科蒂集團 (COTY) 2026 Q1 法說會逐字稿

Good morning and good afternoon, everyone. My name is Madison, and I will be your conference operator today. At this time, I would like to welcome everyone to Coty's first quarter fiscal 2026 question-and-answer conference call. As a reminder, this conference call is being recorded today, November 6, 2025, at 9:30 AM Eastern Time or 3:30 PM at Central European Time.

各位早安/下午好。我叫麥迪遜，今天我將擔任你們的會議接線生。此時此刻，我謹代表科蒂公司歡迎各位參加 2026 財年第一季問答電話會議。提醒各位，本次電話會議將於美國東部時間 2025 年 11 月 6 日上午 9:30 或歐洲中部時間下午 3:30 進行錄音。

Please note that on November 5 at approximately 4:30 PM Eastern Time or 10:30 PM Central European Time, Coty issued a press release and prepared remarks webcast, which can be found on its Investor Relations website. On today's call are Sue Nabi, Chief Executive Officer; and Laurent Mercier, Chief Financial Officer.

請注意，科蒂公司於美國東部時間 11 月 5 日下午 4:30 左右或歐洲中部時間晚上 10:30 發布新聞稿並準備了網絡直播講話，您可以在其投資者關係網站上找到這些內容。今天參加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 statements today may contain forward-looking statements. Please refer to Coty's earnings release and the reports filed with the SEC where the company lists factors that could cause actual results to differ materially from these forward-looking statements. In addition, except where noted, the discussion of Coty's financial results and Coty's expectations reflect certain adjustments as specified in the non-GAAP financial measures section of the company's release.

我想提醒各位，今天發布的許多聲明可能包含前瞻性聲明。請參閱 Coty 的獲利報告和向美國證券交易委員會提交的報告，其中列出了可能導致實際結果與這些前瞻性聲明有重大差異的因素。此外，除另有說明外，對 Coty 財務業績和 Coty 預期的討論反映了公司新聞稿中非 GAAP 財務指標部分規定的某些調整。

With that, we will now open the line for questions. (Operator Instructions)

接下來，我們將開放提問通道。（操作說明）

Rob Ottenstein, Evercore.

Rob Ottenstein，Evercore。

I've got a few questions all around the Gucci topic, if you will. So first, can you talk a little bit about how exiting the Gucci license will impact your overall portfolio, how you're thinking about it? And then does the Kering announcement, along with L'Oreal, actually have any influence at all on how you're thinking about your overall licensing model? Any tweaks to that?

我有一些關於 Gucci 的問題想問。首先，您能否談談退出 Gucci 授權將如何影響您的整體投資組合，以及您對此有何考慮？那麼，開雲集團和歐萊雅的聲明是否真的對您整體授權模式的思考方式產生了任何影響？還需要做任何調整嗎？

And then finally, is it at all possible that Kering will try to take the Gucci license back before its expiration? And can you come to a deal with Kering in terms of an early license termination? Thank you very much

最後，開雲集團是否有可能在 Gucci 授權到期前將其收回？您能否與開雲集團就提前終止授權達成協議？非常感謝

Robert, thank you very much for giving me again the opportunity to speak about this important topic. So let me start with the first question, which is around how this is going to impact Coty's portfolio. So with the public announcement that the Gucci license will no longer be part of our portfolio after its expiry, as you can imagine, the focus of Coty for the next several years will be on, number one, we will be overdriving the brands with the biggest long-term growth potential. Number two, we will be building, and I should even say, amplifying the new licenses and brands we have recently added to Coty's portfolio. And number three, in parallel, we will optimize the Gucci brand during its remaining term, while, of course, fully respecting and operating within all of its term.

羅伯特，非常感謝你再次給我機會談論這個重要主題。那麼，讓我先回答第一個問題，那就是這將如何影響科蒂的投資組合。因此，隨著 Gucci 授權到期後將不再屬於我們的產品組合這一消息的公開宣布，正如您所料，Coty 未來幾年的重點將是：第一，我們將大力發展那些具有最大長期增長潛力的品牌。第二，我們將發展，甚至應該說，我們將擴大我們最近添加到 Coty 產品組合中的新授權和品牌。第三，我們將同時優化 Gucci 品牌在其剩餘期限內的發展，當然，我們將完全尊重並遵守其所有期限。

In fact, and it's important for me to have the occasion to say this, the uncertainty over the last few years around the fate of the Gucci license resulting from the public comments of the licensor were a challenge for the Coty organization and the Coty reputation, including whether to build the brand in a strategic or a tactical way and also its role in our overall portfolio.

事實上，對我來說，有機會說這一點很重要，過去幾年裡，由於授權方的公開言論，Gucci 授權的命運一直充滿不確定性，這對 Coty 集團和 Coty 的聲譽都是一個挑戰，包括是否應該以戰略性或戰術性的方式打造該品牌，以及它在我們整體產品組合中的作用。

And now, as there is full clarity on the brand direction, we now have a fantastic opportunity to grow the rest of the portfolio with a bigger sense of focus especially on the ultra-luxury part of the business with a comprehensive portfolio of ultra-premium brands. I'm thinking about Atelier des Fleurs from Chloé. I'm thinking about Burberry Signatures, Jil Sander Collection, Infiniment Coty Collection, and upcoming Etro and Marni collections.

現在，品牌方向已經完全明確，我們迎來了一個絕佳的機會，可以更專注於超豪華業務，發展其餘產品組合，打造一個全面的超高端品牌組合。我在考慮 Chloé 的 Atelier des Fleurs 系列。我正在考慮 Burberry Signatures、Jil Sander Collection、Infiniment Coty Collection 以及即將推出的 Etro 和 Marni 系列。

So even without the Gucci license, it's important to state that we remain firmly in the top three for total global fragrances and for prestige fragrances. And with this clarity on the fate of Gucci now, we will work to optimize the brand in a more tactical way until the last day of the license while focusing on accelerating the rest of our portfolio.

因此，即使沒有 Gucci 的授權，也必須指出，我們在全球香水總量和高端香水領域仍然穩居前三名。現在 Gucci 的命運已經明朗，我們將以更具策略性的方式優化品牌，直到授權的最後一天，同時專注於加速我們其他產品組合的發展。

As a reminder, and you have seen it probably in our prepared remarks, we have already grown some of our biggest brands at a fantastic pace in the last five years, Burberry by 140%, Hugo Boss by 33%, Chloé by 70%, Marc Jacobs by 50%, and we can now focus even more on further expanding these brands while in parallel building our next stars with brands like Swarovski, just like we have built Gucci. You may recall that we grew Gucci by 60% over the same period at constant currencies.

