。您提到您將在未來幾年內投入雙倍的創新，鑑於該領域某些競爭對手的實力，您現在是否認為大眾美容領域正在擴大，因此更多的是成長機會。你提到了向上交易，從大眾空間到入門級聲望，這都非常有趣。不過，從貿易到更具挑戰性的消費環境，您是否看到消費美容業有任何好處？謝謝。

Good morning, Ana Goshko. So if I understand well, the question it's about and just to repeat again, because someone is typing at the same time we see mass beauty has more of a growth opportunity.

早安，安娜·戈什科。因此，如果我理解得很好，那麼這個問題就再次重複一遍，因為有人在打字的同時我們看到大眾美容有更多的增長機會。

Yes, of course, we see this as a growth opportunity. Mass Beauty is not just the US market where we are doing, I would say, a fantastic job that we have been doing for the last three or four years. You've seen probably in the US and recently in the most recent as scanners plus, you know, omnichannel vision that CoverGirl is one of the heritage brand that is resisting the best to not only to slow down on one side, but also for the front of some very, very nimble competitors.

是的，當然，我們認為這是一個成長機會。我想說，大眾美容不僅僅是美國市場，我們在過去三、四年裡一直在做一項出色的工作。你可能在美國看到過，最近在最近的掃描器加上全通路視覺方面，CoverGirl 是傳統品牌之一，它不僅在一方面放慢速度，而且還為消費者提供最好的抵抗力。對一些非常非常靈活的競爭對手。

But we are learning quickly. We are putting in place what needs to be put in place quickly. As you heard it, we have been doubling down on advocacy marketing and this full marketing that goes with it. And this is really changing the destiny of our brands that are certainly visible in with the right client with the right innovation towers, the rights of consumers who are making the growth of this market.

但我們學得很快。我們正迅速落實需要落實的事項。正如您所聽到的，我們一直在加倍努力進行宣傳行銷以及與之相伴的全面行銷。這確實改變了我們品牌的命運，這些品牌的命運在正確的客戶和正確的創新塔中以及正在推動這個市場成長的消費者的權利中是顯而易見的。

But now we are adding a second leg, which is these are a giant beauty startup inside equity, it already was up to now. It's becoming something very, I would say are specialized. It came a multi competencies to sorry, that's the way the word I was looking for.

但現在我們又增加了第二條腿，這是一家內部股權的大型美容新創公司，到目前為止已經是這樣了。我想說，它正在變得非常專業。抱歉，這是一種多重能力，這就是我正在尋找的詞。

So you can imagine that when you couple these two together, even in a market that is pressure, namely mainly in drugstore chains because in e-com, the brands that we are having are booming, in fact. So it's not about mass beauty that is pressured.

因此，您可以想像，當您將這兩者結合在一起時，即使在一個充滿壓力的市場中，即主要是在連鎖藥店中，因為在電子商務中，我們擁有的品牌實際上正在蓬勃發展。因此，受到壓力的並不是大眾美麗。

It's mass beauty in certain channels that explains the slowdown that we are seeing some, I would say, retailer orders, et cetera. So I believe that mass beauty, it continues to have a future assuming that we are as nimble innovative with and you can see that prestige. So this is number one.

我想說的是，某些管道的大量美妝現象解釋了我們看到的一些零售商訂單等放緩的原因。因此，我相信大眾美容將繼續擁有未來，假設我們具有靈活的創新能力，並且您可以看到這種聲望。所以這是第一。

Number two, this US market is one market among others in our equation, and we are really growing this division worldwide. Renal has been gaining market share for the last two quarters globally, and we are accelerating the same playbook behind reman.

第二，美國市場是我們等式中的一個市場，我們確實在全球發展這個部門。過去兩個季度，Renal 在全球範圍內不斷擴大市場份額，我們正在加速再製造背後的同樣策略。

And on top of this, when they move away from this color cosmetics category, we are also accelerating in mass fragrances. This is expected to be the fastest growing category of the division in the fiscal '25. We are accelerating in nails and specifically in that position now. And we are accelerating in what we call elevated and body care because there is a huge increase of penetration in body care all around the world.

除此之外，當他們遠離彩妝品類時，我們也在加速大眾香水的發展。預計這將是 25 財年該部門成長最快的類別。我們正在加快釘子的速度，特別是現在在這個位置上。我們正在加速所謂的提升和身體護理，因為世界各地身體護理的滲透率大幅提高。

So in one way or another. We will continue to grow the decision because we are doing what is the right things to be done on the market that is highly competitive and the pressure like the US one that we also have massive other areas of oxygen in the coming year. And should I say, in the coming years.

所以以這樣或那樣的方式。我們將繼續做出決定，因為我們正在市場上做正確的事情，這個市場競爭激烈，而且面臨像美國這樣的壓力，來年我們還有大量其他領域的氧氣。我應該說，在未來幾年。

Korinne Wolfmeyer, Piper Sandler.

科琳·沃爾夫邁耶，派珀·桑德勒。

Hey, good morning, and thanks for taking the question I'd like to touch on the guidance for the year and the cadence you've alluded to. It seems like the back half is going to be fairly strong and I would love to understand the level of visibility you believe you have into the back half of this fiscal year and what gives you confidence in those targets?

嘿，早上好，感謝您提出問題，我想談談今年的指導以及您提到的節奏。看起來下半年將相當強勁，我很想了解您認為本財年下半年的可見度水平以及是什麼讓您對這些目標充滿信心？

And then additionally on the Wella stake, if there's any color you can provide on progress on their based on conversations you had with potential suitors to sell it off to. And then I believe you talked a little bit about on share repurchases in the prepared remarks. So any commentary on updated thinking around share repurchases and capital allocation would be great. Thank you.

另外，關於 Wella 股份，根據您與潛在追求者的對話，您是否可以提供有關其進展的任何資訊。然後我相信你在準備好的發言中談到了一些關於股票回購的問題。因此，任何有關股票回購和資本配置的最新思維的評論都會很棒。謝謝。

Korinne, thank you, recurring. So first one on the guidance. So I mean, first of all, indeed, so we are confirming our new mid-term algorithm for fiscal '25, which is the 6% to 8%. We are indicating, as we flagged during the last earnings call that we've seen a sequential improvement in Q1, which is around 6%.

科琳，謝謝你，重複。首先是關於指導。所以我的意思是，首先，確實，我們正在確認 25 財年的新中期演算法，即 6% 至 8%。我們表示，正如我們在上次財報電話會議中所指出的那樣，我們看到第一季的環比改善，約為 6%。

And then indeed, you know, moving to the 6% to 8% February than in H1 than in H2 and the key reason. But these sequences also, but comps, as you remember for last year, it was very strong phasing out. Q1 was plus 18% of Q2 was 11% and then 2,3, 10.

然後確實，你知道，2 月比上半年比下半年成長 6% 到 8% 是關鍵原因。但這些序列也是，但正如你去年所記得的那樣，它是非常強烈的逐步淘汰。 Q1 是加 18%，Q2 是 11%，然後是 2,3, 10。

And then you know, lending, the UIT. 11%. So of course, we have a high comps and we are taking this into account in our algorithm. So comps are easier in the H2. And then definitely, we are modeling that our sellout should be aligned with our personnel in the H2.

然後你知道，貸款，UIT。 11%。當然，我們有很高的競爭力，我們在演算法中考慮到了這一點。所以 H2 的比較比較容易。當然，我們正在建模，我們的銷售應該與下半年的人員保持一致。

And of course, I mean, this is supported by all the innovations that, you know, we are piping in starting now, but we will continue in H2, both on prestige and on Consumer Beauty. So these are all these elements drivers, which are really captured in the sequencing of these of the growth algorithm and then on your second part on the capital allocation.

當然，我的意思是，這得到了我們從現在開始就開始進行的所有創新的支持，但我們將在下半年繼續，無論是在聲望上還是在消費者美容方面。因此，這些都是所有這些因素驅動因素，它們在成長演算法的排序中以及在資本配置的第二部分中得到了真正的體現。

I mean, first of all, I just want to remind again and again, that deleveraging is the number one imperative for the Company. And of course, that we keep targeting, you know, towards the two times end of calendar '25. And I want really to see at least two times is really without any divestiture.

我的意思是，首先，我想一再提醒，去槓桿是公司的首要任務。當然，我們繼續將目標定在 25 年曆的兩次結束時。我真的希望看到至少兩次是真的沒有任何剝離。

So it's really built by pure organic EBITDA expansion and cash-flow generation case. So that's very important. So now definitely on their stake. So it's really Okay. We keep targeting NOCs divestiture end of calendar '25.

因此，它實際上是由純有機 EBITDA 擴張和現金流生成案例所建構的。所以這非常重要。所以現在肯定是他們的賭注。所以真的沒關係。我們繼續以 25 日曆年末的 NOC 剝離為目標。

Now, as you know, and this is definitely in the hands of the main shareholder, which is KKR. So no specific news on the on this. And on again on share repurchase, as I indicated, definitely, we confirm our plan really to move towards 800 million share count for free by year end of fiscal '27.

現在，如你所知，這絕對掌握在主要股東 KKR 手中。所以沒有關於這方面的具體消息。關於股票回購，正如我所指出的，我們確實確認了我們的計劃，即到 27 財年末免費實現 8 億股股票。

So this agenda is unchanged. Basically the thing divestiture will be an opportunity even need to do it faster. And this is really what we are taking into account in January. So algorithm is unchanged and our agenda remains the same.

所以這個議程沒有改變。基本上，資產剝離將是一個機會，甚至需要做得更快。這確實是我們一月要考慮的問題。所以演算法沒有改變，我們的議程也保持不變。

Andrea Teixeira, JPMorgan.

安德里亞·特謝拉，摩根大通。

Hi, good morning. Thank you for taking my question on. So I wanted to show you. You sounded very confident of the launches that you have been accounting. What you're going to call first, Burberry call this and done a lot of the launches that we have some for the strong holiday season and obviously, understandably, you have some visibility right now of the quarter.

嗨，早安。感謝您回答我的問題。所以我想給你看。聽起來您對您一直在負責的產品發布非常有信心。你首先要提到的是，巴寶莉（Burberry）稱之為這個，並做了很多發布，我們為旺季推出了一些產品，顯然，可以理解的是，你現在對本季度有一定的了解。

But can you help us like look through on channel and more what do you have gained in terms of like distribution to give us confidence that you can call that very strong comparison into holidays last year? And given that how cyclical on fragrances have been. I understand all the body oils and fragrances have been and a wellness category for pretty much the last four years.

但是您能否幫助我們瀏覽頻道以及您在類似分佈方面獲得的更多信息，讓我們相信您可以將其與去年的假期進行非常強有力的比較？考慮到香水的周期性。據我所知，在過去的四年裡，所有的身體油和香水都已經成為健康類別。

But understandably, thinking about how the consumer is making tough choices as we go in particular in the key markets that you're in, and understandably how this is going to unfold and what gives you confidence that then you're going to reaccelerate in the second half on given despite the comps, I mean, the comps are the comps are, but I think it's important to see how you're planning the cadence of do some of the launches to offset another tough comp.

但可以理解的是，當我們進入時，特別是在您所在的關鍵市場中，考慮消費者如何做出艱難的選擇，以及這種情況將如何展開，以及是什麼讓您有信心，然後您將在市場中重新加速。

Also like a clarification as we build into your guidance, I believe you mentioned hearing our EBITDA margin of 18% and giving your guidance for EBITDA when you back it out, it actually would give you a higher revenue number than what you're implying in your guidance. I understand that perhaps you know that number is FX neutral. That would give you on close to a mid-single-digit increase in sales as opposed to, let's say, a 4% increase in sales for fiscal '25. I guess that's a question for Laurent. Thank you very much for both.

另外，就像我們在您的指導中所做的澄清一樣，我相信您提到過我們的EBITDA 利潤率為18%，並在您退出時給出了EBITDA 指導，這實際上會給您帶來比您所暗示的更高的收入數字您的指導。據我所知，也許您知道該數字是外匯中性的。這將使您的銷售額實現接近中個位數的成長，而不是 25 財年銷售額成長 4%。我想這是勞倫特的問題。非常感謝你們倆。

Okay. So I mean, let me start indeed on the Fiscal year '24 launches and that's really a key question. And we explained several times that strategy we put in place is exactly that we are not winning these drugs that we launch a big innovation in year one and year three is dropping, no, not at all. So this is exactly very good. This is a perfect example.