再次提醒大家，你們可能已經從我們準備好的發言稿中看到了，在過去的五年裡，我們一些最大的品牌已經以驚人的速度增長，Burberry 增長了 140%，Hugo Boss 增長了 33%，Chloé 增長了 70%，Marc Jacobs 增長了 50%，現在我們可以更加專注於拓展這些明星，同時打造了 50%，現在我們可以更加專注於拓展這些明星。您可能還記得，在同一時期，我們以固定匯率計算，Gucci 的銷售額成長了 60%。

Now I would like to take this opportunity, Robert, if you allow me, to stress that some of the delusional media rumors from recent months about Coty potentially exploring the sale of some of our key fragrances are categorically false. May I repeat, categorically false. We are committed more than ever to solidifying our position as a prestige beauty company with an emphasis on fragrance and scenting across price points with cosmetics and skin care best-in-class capabilities. And as you can imagine, our long-term fragrance brands are the backbone of this strategy.

羅伯特，如果你允許的話，我想藉此機會強調，最近幾個月媒體上關於科蒂可能考慮出售我們一些主要香水的謠言完全是無稽之談。我再說一遍，絕對錯誤。我們比以往任何時候都更致力於鞏固我們作為一家高端美容公司的地位，重點關注各個價位的香水和香氛產品，並擁有業內一流的化妝品和護膚品能力。正如您所想，我們的長期香水品牌是這項策略的支柱。

Now moving to the second part, which is a very important also question, which is around the impact of these events on the licensing model. I think that we can say that everything that happened confirms that the winners in beauty have been and will remain specialty beauty players like Coty.

現在進入第二部分，這也是一個非常重要的問題，那就是這些事件對許可模式的影響。我認為我們可以說，所有發生的事情都證實了，美容行業的贏家一直是並將繼續是像科蒂這樣的專業美容企業。

In housing, beauty remains incredibly complex incredibly costly for non-beauty players, which reinforces the appeal of the licensing model. May I remember -- remind everyone about why this licensing model is really a stronger model. It offers strong return on investment with no material upfront license or renewal costs, while established brand equity increases the probability of success and of payers. Again, a successful licensing business depends on portfolio diversification and on minimizing the license duration risk. In recent years, as you have seen, we have proactively renewed and significantly extended many key licenses, including Hugo Boss, Marc Jacobs, adidas, Davidoff, and all these for an additional 15 years plus.

在住房領域，美觀對於非美觀玩家來說仍然極其複雜且成本極其高昂，這增強了許可模式的吸引力。我還要提醒大家一下，為什麼這種授權模式其實是一種更強大的模式。它提供強勁的投資回報，無需支付任何實質的前期許可或續約費用，同時已建立的品牌資產提高了成功和付費的可能性。同樣，成功的授權業務取決於投資組合多元化和最大限度地降低授權期限風險。近年來，正如您所看到的，我們積極主動地續約並大幅延長了許多重要授權，包括 Hugo Boss、Marc Jacobs、adidas、Davidoff 等品牌，所有這些授權都延長了 15 年以上。

So today, I would say that 85% of our portfolio is either an owned brand, a perpetual license, which we view like an own brand, or a license with very long-term remaining duration of more than seven years, 85% again. So for our core beauty portfolio, it remains also a very long term in terms of nature, with approximately 80% of the brands either being owned or under long-term license. We also have been very prudent, as I said it for many years now, that no single brand in our portfolio accounts for more than approximately 10% of our sales.

所以今天，我會說我們投資組合中的 85% 要么是自有品牌，要么是永久授權（我們將其視為自有品牌），要么是剩餘期限超過七年的長期授權，同樣是 85%。因此，就我們的核心美容產品組合而言，其性質也仍然非常長期，其中約 80% 的品牌要么是自有品牌，要么是長期授權品牌。正如我多年來一直強調的那樣，我們也一直非常謹慎，我們產品組合中沒有任何一個品牌的銷售額佔比我們總銷售額的 10%以上。

Now I'm going to answer the last part of your question, which is around an early exit from the license. So again, there is no change to Coty's existing license on our ability to operate the Gucci Beauty license. All contractual rights remain in place and continue as agreed. Coty will continue to manage and operate Gucci Beauty under the same structure already in motion. And overall, we continue to solve this amicably with Kering. Last part of your question, which is around a potential deal. As you can imagine, we are always open to evaluate any proposal if and only if this creates real value for the company.

現在我要回答你問題的最後一部分，也就是關於提前終止許可證的問題。所以，Coty 現有的 Gucci Beauty 授權對我們營運能力沒有任何影響。所有合約權利仍然有效，並繼續按約定執行。科蒂將繼續按照現有的架構管理和經營 Gucci Beauty。總的來說，我們繼續與開雲集團友好地解決這個問題。你問題的最後一部分是關於一筆潛在交易的。正如您所想，我們始終樂於評估任何提案，前提是該提案能夠為公司創造真正的價值。

Thank you very much.

非常感謝。

Susan Anderson, Canaccord.

蘇珊安德森，Canaccord。

I guess maybe just a follow-up on the last question. I did see that Coty filed a lawsuit against carrying for [Brico] contract. I guess maybe if you could just talk a little bit about what that means for Coty, if that maybe helps to sell the license back early. And then also, I don't think you talked specifically about any financial impact when the two license does transition to L'Oreal. Not sure if you could give any numbers around that. Thank you.

我想這或許是對上一個問題的後續提問。我看到 Coty 對 [Brico] 的合約提起了訴訟。我想，如果您能稍微談談這對 Coty 意味著什麼，看看這是否有助於他們提前將授權賣回，那就太好了。此外，我認為你沒有具體談到這兩個授權過渡到歐萊雅時會產生的任何財務影響。不知道您能否提供一些相關數據。謝謝。

So let me maybe start with the second part of your question, which is around potentially the impact of this exit when it happens. As we have been discussing for some time now, we have been actively focused on risk management in the portfolio of Coty. And again, as I said it earlier, no brand bigger than approximately 10% of our sales.

那麼，或許我可以先回答你問題的第二部分，也就是這次退出可能造成的影響。正如我們之前討論過的，我們一直積極關注科蒂投資組合的風險管理。而且，正如我之前所說，沒有任何一個品牌的銷售額超過我們總銷售額的 10% 左右。

Now that the public announcement has been done that the license will no longer be part of our portfolio after the expiry date, our focus for the next several years will be on overdriving the brands with the biggest long-term growth potential is going to be also in building and amplifying the new licenses and brands we recently added to the portfolio, and in parallel, optimizing the Gucci brand during its remaining term. As you can know it, Gucci is currently a sizable brand in the portfolio. So the loss of the brand at expiry will mean some profit impact in the year after to address this gap, we will be overdriving again, all the other rest of the portfolio, while also addressing our cost structure.