好的。所以我的意思是，讓我從 24 財年的發布開始，這確實是一個關鍵問題。我們多次解釋說，我們制定的策略正是我們沒有贏得這些藥物，我們在第一年推出了一項重大創新，而第三年正在下降，不，根本沒有。所以這確實非常好。這是一個完美的例子。

So indeed, it's a great success which really contributed to fiscal '24 both top line significantly, but we are going to continue in fiscal '25. So it means at Burberry birthdays, we continue to grow and we are adding are so very good as intense. So which is going to come and talk.

因此，事實上，這是一項巨大的成功，確實為 24 財年的營收做出了重大貢獻，但我們將在 25 財年繼續這樣做。因此，這意味著在巴寶莉 (Burberry) 生日會上，我們將繼續成長，並且不斷增加我們的產品。那麼哪位要過來談談。

So it's really that your point about the comp, in fact, we managed this way and then on top is really we are doing this on the other franchise and we are launching in the middle. Gucci is know-how of Qinnan and is really, you know, it's part of the cohort, Ranjit and here again, it's really adding the growth in the four range and it's starting in Uruguay because this is already the number one or two for her worldwide because this is the same on both as you see the same, of course and in unmanned vehicles.

所以這確實是你關於補償的觀點，事實上，我們是這樣管理的，然後最重要的是，我們真的在其他特許經營權上這樣做，並且我們在中間推出。 Gucci 是Qinnan 的專家，而且真的是，你知道，它是Ranjit 隊列的一部分，在這裡，它確實增加了四個範圍的增長，並且從烏拉圭開始，因為這已經是她的第一或第二名在世界範圍內，因為這在你所看到的兩者上都是相同的，當然在無人駕駛車輛上也是如此。

And because Marc Jacobs in terms of phasing Daisy wide, we launched in March. In fact, we have a small impact now in Q1 and Q2. So that's why now we are also facing the launches. That is not only you know, on the one window.

由於 Marc Jacobs 正在逐步擴大 Daisy 範圍，我們在三月推出了這款產品。事實上，我們現在在第一季和第二季的影響很小。這就是為什麼我們現在也面臨發布。這不僅僅是你知道的，在一個視窗上。

During the year, we opened two or three windows so that we can really save and avoid, you know, this count it in. And so that's definitely part of our of our strategy needs to continue. Really these are these expansion. That's the same on definitely on consumer beauty that we are we are doing this so on.

在這一年中，我們打開了兩三個窗口，這樣我們就可以真正節省和避免，你知道，這也算在內。確實這些都是擴充。這對於消費者美容絕對是一樣的，我們正在這樣做。

I will I will answer you on your question on them on the unit guidance. So definitely what we are, we are monitoring. So it is really, I mean and getting the like-for-like growth. So you see the 6% to 8%. What's very important is also that our guidance on EBITDA is reason to now or is the dollar value.

我將回答您關於單位指導的問題。所以我們絕對是在監控。所以，我的意思是，它確實得到了同等的成長。所以你看到的是 6% 到 8%。非常重要的是，我們對 EBITDA 的指導是目前的理由，或是美元價值。

And this is really this is really the guidance that we are giving and this is underpinned by you and by margin expansion. So and I know this is a modeling you're trying to do. Of course, it's hard to see, you know, the full-year ForEx impact.

這確實是我們給予的指導，這是由您和利潤擴張所支撐的。所以我知道這是你想要做的建模。當然，很難看到全年外匯的影響。

So I think this is definitely, some fine-tuning indications that we will give you as the year as a year is growing but to help you answer is definitely yes, the margin or you have the margin growth being the higher. The ASPs is indeed what we are indicating here.

因此，我認為這肯定是，隨著年復一年的成長，我們將為您提供一些微調指示，但可以幫助您回答肯定是，利潤率或您的利潤率成長更高。 ASP 確實是我們在這裡指出的。

Yes. Normally Let me maybe just to conclude on the second part on the middle part of your question about what gives us the confidence, as you know, of our launches sustaining another time and continuing to grow one or the other. I think this is really the main difference between the equity of five years ago and the equity of today we have put in place a way to select what is going to stand the test of time and to grow over time.

是的。通常，讓我也許只是對你的問題的中間部分的第二部分進行總結，即是什麼讓我們有信心，如你所知，我們的發布能夠維持另一個時間並繼續增長一個或另一個。我認為這確實是五年前的股權與今天的股權之間的主要區別，我們已經制定了一種方法來選擇能夠經受時間考驗並隨著時間的推移而增長的東西。

That's very important. And every launch we are doing specifically the big launches behind the big brands are really done. Eastern on is we have a full confidence, high level of confidence that this is not going to be something that's going to be high for the first here and then go down.

這非常重要。我們所做的每一次發表會，特別是大品牌背後的大型發表會，都是真正完成的。東部我們有充分的信心，高度的信心，這不會是先在這裡很高然後再下降的事情。

So we three about addiction, it's about positive addictions, I may say. So the news, of course, to the concept that make sure that this concept fits with the trends that are not the trends at the moment, but that are structural brands that are here to stay for the next decade.

所以我們三個是關於成癮的，我可以說這是關於積極的成癮。因此，新聞當然是關於確保這個概念符合趨勢的概念，這些趨勢不是目前的趨勢，而是未來十年將持續存在的結構性品牌。

And the second thing is that while we are doing this big blockbuster juices that are now setting trends for the long term instead of catching up, we are also very tactical in a way you're positively tactical playing with the format playing with dissenting.

第二件事是，雖然我們正在做這種轟動一時的果汁，現在正在設定長期趨勢而不是追趕，但我們也非常有策略，在某種程度上，你會積極地戰術性地玩弄異議的格式。

That large percentage is becoming a much larger general channel with much more pictures than the traditional audience, whether to all or the pass-on and we are also activating other brands that we have not activated recently in the beauty of the cookie portfolio that we have a lower brands and some of these brands are going to be accelerated quite strongly, specifically the brands that are positioned on entry prestige.

這一大比例正在成為一個更大的通用管道，比傳統受眾擁有更多的圖片，無論是對所有人還是傳遞，我們也激活了我們最近在我們擁有的餅乾組合之美中尚未激活的其他品牌較低的品牌，其中一些品牌將得到相當強勁的加速，特別是那些定位於入門級品牌的品牌。

So altogether, together with the fact that penetration is still not at the level of Brazil that I was quoting just a few minutes ago. We believe we have room not only in the US, but also as we have to continue to grow the fragrance business.

總而言之，再加上滲透率仍然達不到我幾分鐘前引用的巴西水準的事實。我們相信，我們不僅在美國有空間，而且我們必須繼續發展香水業務。

Olivia Tong, Raymond James.

唐奧立，雷蒙德詹姆斯。

Great. Good morning. Thank you so much. And one sort of build on what you what you just said around fragrances and why you think fragrances seem to be transitioning from -- what historically has been more of a discretionary category within beauty to one that is clearly less discretionary, but also see more willingness by consumers at the low end to trade trading, even though they haven't historically participated in the category. It's pretty low price discovery at Ultra prestige.

偉大的。早安.太感謝了。一種建立在你剛才所說的關於香水的內容以及為什麼你認為香水似乎正在從歷史上更多地是美容領域的一個可自由支配的類別轉變為一個顯然不那麼隨意但也看到更多意願的類別的基礎上低端消費者開始進行交易，儘管他們歷史上從未參與過該類別。這是在超高聲望下發現的相當低的價格。

And so clearly it sounds like there is significant momentum in prestige fragrances. Are you assuming a similar level of contribution in fiscal '25 as in fiscal '24? And what are you incorporating insofar as concerns about more volatile macros? Thanks.

顯然，高檔香水似乎有著巨大的發展勢頭。您是否假設 25 財年的捐款水準與 24 財年的捐款水準相似？就對波動性更大的宏觀經濟的擔憂而言，您將採取哪些措施？謝謝。

Good morning, Olivia. Thank you for the questions. And then I tried to answer again, you know, I hear some people saying fragrances in discretionary categories. Some other people are saying that this is a cyclical category.

早上好，奧莉薇亞。謝謝你的提問。然後我再次嘗試回答，你知道，我聽到有些人說香水屬於可自由支配的類別。還有一些人說這是一個週期性類別。

First, it was not a significant category. It has always been a category that was growing more or less at the low-single digits prior to COVID. And then something happened on the COVID moment where suddenly a food industry that has been reinventing itself for the decade before was put in front of a younger generation of consumers who are both genders younger from diverse backgrounds from diverse ethnicities, especially the Hispanic community in the US.

首先，它不是一個重要的類別。在新冠疫情之前，這一類別一直或多或少以低個位數成長。然後在新冠疫情期間發生了一些事情，突然間，一個在十年前一直在重塑自身的食品行業被擺在了年輕一代的消費者面前，這些消費者都是年輕一代，來自不同種族的不同背景，尤其是西班牙裔社區。

And suddenly you have really the encounter of two destinies the lung cancer, a category that reinvented itself with more quality, more creativity multiple layers. It was not just about entry prestige. It was or premium club premium, exclusive collections, et cetera, concentration technology, you know, the latest launch of Gucci Oxinium on good uses for the first time a patented molecule that extend the longevity of a fragrance.

突然之間，你真的遇到了兩種命運：肺癌，一個以更高品質、更多創造力的多層方式重塑自身的類別。這不僅僅是關於入門聲望。它是高級俱樂部高級、獨家系列等等、濃縮技術，你知道，最新推出的 Gucci Oxinium 首次很好地利用了一種延長香水壽命的專利分子。

So, you know, at the end of the day, when an offer becomes much more competitive, much more performance. It's not anymore discretionary buying or a cyclical buying, it becomes part of your life. And we believe that fragrances are becoming structurally part of the life of nearly billions of people around the world, specifically the youngest as connection builders, people ask each other, what do you wear, et cetera?

所以，你知道，歸根結底，當報價變得更具競爭力時，性能也會提高。它不再隨意購買或週期性購買，它已成為您生活的一部分。我們相信，香水正在成為全球近數十億人生活的結構性組成部分，特別是作為聯繫建立者的最年輕的人，人們互相詢問，你穿什麼，等等？

And that's a fantastic advertising campaigns. I may say that people are also using fragrances as mood boosters as escape these tools, et cetera. So we moved from something that was seen as a gift. If you think about the US gift item into something I'd buy for myself because it makes me feel better.

這是一場非常棒的廣告活動。我可以說，人們也使用香水作為情緒助推器，以逃避這些工具，等等。所以我們放棄了那些被視為禮物的東西。如果您將美國禮品視為我會為自己購買的東西，因為它讓我感覺更好。

It makes me connect with others. And the quality and the intensity of choice is ever bigger than it used to be in the past. So that's the reason why I believe it's not a discretionary category. It's another silicon cyclical category and beauty is not a consumer reviews. Goods industry neither. So it's very, very important Irish tenders at the occasion of your question.

它讓我與他人建立聯繫。選擇的品質和強度比過去更大。這就是為什麼我認為它不是一個可自由裁量的類別的原因。這是另一個矽週期類別，美麗不是消費者評論。品業亦非。因此，在你提出問題時，愛爾蘭招標非常非常重要。

Linda Bolton-Weiser, D.A. Davidson.

琳達·博爾頓·韋瑟，D.A.戴維森。

Yes, thank you. I was just curious about when you talk about innovation in Consumer Beauty. Usually when there's a big technology innovation in the Neon category, that's a big driver of category growth. It's been quite a few years, I think since a big innovation can you talk if there's anything being worked on there?

是的，謝謝。我只是好奇你何時談論消費美容領域的創新。通常，當霓虹燈類別出現重大技術創新時，這是該類別成長的重要動力。已經過去好幾年了，我想既然是一項重大創新，你能談談是否有進展嗎？

And then my second question has to do with cash flow. I was curious what if you could quantify the cash flow benefits in FY24 that won't recur in FY25. You give a number behind that? And then what is going on with cash flow in in early 2025, you said the retailers are managing something about cash and inventory and then also why your receivables seem very, very high. It seems to be kind of a drain on cash flow? Thank you.