既然已經公開宣布該授權將在到期日後不再屬於我們的產品組合，那麼未來幾年我們的重點將放在大力發展具有最大長期增長潛力的品牌上，同時也將致力於打造和擴大我們最近添加到產品組合中的新授權和品牌，並在此基礎上，在剩餘的授權期限內優化 Gucci 品牌。如您所知，Gucci 目前是該集團旗下相當大的品牌。因此，品牌到期後的損失將對來年的利潤產生一定影響。為了彌補這一缺口，我們將再次加大對所有其他產品組合的投入，同時調整我們的成本結構。

Now regarding litigation, what I can tell you is that, of course, I will not comment on ongoing litigations. And I can tell you that we will defend our rights until the last day until the last hour of the contract.

至於訴訟方面，我可以告訴你們的是，我當然不會對正在進行的訴訟發表評論。我可以向你們保證，我們將捍衛我們的權利，直到合約的最後一天，直到合約的最後一刻。

Okay. Great. Thank you so much. Good luck (inaudible).

好的。偉大的。太感謝了。祝你好運（聽不清楚）

Filippo Falorni, Citi.

Filippo Falorni，花旗銀行。

Sue, maybe can you comment a bit about the better performance that you're seeing in fiscal Q2 that is driving you to the higher end of the range? Are you seeing an acceleration in some category growth? Is it the inventory dynamic solving itself earlier than expected? And then I had a bigger picture question on the fragrance mist. Can you just help us dimensionalize opportunity in that category and also just the margin profile as you expand there? Thank you.

Sue，您能否談談您在第二財季看到的較好業績，正是這些業績促使您將預期值提高到區間的較高水平？您是否觀察到某些品類成長加速？庫存動態是否比預期更早自行解決？然後，我對香氛噴霧產生了一個更宏觀的問題。您能否幫我們分析一下該類別中的機會維度，以及隨著業務拓展，利潤率情況如何？謝謝。

So on the first question regarding the better performance we are contemplating for Q2, which led to our increase in terms of being at the more favorable part of the guidance I would say that it's a mix of everything, in fact. The dynamism of the fragrance market in the US continues to be very strong. Again, we are talking about a market that's in the mid-single-digit growth. And what we see in Q2 in terms of market dynamics is confirming this element. So we believe it's going to be a good holiday season. This is number one.

所以，關於第二個季度業績有望更好，從而導致我們業績預期上調至更有利的區間，第一個問題我認為實際上是各種因素共同作用的結果。美國香水市場的活力依然非常強勁。再次強調，我們談論的是一個正處於個位數中等成長水準的市場。第二季的市場動態也證實了這一點。所以我們相信這將是一個不錯的假期。這是第一名。

Number two, our innovations, specifically the BOSS Bottled beyond launch that started at the end of the Q1, more or less, and it was exclusive to Travel Retail during the summer until the end of August. So it all started in domestic markets around the end of September. This is such a big success that I believe this is going to translate into a stronger selling also for Q2. BOSS Beyond Bottle is today the number two innovation in Europe, the number one innovation in volume in the DACH region, number one in Australia, and even number six in the US as an innovation for a brand that has never been a US, I would say, traditionally present brand on this very important market.

第二，我們的創新，特別是 BOSS Bottled Beyond 的推出，它大約在第一季末開始，並在夏季期間獨家在旅遊零售通路銷售，直到 8 月底。這一切都始於9月底的國內市場。這是一個巨大的成功，我相信這將轉化為第二季更強勁的銷售動能。BOSS Beyond Bottle 目前是歐洲第二大創新產品，是德語區銷售第一的創新產品，是澳洲銷售第一的創新產品，甚至在美國也位列第六，這對於一個從未在美國這個非常重要的市場上出現過的品牌來說，無疑是一項創新。

So for us, it's really a big strategic bet, and it looks like it's going to be very, very big, which will help us to increase our market share in the male fragrances, which are also booming, as you know it.

所以對我們來說，這真的是一次重大的策略性投注，而且看起來規模會非常非常大，這將有助於我們提高在男士香水市場的份額，正如你所知，男士香水市場也正在蓬勃發展。

Number three, I think the dynamism is also at the entry part of the market, which is around the entry prestige brands, but moreover around the Mist. The Mist today are representing more or less 2% of Q1 net revenues in fragrances, which is big, I have to say. We have become the number three or number four player in Europe, number one in Italy, to take a few examples. Everywhere or every brand that launched its own mist is seeing a very strong halo effect on the base business, be it Kylie, be it philosophy or Calvin Klein that are the first to go to market, and there are other brands arriving soon.

第三，我認為活力也反映在入門市場，也就是入門高端品牌，尤其是 Mist 品牌。如今，The Mist 香水系列約佔第一季淨收入的 2%，這相當可觀。舉例來說，我們已經成為歐洲排名第三或第四的球隊，義大利排名第一的球隊。凡是推出自家香氛噴霧的品牌，無論是 Kylie、Philosophy 還是 Calvin Klein 等率先進入市場的品牌，都看到了對基礎業務的強烈光環效應，而且其他品牌也即將加入。

And last but not least, you had a question around the gross margin of mist. The way we have built the mist is, number one, to make them fully additional, and this is really confirmed. It's really incremental sales for the company, attracting consumers, which are the youngest part of the Gen Z target, which are not usually buying into traditional fragrances to that level.

最後，您也問了一個關於霧的毛利率的問題。我們製造迷霧的方式，第一，就是讓它們完全附加，這確實得到了證實。這對公司來說確實能帶來增量銷售，吸引消費者，尤其是 Z 世代目標群體中最年輕的那部分人，他們通常不會如此熱衷於購買傳統香水。

So this is one. And two, it's a gross margin that is in line with the one of our prestige fragrances. So there is absolutely no dilution in the way we have crafted and created this new category. So in a way, this Q2 better-than-expected outlook is driven by our ability, and I guess we are the only company doing this to play high low, while at the same time, securing the heart of our business, which are premium fragrances.

這是其中之一。其次，它的毛利率與我們的高端香水的毛利率一致。因此，我們在設計和創造這個新類別的過程中，絕對沒有任何稀釋。因此，從某種意義上說，第二季度好於預期的前景是由我們的能力所驅動的，而且我想我們是唯一一家能夠做到這一點的公司，既能把握高低波動，又能同時確保我們業務的核心——高端香水。

Oliver Chen, TD Cowen.

Oliver Chen，TD Cowen。

Laurent, as we are excited about the second half here, what are your thoughts in terms of the key launches and how you'll think about categories and the comparisons as well that will give that return to that growth in the second half? Also, as you think about Consumer Beauty in Brazil, I would love your thoughts there on potential outlines and outcomes and timelines.