我的第二個問題與現金流有關。我很好奇如果你能化 2024 財年不會在 25 財年重現的現金流收益會怎麼樣。你給後面的數字嗎？然後 2025 年初的現金流發生了什麼，你說零售商正在管理一些有關現金和庫存的事情，以及為什麼你的應收帳款看起來非常非常高。好像有點消耗現金流？謝謝。

Yes, so let me -- hello, Linda. Let me start with the with the cash flow. So indeed, as I shared, we are lending our free cash flow since call it '24 to a level of stranded $17 million, but the committee that there were some elements that do not repeat them indefinitely.

是的，讓我——你好，琳達。讓我從現金流開始。因此，事實上，正如我所分享的，自 24 世紀以來，我們將自由現金流借出至 1700 萬美元的擱淺水平，但委員會認為，有些因素不會無限期地重複。

This is really a year where we are starting to and staying in a significant cash tax. So this was around [$19 million]. So I would say it's really driven by unit type that we are increasing and improving the leftover jurisdiction.

今年確實是我們開始並維持高額現金稅的一年。所以這大約是[1900萬美元]。所以我想說，我們正在增加和改善剩餘管轄權，這實際上是由單位類型驅動的。

And second, as I explained, indeed, we had also this year some investments and inventory buildup related to S/4 implementation, which, as I explained is we went live in mid-July and very successfully. So it's a very strong asset for the Company. So of course, these are headwinds that will not repeat in fiscal '25.

其次，正如我所解釋的，事實上，我們今年也進行了一些與 S/4 實施相關的投資和庫存積累，正如我所解釋的，我們在 7 月中旬上線並且非常成功。因此，這對公司來說是一項非常強大的資產。當然，這些不利因素在 25 財年不會再出現。

Now fiscal '25 indeed we are guiding, you know, low to middle one drug. Definitely we are really taking into account some volatility with the retailers. Indeed, we are seeing, you know, retailers know strongly focusing on cash and really either on their inventory management or payment terms management.

現在，25 財年我們確實正在指導一種中低端藥物。當然，我們確實考慮到了零售商的一些波動性。事實上，我們看到，零售商非常關注現金，尤其是庫存管理或付款條件管理。

So this is embedded in our equation. And definitely, that's really where we are monitoring as tightly so it definitely seems like working on the further opportunities for fiscal '25 are really optimizing all the levers that we have in our in our working capital and definitely we are building new vehicle cycle.

所以這被嵌入到我們的等式中。當然，這確實是我們正在密切監控的地方，所以看起來，致力於 25 財年的進一步機會確實是在優化我們營運資本中的所有槓桿，而且我們肯定正在建立新的車輛週期。

So we are absolutely confident that our cash cycle. So indeed, we are really in a phase where we are and I will say, cleaning some elements for fiscal '24, as I explained. And also there were some positive one-offs which happened in fiscal '24 that will not recur in fiscal '24. But again, we are very confident until a starting wage and early in that.

所以我們對我們的現金週期絕對有信心。因此，事實上，正如我所解釋的，我們確實處於一個階段，我會說，我們正在清理 24 財年的一些要素。此外，還有一些在 24 財年發生的一次性正面事件不會在 24 財年再次出現。但同樣，在起薪之前和早期，我們都非常有信心。

Linda, to answer your question around nails, which I believe is indeed a very, very interesting category where we hold a fantastic position. You know, Sally Hansen is the undisputed leader net in a bottle in the US with more than 40% of share risk in Brazil, which we may globalize at the moment is also doing fantastically well, number one in the country, above 40% US market share or our color cosmetics brand, except CoverGirl, are also having a fantastic name offers benefiting from the technologies of Sally Hansen.

琳達，回答你關於指甲的問題，我相信這確實是一個非常非常有趣的類別，我們在其中佔據著極好的地位。要知道，Sally Hansen 是美國無可爭議的瓶裝淨酒領先者，在巴西擁有超過 40% 的股份風險，我們目前可能全球化的情況也做得非常好，全國第一，超過美國的 40%市場份額或我們的彩妝品牌，除了CoverGirl 之外，也受益於Sally Hansen 的技術而擁有出色的名稱優惠。

You're right, you know, this is a category where innovation is key. So you haven't seen innovation as big as the one that happened a few years ago or maybe a decade ago with gel technology, be it in professional or in consumer.

你是對的，你知道，這是一個創新至關重要的類別。因此，無論是在專業領域還是在消費者領域，您都沒有見過像幾年前或十年前凝膠技術那樣大規模的創新。

But still this is an area that we are actively working on to increase the wear because it's about the where using non-EUV activated solutions. We are also putting a lot of firm energy and intelligence into how to skinny sites this category.

但這仍然是我們正在積極致力於增加磨損的一個領域，因為它涉及使用非 EUV 活化解決方案的地方。我們也投入了大量的精力和智慧來研究如何精簡這類網站。

You know what's happening in health care should happen also in mail. And last but not least, we are also going to be super innovative in terms of what I call special effects. Special effects are also going to bring excitement the same way to bringing excitement on the lip category.

您知道醫療保健領域發生的事情也應該透過郵件發生。最後但並非最不重要的一點是，我們也將在我所說的特效方面進行超級創新。特效也會帶來興奮，就像唇部類別帶來興奮一樣。

For instance, last but not least, we are also moving into artificial nails, which is also a big focus for the Company. We believe that there are really two kinds of consumers and we need to talk to both of them. And this is an area where we are working very hard to bring innovation, but this is the rule of the game.

例如，最後但並非最不重要的一點是，我們也進入了人造指甲領域，這也是公司的一大重點。我們相信確實有兩種消費者，我們需要與他們交談。這是我們非常努力帶來創新的領域，但這就是遊戲規則。

Chris Carey, Wells Fargo Securities.

克里斯凱裡，富國銀行證券。

Hey, good morning. I wanted to ask about gross margins and one question on category growth regarding gross margin your year ahead of plan.

嘿，早安。我想詢問毛利率以及有關提前一年毛利率的品類增長問題。

Fantastic. Going into fiscal '25, can you just talk about some of the drivers of gross margin expansion? It sounds like you have some wraparound pricing, but I'm also conscious you had some favorability from manufacturing, I think brace as well for filings.