Laurent，我們對下半年充滿期待，您對重點產品的推出有什麼想法？您打算如何考慮品類和比較分析，才能在下半年成長？另外，當您思考巴西的消費美容產業時，我很想聽聽您對該產業潛在發展方向、成果和時間表的看法。

Yeah. Thank you. So indeed, about H2, and indeed, we are confirming that we will be back to growth in the second half of this fiscal. So that's the number one message. So what is behind this number is that indeed, the continuing momentum on the beauty category and especially of the Prestige fragrance category.

是的。謝謝。所以，關於下半年，我們確實可以確認，本財年下半年我們將恢復成長。所以，這是最重要的訊息。因此，這個數字背後確實反映了美容品類，尤其是高檔香水類別的持續成長動能。

So we see really consistent, resilient growth of this category. And again, you see the numbers, if I take the Q1 category fragrance growth in the US, which is a plus 7%. And our sellout in Q1 is in line with this category growth. And indeed, all the work that the new management team is putting in place in the US is really confirming that this trend is going to continue and amplify in the H2. So that's very important category and the US, which, as you remember, was the main issue that we had a year ago.

因此，我們看到這一品類實現了非常穩定、強勁的成長。再看看這些數字，如果我以美國第一季香水類別的成長為例，那就是成長了 7%。我們第一季的銷售情況與該品類的成長相符。事實上，新管理團隊在美國所做的一切工作都證實了這一趨勢將在下半年繼續並加劇。所以這是一個非常重要的類別，而美國，正如你所記得的，是我們一年前面臨的主要問題。

Now we are really already in a good place that we are recovering very fast. So that's really the big element. It's going to be amplified by strong innovation. So as you heard and as you saw, I mean, BOSS Beyond Bottled is off a very good start. And of course, it's going to continue and amplify. And we are coming also in the second half with an additional blockbuster.

現在我們的處境非常好，恢復速度非常快。所以這才是關鍵。強大的創新能力將放大這一趨勢。正如你所聽到的和看到的，BOSS Beyond Bottled 的開局非常順利。當然，這種情況還會持續下去，而且愈演愈烈。下半年我們還將推出重磅大片。

So again, the fundamentals of this growth are here. And the last element, which I want to highlight, which is very important is that indeed, at the end of this calendar '25, we are seeing that our sell-out performance will converge with the sell-in performance. So indeed, we are seeing already this quarter, and we continue next quarter that the level of inventory with retailers is declining significantly and indeed that we can really be back to really a well synchronized sell-out and selling.

所以，這種成長的基本要素依然存在。最後一點，也是我想強調的非常重要的一點，是到 2025 年年底，我們確實看到我們的售罄業績將與售入業績趨於一致。因此，我們確實在本季度已經看到，下個季度也將繼續看到，零售商的庫存水準正在大幅下降，我們確實可以真正恢復到銷售和售罄的良好同步狀態。

So these are really all the drivers -- the key drivers confirming indeed having our H2 back to growth and of course, to continue on this growth trajectory. So indeed, that's really on the H2. So indeed, on Consumer Beauty or Cosmetics, again, I mean, we announced and we made very clear that indeed now is really led by Gordon Von Bretten, who, as you know, I mean, knows very well the company. I mean, he was Head of Transformation a few years ago.

所以這些確實是所有驅動因素——關鍵驅動因素，證實了我們的 H2 確實恢復了成長，當然，也證實了我們將繼續保持這種成長勢頭。所以，這確實是H2的問題。所以，關於消費美容或化妝品業務，我們再次宣布並明確表示，現在確實由 Gordon Von Bretten 領導，正如您所知，他對公司非常了解。我的意思是，他幾年前還是轉型主管呢。

And Gordon is really currently assessing and really reviewing the full potential of this division, working on all components. So the number one mandate, of course, is really to rejuvenate really the P&L, I mean, the profit and the cash generation from Color Cosmetics. And I can tell you that Gordon is already full speed, really built already a strong team really to manage all these key initiatives. And I can tell you it's covering the full spectrum, again of the P&L, starting, of course, with top line, gross to net, gross margin, A&CP allocation, and of course, the fixed cost. So it's really in motion, and we will keep you posted, of course, on the progress on this journey.

戈登目前正在認真評估和審查該部門的全部潛力，並著手處理所有相關事宜。因此，首要任務當然是真正重振損益表，我的意思是，提高彩妝業務的利潤和現金流。我可以告訴你，戈登已經全力以赴，真正組建了一支強大的團隊來管理所有這些關鍵舉措。我可以告訴你，它涵蓋了損益表的全部內容，當然，首先是營業額、毛利與淨利、毛利率、廣告和廣告費用分配，當然還有固定成本。所以這件事已經正式啟動，我們當然會隨時向您報告進度。

And second, which is on Brazil. As you know, Brazil is a very -- is a profitable business. I mean, really the work done over the last years really has brought very, very good results. And indeed, I mean, conclusions on Brazil are likely to come before than on Consumer Beauty and on color cosmetic business.

其次，是關於巴西的。如你所知，巴西是一個非常——是一個利潤豐厚的市場。我的意思是，過去幾年所做的工作確實取得了非常好的成果。的確，我的意思是，關於巴西的結論可能會比關於消費美容和彩妝行業的結論更早得出。

Olivia Tong.

奧利維亞唐。

With respect to fragrances, you've got really substantial growth both in Ultra Prestige and Mist. So can you talk about the opportunity you see for both of them? And more importantly, how to balance the two, particularly in terms of the Mist side? And then just building on that, just thinking about the barriers to entry on Mist and then what your view is on price-mix impact over time given those dynamics? Thank you.

就香水而言，無論是超高端香水還是香氛噴霧，都取得了非常顯著的成長。那麼，您能否談談您認為這兩者各自的發展機會？更重要的是，如何平衡這兩者，尤其是在迷霧方面？在此基礎上，思考一下 Mist 的進入門檻，以及考慮到這些動態因素，您認為價格組合會隨著時間的推移產生怎樣的影響？謝謝。

Let me take this question. So again -- let me start with the Mist part. So this Mist, as I said it earlier, we really designed them with two or three principles in mind. The first principle is that we have to be where the Gen Zs and the consumers are shopping today, and they are shopping this kind of fragrances. You could think about a Mist like a kind of modern Cologne.

讓我來回答這個問題。那麼，就讓我先從「迷霧」部分開始吧。所以，正如我之前所說，我們設計這款迷霧時，確實遵循了兩到三個原則。首要原則是，我們必須出現在 Z 世代和消費者如今購物的地方，而他們正在購買這類香水。你可以把香氛霧想像成一種現代版的古龍水。

It's not new, the Mist. But the way we've designed our Mist maybe is the comparison that could be done between a Nokia Mist and an iPhone Mist more or less. So that's exactly what we have done. And on top of this, we added entry barriers. Indeed, it's a very important element.

迷霧並非什麼新鮮事。但我們設計的 Mist 或許可以與Nokia Mist 和 iPhone Mist 比較。所以，我們正是這麼做的。除此之外，我們還設定了准入門檻。的確，這是一個非常重要的因素。

First, in terms of our ability to use the library of winning scents from our Prestige division. And number two, I can tell you that the formulation of our Body Mist, whatever is the brand, are patented formulations using ingredients that are there to act on the longevity of the scent on the skin of the body. And this is really a unique know-how to the company, which allow us to do what a lot of brand Mist has not been able to do so far, which is to create a lasting impression. If you read online, what people love and hate about the mist, they love that it's easy to spray. It's also stackable.

首先，就我們利用 Prestige 部門獲獎香水庫的能力而言。第二，我可以告訴你，我們所有身體噴霧的配方，無論是什麼品牌，都是專利配方，使用的成分旨在延長香味在身體皮膚上的留香時間。這確實是公司獨有的專業知識，使我們能夠做到許多品牌噴霧迄今為止都未能做到的事情，那就是創造持久的印象。如果你上網查閱人們對噴霧劑的評價，你會發現他們喜歡它的一點是它很容易噴灑。它還可以堆疊。

The mist phenomenon is incremental because a lot of young users use it as a luxury and then they add their favorite fragrance at the main outfit on top. So it's not instead, it's with the rest of the fragrance consumption. And if you look at social media, the number one need gap is that it does not last. So this is where we use this patented technology that allows the fragrance to stay on the skin as true as possible from the moment you spray it on to the end of the day. So that's the first element regarding the mist.

香水噴霧現像是逐漸形成的，因為許多年輕用戶將其視為一種奢侈品，然後在主要服裝上添加他們最喜歡的香水。所以，這不是替代，而是與香水的其他消費方式一起。如果你觀察社群媒體，你會發現它最大的需求缺口在於它無法持久。所以，我們運用這項專利技術，讓香水從噴灑的那一刻起，到一天結束，都能盡可能真實地留在皮膚上。這是關於霧的第一個要素。

And for me, the mist is just a first step into what we call scenting everything, which I believe is the mission of the company, the know-how of the company and the competitive advantage of the company. So you'll see many more things arriving in the near future around scenting your body. Number two, which is around the ultra-premium part of the market. This part, we used to call it niche. I think niche is really a wrong word because it's not that niche.

對我來說，噴霧只是我們所謂的「為一切增添香味」的第一步，我相信這正是公司的使命、公司的專長和公司的競爭優勢。所以，在不久的將來，你會看到更多與身體香氛相關的產品問世。第二，也就是超高端市場。這部分，我們以前稱之為利基市場。我覺得「小眾」這個詞用得不太恰當，因為它其實並不小眾。

In fact, today, if you look at the biggest niche brands, they represent multiple hundreds of millions of dollars of net revenues. In a country like the US or in a country like UK, it's close to 20% of the prestige fragrance market. So it's a sizable portion of the market and probably the most profitable part of the market, too, given the high prices that are used in this area. There, it took us some time to build the portfolio, but now we have a portfolio.

事實上，如今，如果你看看最大的利基品牌，它們代表著數億美元的淨收入。在美國或英國這樣的國家，它佔高檔香水市場的近 20%。因此，它佔據了相當大的市場份額，考慮到該領域的高價，它可能也是市場上最賺錢的部分。在那裡，我們花了一些時間建立投資組合，但現在我們已經擁有了一個投資組合。

Again, there aren't that many companies that have a portfolio of ultra-premium brands. Again, I quoted earlier, of course, the Chloe, Atelier des Fleurs collection, the Burberry Signature Collection, the Jil Sander collection, the Boss collection, the upcoming Marni and Etro collections, and of course, the own brand, which is Infiniment Coty Paris, and we are continuing to chase new names in this area so that we are able to build a Coty ultra-premium business that represents between 10% and 20% of our business. And today, it's only 1%. It's growing at 17%, but we start from a small base.

同樣，擁有超高端品牌組合的公司並不多。當然，我之前也提到過 Chloe、Atelier des Fleurs 系列、Burberry Signature 系列、Jil Sander 系列、Boss 系列、即將推出的 Marni 和 Etro 系列，當然還有我們自己的品牌 Infiniment Coty Paris。我們正在繼續在這個領域尋找新的品牌，以便建立一個占我們業務 10% 到 20% 的 Coty 超高端業務。而如今，這個比例只有1%。雖然成長率達到了 17%，但我們的基數很小。

So for me, this is a fantastic growth engine for the future of the company. So again, we are the only company playing high low on top of the core of the market.

所以對我來說，這對公司的未來發展來說是一個絕佳的成長引擎。所以，我們再次成為唯一一家在市場核心之上進行高低策略操作的公司。

Ashley Helgans, Jefferies.

阿什利·赫爾根斯，傑富瑞集團。

This is Sidney on for Ashley. Can you talk a little bit more about what you're seeing in terms of promotion and how that may be varied by region or channel? It sounded like there was some challenge from peers leaning into promo. So just curious if that put pressure on you guys to shift your promotional approach at all.

這是西德尼替阿什利報道。您能否再詳細談談您在推廣方面觀察到的情況，以及這些情況如何因地區或管道而異？聽起來好像同行們在推廣上提出了一些挑戰。所以我很好奇，這是否給你們帶來了壓力，促使你們改變宣傳策略。

And then also just curious about any trade down or up dynamics. As you've mentioned, you are really spanning price point, especially within your fragrance offering. So curious kind of what you're seeing there in terms of consumption trends. Thank you.

另外，我也很好奇交易價格的走勢，無論是下跌還是上漲。正如您所提到的，您的產品涵蓋了廣泛的價格區間，尤其是在香水產品方面。我很好奇你們那邊的消費趨勢是什麼樣的。謝謝。

Yeah, indeed. So indeed, we are seeing indeed some promotional activity, indeed, I mean, I can tell you indeed from some of our peers. I mean, we are very disciplined and very diligent really not to be aggressive on that game. So indeed, we are very choiceful, really focusing on, again, on innovation and continue really to protect indeed our brand.