極好的。進入 25 財年，您能談談毛利率擴張的一些驅動因素嗎？聽起來你有一些環繞定價，但我也意識到你有一些來自製造業的優惠，我認為也為備案做好準備。

And so can you just talk about what's going to be driving the expansion and maybe dimensionalize that for fiscal '25 and how much and on and whether you think this mid 60s target was just a starting point and now you're running ahead of it.

那麼，您能否談談什麼將推動經濟擴張，並可能將其具體化為 25 財年的擴張規模以及擴張程度以及您是否認為 60 年代中期的目標只是一個起點，而現在您已經超前了。

Maybe you have confidence in going farther specifically as you look to use pricing or preimmunize more over time. And then just connected, if I could do you have an outlook for category growth for fiscal '25, maybe globally.

也許您有信心走得更遠，特別是當您希望隨著時間的推移使用定價或進行更多預免疫時。然後，我想請您對 25 財年（也許是全球範圍）的品類成長前景進行展望。

Certainly, we've heard from some of your beauty peers that there's been some deceleration of category growth in Q4. Still solid, but some sequential deceleration. I wonder if you're seeing that, too, are you expecting stabilization or would you just expect to outperform category at a higher clip next year? So really there's two questions there. One on gross margin and one on category growth. Thank you.

當然，我們從一些美容同行那裡聽說，第四季度的品類增長有所放緩。仍然穩定，但有些連續減速。我想知道您是否也看到了這一點，您是否期待穩定，或者您只是希望明年以更高的速度跑贏同類產品？所以確實有兩個問題。一是毛利率，一是品類成長。謝謝。

Yes, thank you, Chris. So let me start with the gross margin. Yes, you're absolutely right. We are ahead of the year ahead of plan. So it means that all the actions we put in place, I mean, so delivered or even over-deliver. So I'm going to keep the same recipe into fiscal '25.

是的，謝謝你，克里斯。讓我從毛利率開始。是的，你說得完全正確。我們比計劃提前了一年。所以這意味著我們採取的所有行動，我的意思是，都得到了交付，甚至超額交付。因此，我將在 25 財年保留同樣的做法。

So as I said, I mean, we will keep, you know, doing some targeted price increase. And definitely in a context where we see more moderate inflation on our cost of goods. But still, again, we will keep using pricing as a lever to improve our gross margin.

正如我所說，我的意思是，我們將繼續進行一些有針對性的漲價。當然，在我們看到商品成本通膨更加溫和的背景下。但我們仍將繼續使用定價作為提高毛利率的槓桿。

So then, of course, mix is a big driver. And I think we gave and we keep giving a lot of examples of premiumization and we do it across all divisions, all markets, all categories. So this is key for us and productivity.

所以，當然，混合是一個很大的驅動力。我認為我們已經給出了並且我們一直在給出很多高端化的例子，我們在所有部門、所有市場、所有類別中都這樣做。所以這對我們和生產力來說至關重要。

We continue, of course, of productivity initiatives. I mean, I shared that we continue to roll into a program. Of course, we have plans next year, for $75 million additional productivity. So it's part of productivity in our factories.

當然，我們會繼續採取生產力措施。我的意思是，我表示我們將繼續進行一項計劃。當然，我們明年計劃增加 7,500 萬美元的生產力。所以這是我們工廠生產力的一部分。

And volume, of course, is helping really to accelerate this protein synthesis, but it's also with the procurement we are definitely scaling up. The volumes indeed is giving us really some scale and power to negotiate a better price.

當然，數量確實有助於加速這種蛋白質合成，但我們肯定會擴大採購規模。這些數量確實給了我們一定的規模和力量來協商更好的價格。

And also we have a specific program to continue to simplify and really to rationalize our portfolio of components. And again, fragrances are either is a good example when you heard from Susan, that we are also accelerating.

我們還有一個具體的計劃來繼續簡化並真正合理化我們的組件組合。再說一次，當你從蘇珊那裡聽說我們也在加速發展時，香水就是一個很好的例子。

Muskrat runs here, of course, we are benefiting here from the scale of the prestige fragrance. So it means that we can launch initiatives which are already at a high gross margin. So we have the playbook, we continue.

麝香鼠跑到這裡，當然，我們在這裡受益於名牌香水的規模。因此，這意味著我們可以推出毛利率已經很高的措施。所以我們有了劇本，我們繼續。

And definitely I mean, so mid-60s is not the end game. And so we will continue definitely to go beyond the mid-60s with the same recipe and mix will be, of course, a video of a big driver of causes for this acceleration.

我的意思是，60 年代中期並不是遊戲的終點。因此，我們肯定會繼續以相同的配方和混合超越 60 年代中期，當然，影片將是這種加速的主要驅動因素。

And let me take the second data hall, which is around category growth and in what we are seeing. So entering fiscal '25, we have seen that the demand trends are remaining broadly consistent with what we saw in fiscal 24 at the same time of course, we all have seen that prestige retailers.

讓我來談談第二個資料大廳，它是關於類別成長和我們所看到的。因此，進入 25 財年，我們看到需求趨勢與我們在 24 財年看到的情況大致保持一致，當然，我們都看到了信譽良好的零售商。

It's also direct to retailers closely manage orders and inventory levels, which is resulting in a sell-out that is tracking ahead of sell-in. So we anticipate muted demand in mature markets to expand in the mid-single digits, including prestige fragrance growth above this range and mass beauty growth below this range. All of this supported by very, very strong e-comm, which is growing between two times and more faster than the company.

它還直接面向零售商密切管理訂單和庫存水平，從而導致售完先於售入。因此，我們預期成熟市場的需求將呈現中個位數成長，其中高檔香水的成長高於該範圍，而大眾美容產品的成長將低於該範圍。所有這一切都得到了非常非常強大的電子商務的支持，其成長速度是公司的兩倍甚至更快。

So within this backdrop, for the mature markets, we are targeting to perform in line we we're ahead of the market and at the same time, we target to do double digit percentage revenue growth in what we call growth engine markets.

因此，在這種背景下，對於成熟市場，我們的目標是保持領先於市場的表現，同時，我們的目標是在所謂的成長引擎市場中實現兩位數百分比的收入成長。

I'm thinking about Brazil. The rest of LatAm, Mexico, Africa, Saudi Arabia, to name a few and high growth channels such as travel retail, which altogether accounts for approximately a third of Coty business. So all of these will disappear. So we'll support sorry, our fiscal '25 innovation pipeline.