沒錯，確實如此。所以，我們確實看到了一些促銷活動，我的意思是，我可以從我們的一些同行那裡得知這一點。我的意思是，我們紀律嚴明，非常勤奮，真的不會在那場比賽中採取激進的策略。所以，我們確實非常注重選擇，再次強調創新，並繼續努力保護我們的品牌。

And we are also developing really some ways to avoid this game, which is, as we shared a few times, now we have really dedicated teams working on revenue management and revenue management is exactly how to avoid playing this kind of promotional game. I give you some examples in the US one category which is growing fast is a pen spray. Pen spray are smaller format, 30 milliliters, indeed lower price. And indeed, instead of promoting some of our icons, in fact, some consumers can go to this segment, and it's also a smart way to enter the category and then they go to the icon.

我們也正在開發一些方法來避免這種遊戲，正如我們之前多次提到的，我們現在有專門的團隊負責收入管理，而收入管理正是避免玩這種促銷遊戲的方法。我舉幾個例子，在美國，成長迅速的一個類別是噴霧筆。筆式噴霧劑的規格較小，只有 30 毫升，價格也確實更低。事實上，與其推廣我們的一些圖標，不如讓一些消費者進入這個細分市場，這也是進入該類別並找到圖標的巧妙方法。

So we are really developing different formats, different games exactly to match also sometimes some pricing expectation. At the same time, what is very interesting and was the previous point from Sue is that you are seeing that the high premium category is flying, okay? So it shows that we have really -- with really our capabilities, our know-how and really all the formulation that we are bringing, there is really a path that it's not only about price. It's really about always the excitement about the category.

因此，我們正在開發不同的遊戲形式和不同的遊戲，以迎合某些價格預期。同時，非常有趣的是，正如 Sue 之前提到的，高端市場正在蓬勃發展，好嗎？所以這表明，憑藉我們的能力、專業知識以及我們帶來的所有配方，我們確實有一條道路，這條路不僅僅關乎價格。關鍵在於始終對這個領域充滿熱情。

So I think, again, we are very well positioned, and you understand that these $5 to $500 is the best answer to this promotional environment because we are covering the full spectrum. We are matching the needs of all our consumers. And indeed, I can tell you, so we are very choiceful, and we are making sure indeed that we are protecting our profitability.

所以我認為，我們再次處於非常有利的位置，您也明白，5 美元到 500 美元的價格是應對當前促銷環境的最佳方案，因為我們涵蓋了所有方面。我們正在滿足所有消費者的需求。的確，我可以告訴你，我們非常謹慎地進行選擇，我們正在確保切實保護我們的獲利能力。

And on your last point, trade down versus trade up, I mean, that's exactly this point about the $5 to $500. So it's really managing the full spectrum. Body Mist is also a very great answer to this question. I mean, we are seeing Gen Z very excited by Body Mist. It's $20 to $30 product that they really enjoy, different formulas, as we indicated. And then it's also a path at the moment to access to more premium products. So you're absolutely right, but I think all the strategy, the teams, and the tools that we have in place are really helping to navigate in this environment.

關於你最後一點，向下交易還是向上交易，我的意思是，這正是 5 美元到 500 美元這個價位的問題所在。所以它實際上是在管理所有方面。身體噴霧也是解決這個問題的一個非常好的答案。我的意思是，我們看到Z世代對身體噴霧非常感興趣。正如我們所說，這是一款售價 20 至 30 美元的產品，他們非常喜歡，而且有不同的配方。而且，目前這也是獲得更優質產品的途徑之一。所以你說得完全正確，但我認為我們現有的所有策略、團隊和工具都確實有助於我們應對這種環境。

In fact, to complement what Laurent just said, we are seeing clearly that consumers are stacking the sense. This comes from the Middle East. This is a trend that's globalizing. We call it scent stacking or scent wardrobe depending on the moment. So it's about using a body mist on your skin and then using a lotion on the rest of your body.

事實上，正如 Laurent 剛才所說，我們清楚地看到，消費者正在疊加感官體驗。這來自中東。這是一個正在全球化的趨勢。我們根據不同的場合，稱之為香水疊搭或香水衣櫥。所以，關鍵在於先在皮膚上使用身體噴霧，然後在身體其他部位塗抹潤膚露。

And on top of this, you have your favorite cologne for the day and your favorite elixir for the night. So that's exactly what we are seeing. So no trade down because the more expensive categories are the fastest growing, but it's a story of end rather than a story of either.

除此之外，你還有你白天最喜歡的古龍水和晚上最喜歡的香水。這就是我們所看到的。所以不會有降級消費的情況，因為價格較高的類別成長最快，但這與其說是某種趨勢的故事，不如說是終結的故事。

Charles Scotti, Kepler.

查爾斯‧斯科蒂，開普勒。

I have three questions, please. The first one, how is the shift toward e-commerce affecting the sell-in, sell-out dynamics? I suspect that brick-and-mortar retailers are experiencing some destocking, partly due to the intensifying competition from online players. So I would like to understand whether the shift to online, particularly in the US could lead to a prolonged period of net destocking in that market.

請問我有三個問題。第一個問題是，轉型為電子商務的對進貨和出貨動態有何影響？我懷疑實體零售商正在經歷一些去庫存的情況，部分原因是來自線上零售商日益激烈的競爭。因此，我想了解向線上購物的轉變，尤其是在美國，是否會導致該市場出現長期的淨去庫存現象。

Second question on EMEA, which if I'm not mistaken, was down 9% like-for-like in Q1. It seems that it's the mass color cosmetic business, which is dragging on growth. Could you comment on the trends of the Prestige fragrance business? You mentioned mid-single-digit growth in the US. What about EMEA? And if you could give us an idea of the price mix volume breakdown of the category, both in EMEA and in the US, it would be helpful.

第二個問題是關於 EMEA 地區的，如果我沒記錯的話，該地區第一季同比下降了 9%。似乎是大眾彩妝產業拖累了成長。您能否談談高檔香水產業的趨勢？你提到美國經濟成長率為個位數中段。歐洲、中東和非洲地區的情況如何？如果您能提供該品類在歐洲、中東和非洲地區以及美國的價格組成和銷售細分情況，那就太好了。

And lastly, in China, demand seems to be recovering. You are obviously under-indexed on the Chinese market. But you mentioned that the outlook for the fragrance category is quite promising. Who do you think will take the lion's share of the market between the niche brands and prestige brands? And with which brands are you going to tackle the Chinese market more specifically? Thank you.

最後，在中國，需求似乎正在復甦。顯然，你在中國市場的佔有率被低估了。但您提到香水品類的前景相當光明。你認為小眾品牌和高端品牌，哪一方會佔據更大的市佔率？具體來說，你們將透過哪些品牌來開拓中國市場？謝謝。

Yeah. So indeed, I can take the first one, indeed, and we can complement on China. So indeed, on your question about brick-and-mortar and e-commerce, just to zoom out a little, yeah, of course, I mean, e-commerce is growing very fast. And you know that now it's more than $1 billion net revenue for total Coty Inc., and it's growing fast. In the Q1, we are seeing, I mean, the sellout of our e-commerce on both divisions is 5% to 6%. So indeed, we are really taking full opportunity of these channels. So that's, of course, very dynamic.

是的。所以，我確實可以接受第一個問題，而且我們可以就中國問題進行互補。所以，關於你提出的實體店和電子商務的問題，稍微從宏觀角度來看，是的，當然，我的意思是，電子商務發展非常迅速。你知道，現在科蒂集團的總淨收入已經超過10億美元，而且成長速度很快。第一季度，我們看到，我的意思是，我們兩個部門的電子商務售罄率在 5% 到 6% 之間。所以，我們確實充分利用了這些管道。所以，這當然是非常動態的。

From a destocking standpoint, no major difference between both. What I would highlight, though, is that, of course, e-commerce players and the number one being Amazon, as you know, they are very strict and very well organized on their inventory management. So indeed, it means that it's creating -- if you look at full picture indeed reduction of retailers' inventory. So indeed, you have, I would say, I call it more a mix effect from between e-comm and brick-and-mortar. So that's a fact, but it's not material.

從去庫存的角度來看，兩者之間沒有重大差異。不過，我想強調的是，當然，電子商務企業，尤其是排名第一的亞馬遜，正如你所知，他們在庫存管理方面非常嚴格，組織得也非常好。所以，從整體來看，這確實意味著零售商的庫存正在減少。所以，確實，我認為，我稱之為電子商務和實體店之間的混合效應。這是事實，但並非實質問題。

The other element is also that it's putting pressure on the brick-and-mortar retailers. And as a result, they are also becoming more disciplined and strict on their inventory management. So I think you need really to look at it more this way between both channels.

另一方面，這也給實體零售商帶來了壓力。因此，他們在庫存管理方面也變得更加自律和嚴格。所以我認為，你需要從這兩個管道的角度來更全面地看待這個問題。

EMEA yeah, down, indeed, yeah, it's mostly color cosmetic, indeed, as you see for the whole company. Indeed, our Prestige fragrance sellout is positive. So it's really dynamic. And again, all the innovation that we are bringing, I mean, BOSS Beyond Bottled is the number two male initiative in Europe. It's number one in volume in Germany.

EMEA地區確實下降了，沒錯，確實主要是彩妝產品，正如你在整個公司看到的那樣。事實上，我們的尊貴香水售罄是一個好消息。所以它真的很有活力。再說一遍，我們帶來的所有創新，我的意思是，BOSS Beyond Bottled 是歐洲排名第二的男性創業計畫。它在德國的銷量排名第一。

And we are only at the beginning. So it's going to continue and amplify in the Q2. So you will see really the sellout in EMEA continue to increase. At the same time, same as the US, yeah, we are still facing, and we will close by end of calendar. Indeed, from a selling standpoint, facing the retailer destocking. And for example, Douglas made public that they are focusing on inventory reduction. So these are really on the first two elements.

而我們才剛開始。因此，這種情況將在第二季度繼續並加劇。所以你會看到 EMEA 地區的售罄率確實會繼續上升。同時，和美國一樣，是的，我們仍然面臨挑戰，我們將在年底前結束。確實，從銷售的角度來看，零售商正在面臨去庫存。例如，道格拉斯公司公開表示，他們正致力於減少庫存。所以這些其實都屬於前兩個要素。

And yeah, I will hand over to Sue.

是的，我會把工作交給蘇。

Yeah. Laurent, maybe I can complement your answer regarding the dynamics of the fragrance market in the US versus in Europe. Again, what we can say is that the Prestige fragrance market grew by 5% during the quarter globally. which is a little slower than months ago, but it's ahead of many other consumer categories, including color cosmetics.

是的。洛朗，或許我可以補充你對美國和歐洲香水市場動態的回答。再次強調，我們可以說，本季全球高檔香水市場成長了5%，雖然比幾個月前略有放緩，但高於包括彩妝在內的許多其他消費品類別。

In the US, the market remains very strong, as I said it before, 7% of growth in the quarter. And very importantly, this is to answer your question. This includes low single-digit volume growth since the category continues to gain users and additional usage occasions.

正如我之前所說，美國市場依然非常強勁，本季成長了7%。非常重要的一點是，這是為了回答你的問題。由於該類別的使用者數量和使用情境不斷增加，因此銷售成長幅度僅為個位數。

In Europe, the picture is a bit different, where the market has been growing only by low single digits in Q1, coming from mid-single digits. This is mainly due to one market. It's very important, where, by the way, Coty is quite small. It's the French market where the likes of L'Oreal, (inaudible) are very big. It's the market that is really very big and not very dynamic, whereas markets like the UK and Spain remain very strong with a mid-single-digit growth, including here again, low single-digit growth from units. So that's the picture between US and EMEA value/volume growth.

在歐洲，情況略有不同，第一季市場成長僅為個位數，而先前為個位數中段。這主要是由於一個市場造成的。這一點非常重要，順便說一句，Coty 的規模相當小。法國市場是歐萊雅等公司（聽不清楚）的領導市場。這個市場規模非常大，但缺乏活力，而像英國和西班牙這樣的市場仍然非常強勁，保持著中等個位數的成長，其中銷量也再次實現了低個位數的成長。這就是美國和歐洲、中東及非洲地區價值/銷售成長的情況。

Now on China, the market is recovering. That's good news. It's recovering on all the categories that the company is playing on, be it skin care or fragrances or color cosmetics. Coty has posted 15% sell-out growth in the market to be compared to a market that was around 7% of growth, which is a good growth. And this was driven by our skin care business. Lancaster is doing wonders in this market, which is very important. It's the most competitive skin care market in the world, even if it's from a small base. The brand is doing 90% of growth on a market that's more or less 8% to 9%.

現在中國市場正在復甦。這是個好消息。該公司涉足的所有品類都在復蘇，無論是護膚品、香水還是彩妝。科蒂公司公佈的銷售額成長率為 15%，而同期市場成長率約為 7%，這是一個不錯的成長。而這一切都是由我們的護膚品業務所推動的。蘭卡斯特在這個市場上表現出色，這非常重要。即使基數較小，它也是世界上競爭最激烈的護膚品市場。該品牌在市場佔有率約為 8% 至 9% 的市場中實現了 90% 的成長。

So we are growing 10 times faster than the market, both in photoprotection, which is UV care, but also on traditional skin care with our moisturizer among the best-selling moisturizers of the Chinese market.