我在想巴西。拉丁美洲的其他地區、墨西哥、非洲、沙烏地阿拉伯等都是高成長管道，例如旅遊零售，總共約佔科蒂業務的三分之一。所以所有這些都會消失。因此，抱歉，我們將支持我們的 25 財年創新管道。

Steve Powers, Deutsche Bank.

史蒂夫鮑爾斯，德意志銀行。

Thank you very much. Good morning, Sue. Good morning, Laurent. So picking up a little bit, I guess up on the idea of the growth engine markets. I wanted to ask about China specifically. You know, obviously not your largest market, which is an advantage right now, but it has been a growth engine market for you in part of your long-term strategy. And just couple of questions on that. One is what is your outlook for China this year. How are you planning for it?

非常感謝。早安，蘇。早安，洛朗。因此，我想稍微了解一下成長引擎市場的想法。我想具體詢問一下中國的情況。你知道，顯然不是你最大的市場，這是目前的優勢，但它一直是你長期策略的成長引擎市場。對此只有幾個問題。一是您對今年中國的展望是什麼。你打算怎樣做？

Two is we have given what I assume is a softer outlook on China. Are there specific growth engine markets you just mentioned a few, but are there specific ones that you're reallocating investment dollars to where you hope to make up some of the some of the gap there is anything you're seeing now in China altering your medium to long term, our views on what that what that market represents in terms of a future opportunity. Thank you so much.

二是我們對中國的看法較為溫和。是否有您剛才提到的一些特定的成長引擎市場，但是您是否正在將投資資金重新分配到您希望彌補的一些特定市場，您現在在中國看到的任何東西都在改變您的投資從中長期來看，我們對該市場代表未來機會的看法。太感謝了。

Thank you, Steve. Good morning. So first, to answer the question around China, clearly we believe that fundamentally China is or will be one of the biggest, if not the biggest beauty market in the mid to the long term. So this is really something structural and this is really has to do a lot with prestige market. I would say that is going to continue to grow because this is certainly limited in this country.

謝謝你，史蒂夫。早安.首先，為了回答有關中國的問題，顯然我們相信，從中長期來看，中國即使不是最大的美容市場，但至少也是最大的美容市場之一。所以這確實是結構性的事情，這確實與聲望市場有很大關係。我想說這將繼續增長，因為這在這個國家肯定是有限的。

Now what we are seeing now at the moment is that the negative growth trends, specifically in skincare in China will continue probably in the coming quarters. Prestige fragrances is really the bright spot in this country. And I'll tell you a few words about the performance of the company.

現在我們看到的是，負成長趨勢，特別是中國的護膚品領域，可能會在未來幾季持續下去。名牌香水確實是這個國家的亮點。我會告訴你一些關於公司業績的事。

But let me just remember remind everyone that the business of Coty in China is still small in or around 3% of the revenues in fiscal '24. And at the same time, we are playing with two legs. So we are playing with a leg of prestige fragrances, which are really doing better than any other category.

但我要提醒大家的是，科蒂在中國的業務仍然很小，僅佔 24 財年收入的 3% 左右。同時，我們也用兩條腿玩。因此，我們正在嘗試一系列名牌香水，它們的表現確實比任何其他類別都要好。

And the at the adoption curve of Chinese consumers in terms of premium entry premium or niche fragrances is continuing to be at play. And we have the right brands recently, the orderly closure of Calvin Klein has been doing great on this market.

中國消費者對高端入門或小眾香水的採用曲線仍在發揮作用。而且我們最近有合適的品牌，有序關閉的 Calvin Klein 在這個市場上表現出色。

And at the same time, we are also pushing preparing for the skincare. I would say a growth that will inevitably be back in this country, starting with Lancaster. Lancaster has been doing a fantastic relaunch in China.

同時，我們也在推動護膚方面的準備。我想說，從蘭卡斯特開始，這個國家將不可避免地出現成長。蘭卡斯特在中國進行了一次精彩的重新啟動。

We have seen great results. Lancaster is the fastest growing skin care brand in both the June quarter with almost doubling the size of the brand and also in calendar '24 with a growth that is a triple digit growth, gaining four points of market share in year to date, calendar year '24.

我們已經看到了很好的成果。 Lancaster 是成長最快的護膚品牌，在 6 月季度，品牌規模幾乎翻了一番，在 24 年也實現了三位數的增長，今年迄今獲得了 4 個百分點的市場份額'24。

June was a very strong month, non-cash seven ranked number four brand at Sephora, right after brands such as drink in a sense and touch our non-cash debt ranks number eight and do you. So the very unique positioning of lung cancer there that is not a traditional skin care brand.

6 月是一個非常強勁的月份，非現金七在絲芙蘭排名第四，緊隨諸如 Drink in a sense 和 touch 等品牌之後，我們的非現金債務排名第八，do you。所以肺癌的定位非常獨特，它不是一個傳統的護膚品牌。

That's not the usual DNA and stem cells and module. And you can see the data. It's all about for protection and for to aging, it's clearly strongly resonating in China. And you may see that this is becoming also a global phenomenon.

這不是通常的 DNA、幹細胞和模組。並且你可以看到數據。這一切都是為了保護和抗衰老，這顯然在中國引起了強烈的共鳴。您可能會發現這也正在成為一種全球現象。

So to really summarize on what we are seeing in China is that we are going to continue to overdrive our fragrances because this is where growth is coming from. And we are readying our brands, Lancaster and also our EBITDA. But when the skin care market will be back on track and believe this will happen at the moment or another.

因此，真正總結我們在中國所看到的情況是，我們將繼續過度推動我們的香水業務，因為這是成長的來源。我們正在準備我們的品牌蘭卡斯特以及我們的 EBITDA。但當護膚品市場重回正軌時，相信這會在此時或彼時發生。

Now are we shifting resources from one market to the other. We are constantly putting resources and A&CP and money where there is growth, you know, and so of course, there is growth behind the prestige fragrances in China.

現在我們正在將資源從一個市場轉移到另一個市場。我們不斷地將資源、A&CP 和資金投入到有成長的地方，你知道，當然，中國的高檔香水背後也有成長。

So we are investing over there, but there is also growth behind prestige fragrances in the US And we are also investing heavily in this area in the Middle East in other regions where the company is seeing, I would say momentum.

因此，我們正在那裡進行投資，但美國的高檔香水背後也有成長，我們也在中東的這一領域進行了大量投資，在公司看到的其他地區，我想說的是勢頭。

Ashley Higgins, Jefferies.

阿什利·希金斯，杰弗里斯。

Hey, good morning. Thanks for taking my question. So you mentioned your innovation center and being able to get products out more quickly. Can you remind us how fast you can get ideas onto shelf today and then what the goal is in the future? And then anything you can tell us about the promotional environment and kind of expectations on the promotional environment as a heading to holiday? Thanks.

嘿，早安。感謝您提出我的問題。所以你提到了你的創新中心以及能夠更快推出產品的能力。您能否提醒我們，今天您能以多快的速度將想法上架，以及未來的目標是什麼？那麼您能告訴我們有關促銷環境的資訊以及對假期促銷環境的期望嗎？謝謝。

Yes, good morning, Ashley. Thanks for the question. Three years ago, maybe four years ago when I joined the company, launches could take up to 18 to 18 months to two years, which is very, really too long for, you know, the world we are living we were already living four years ago today, and we started to do with the ready.

是的，早上好，阿什利。謝謝你的提問。三年前，也許四年前，當我加入公司時，發布可能需要長達 18 至 18 個月到兩年的時間，這對我們生活的世界來說非常非常長，我們已經生活了四年今天之前，我們就開始做準備工作。

So it's something that could take between six to nine months. I wonder, Dan mascara, the latest success from renal to Cas nine Munters, the launch of the uniqueness from CoverGirl. It took us as quickly as six months as if I'm not wrong, including the platforming of this innovation and other brands.

所以這可能需要六到九個月的時間。我想知道，丹睫毛膏，最新的成功從腎臟到卡斯九蒙特，從CoverGirl推出的獨特性。我們花了六個月的時間，就好像我沒有猜錯一樣，包括這項創新和其他品牌的平台化。

So the question is not to go faster because six months is already super because we need to sit also with retailers resetting their shelves. And this is really something that is a kind of imperative that we need to fit in that six months is very, very fast they are used to do more launches in six months. So we already know how to do it.

因此，問題不是要走得更快，因為六個月已經足夠了，因為我們還需要與零售商一起重新調整貨架。這確實是我們需要適應的一種迫切需要，因為六個月非常非常快，他們被用來在六個月內進行更多的發布。所以我們已經知道該怎麼做了。

Now we are going to industrialize, if I may call it like this, our ability to put on the market launches in six months. And usually we are going to focus on areas that are not the traditional 30 R&D areas, you know, Co-Chair and is doing a lot in color cosmetics, but there are areas that are very, very technologically specific.

現在我們將實現工業化，如果我可以這樣稱呼的話，我們有能力在六個月內推出市場。通常我們會專注於傳統 30 個研發領域以外的領域，聯合主席，我們在彩妝領域做了大量工作，但有些領域的技術非常非常具體。

And these are the areas that we intend to overdrive in the coming months and quarters so that we can have both a, you know, a speed, but also the quantity. It's a war of attention. So you need to win this war of attention with the right surprising exciting, innovative and efficient projects.

這些是我們打算在未來幾個月和幾季超速發展的領域，以便我們既能擁有速度，又能擁有數量。這是一場注意力之戰。因此，您需要透過正確的、令人驚訝的、令人興奮的、創新的和高效的項目來贏得這場關注戰。

Mark Astrachan, Stifel.

馬克·阿斯特拉坎，斯蒂菲爾。

Yes, thanks, and morning, afternoon, everyone. And a couple of clarification questions. So the retailer reordering commentary, it sounds more like fluid on the color cosmetics is that correct? And I guess if it is, how do you think about our channel inventories are from a fragrance standpoint, thinking more of the prestige side and how you think about the puts and takes of what the end demand looks like and how does that factor into the high end and low end of your guidance for fiscal '25 and then just also clarification and what's baked in from an Argentina hyperinflation standpoint for the revenue growth for fiscal '25?

是的，謝謝大家，上午、下午。還有幾個澄清問題。那麼零售商重新訂購的評論，聽起來更像是彩妝上的液體，對嗎？我想如果是的話，從香水的角度來看，您如何看待我們的渠道庫存，更多地考慮聲望方面，以及您如何考慮最終需求的投入和獲取，以及如何將其納入考慮範圍。財政年度指導的高端和低端，然後還要澄清一下，從阿根廷惡性通貨膨脹的角度來看，25 財年的收入成長有何影響？

So definitely to answer you on retailer order management here I mean, the point is mainly cosmetics. I mean, there was a prestige category. Fragrance category remains very dynamic. I mean, you saw the last numbers, I mean, prestige fragrance category in the US is growing by 10% in July.

所以在這裡肯定要回答你關於零售商訂單管理的問題，我的意思是，重點主要是化妝品。我的意思是，有一個聲望類別。香水類別仍然非常活躍。我的意思是，你看到了最後的數字，我的意思是，美國的高檔香水類別 7 月份增長了 10%。

So definitely, and you know that US fragrance category is 70% bigger versus pre-COVID. So definitely is very healthy, very dynamic and we are bringing again and with strong innovations and which resonate very well in the in the US from or on Argentina, indeed, I indicated in fiscal '24 that indeed, due to hyperinflation, we really implemented significant price increases. Now we are really modeling for fiscal '25 more, some stabilization. Okay. So there will be some impact, but not at the same level as we face in fiscal '24.

所以肯定的是，你知道美國香水類別比新冠疫情之前增加了 70%。因此，這絕對是非常健康、非常有活力的，我們正在再次帶來強大的創新，這在美國或阿根廷引起了很好的共鳴，事實上，我在24 財年指出，確實，由於惡性通貨膨脹，我們確實實施了價格大幅上漲。現在，我們確實正在為 25 財年的更多穩定進行建模。好的。因此，將會產生一些影響，但不會達到我們在 24 財年面臨的水平。

Thank you.

謝謝。

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

目前沒有其他問題。我會將電話轉回蘇·納比，讓其結束語。

Thank you very much. So looking forward to talking to you at the end of Q1.

非常感謝。因此，期待在第一季末與您交談。

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。