因此，我們的成長速度是市場的 10 倍，無論是在防曬（紫外線護理）領域，還是在傳統護膚領域，我們的保濕霜都是中國市場上最暢銷的保濕霜之一。

he other part, which is the biggest part of our business, it's 70% of our business, it's fragrances. And there, the market is back to growth, and we are growing 2 times faster than the market. So your question is what is needed to compete on this market? Exactly the brands we have at Coty, in fact.

另一部分，也是我們業務的最大部分，占我們業務的 70%，是香水。而且，那裡的市場已經恢復成長，我們的成長速度是市場的兩倍。所以你的問題是，要想在這個市場上競爭，需要具備哪些條件？事實上，這正是我們在科蒂旗下擁有的品牌。

There, it's not a question of high, low. It's all about high, high, high, high. And the higher you go, the better it is. And again, I've been describing at length the very comprehensive portfolio of ultra-premium brands that we have today in our hands. Again, Atelier des Fleurs; which is [phenomenously] doing well in Asia, Burberry Signature, BOSS Collection, Jil Sander Signature, Marni and Etro upcoming collection, Infiniment Coty Paris. And I'm sure I forgot one or two, but this is really a portfolio that will allow us to play in this area like never before to reach here not 20% of the market, but likely 40% to 50% of the Chinese market are ultra-premium brands. So there, there is really a big game to be played with a very, very profitable business to build.

在那裡，不存在高低之分。一切都與高、高、高、高有關。越高越好。我再次詳細介紹了我們目前擁有的非常全面的超高端品牌組合。還有 Atelier des Fleurs（在亞洲表現非常出色）、Burberry Signature、BOSS Collection、Jil Sander Signature、Marni 和 Etro 即將推出的系列、Infiniment Coty Paris。我肯定漏掉了一兩個，但這確實是一個能夠讓我們以前所未有的方式在這個領域有所作為的投資組合，讓我們能夠佔據中國市場40%到50%的份額，而不是20%的市場份額，因為中國市場的超高端品牌可能占到這些份額。所以，這裡確實存在著一個很大的機遇，可以打造一個非常非常有利可圖的企業。

Anna Lizzul, Bank of America.

安娜·利祖爾，美國銀行。

I was wondering if I could follow up on the Prestige fragrance expectations for just the holiday season. Gifting is such a big driver of fragrance sales for many retailers during this time. And should we expect trends, I guess, be more similar as you saw in fiscal Q1 on the more difficult comps for prestige fragrance gifting despite some of the sequential improvement that you might be expecting in the next quarters?

我想知道我是否可以就節日期間的 Prestige 香水系列提出一些期望。在此期間，禮品銷售是許多零售商香水銷售的重要驅動因素。那麼，我們是否應該預期，儘管您可能預期在接下來的幾個季度中會出現一些環比改善，但鑑於第一財季高檔香水禮品市場比較困難，趨勢是否會更加相似？

And then on the mass beauty side, I just wanted to follow up on the comment regarding the rapid channel shift. If you could elaborate on where you're seeing buyers gravitate in mass beauty and how it's impacting your business? Thank you.

關於大眾美容方面，我想就頻道快速轉移這一評論做個補充說明。您能否詳細說明您觀察到的大眾美妝市場買家聚集的領域，以及這對您的業務有何影響？謝謝。

Yeah. I mean, just to confirm again, and we shared with you a few numbers. I mean, we are very confident, again, about the prestige fragrance performance and category. Again, you know the numbers. I mean it has been very resilient for many years, many quarters.

是的。我的意思是，再次確認一下，我們之前已經和你們分享了一些數據。我的意思是，我們再次對高端香水的性能和品類非常有信心。你又知道這些數字了。我的意思是，它多年來一直非常具有韌性。

The fragrance index that we talked a lot about, I mean, is fully at play. So we are expecting a similar trend for Q1, also amplified by very powerful innovation and BOSS Beyond Bottled is one of them. We are seeing Gen Z being very excited by the category. And again, back to the previous point, what's very healthy is $5 to $500, where we are seeing the high premium category growing double digit. And of course, holiday season is a great season for that. And at the same time, we are seeing entry premium being very dynamic. So yeah, we are expecting really very dynamic trend in the US and also in Europe. So now on the --

我們之前多次提到的香味指數，我的意思是，它已經充分發揮作用了。因此，我們預計第一季也會出現類似的趨勢，並且會受到非常強大的創新技術的推動，而 BOSS Beyond Bottled 就是其中之一。我們看到Z世代對這個品類非常感興趣。再說回前面提到的一點，5 美元到 500 美元這個價位段的市場非常健康，我們看到高端產品類別的成長率達到了兩位數。當然，假日是做這件事的絕佳時機。同時，我們看到准入溢價非常不穩定。是的，我們預計美國和歐洲的趨勢將非常活躍。所以現在來談談…--

So Anna, as I understood well your question, it's about the shifts that are happening between, let's say, the brick-and-mortar/e-retailers on one side versus Amazon and TikTok Shop on the other side. If I'm not wrong, then I will elaborate on this. What we are seeing indeed is a shift that's very important. And it's a story of end rather than a story of either again here. It's a question of funnel.

所以安娜，我理解你的問題，是關於實體店/電商零售商與亞馬遜和TikTok Shop等電商平台之間正在發生的轉變。如果我沒理解錯的話，我會詳細說明。我們現在看到的確實是一種非常重要的轉變。而且，這裡講述的是一個結局的故事，而不是兩個故事的開始或結束。這是頻道的問題。

And what we see is that a lot of the youngest consumers at least are really looking for what's new on TikTok, almost like a search engine and a hype engine at the same time. It's already also an e-commerce engine, not in every country. It's the case in UK. I think it's the second beauty retailer already in the UK. And this is where we learned our lesson with Rimmel, where we really tested the channel to understand how to play with this channel.

我們看到，至少很多年輕消費者都在TikTok上尋找新鮮事物，TikTok幾乎同時扮演搜尋引擎和潮流引擎的角色。它本身也是一個電子商務引擎，雖然並非在每個國家都是如此。英國的情況就是如此。我認為它已經是英國第二家美妝零售商了。而正是在這裡，我們從 Rimmel 那裡吸取了教訓，我們真正測試了這個頻道，以了解如何使用這個頻道。

And we understood that we need to see it as an investment channel now more and more as an e-com channel, but this is really where you create the cool factor for your brand. And then you move to Amazon, where you get the ratings and the big numbers. And then after you go to the rest of the retailers, including dot-coms from retailers. So that's really a way that is today played by key players when it comes to how to create virality or how to create desirability and demand. So we are doing this in the US also with CoverGirl that also did a test on TikTok Shop recently, and we are amplifying these two moves in the coming quarter with the new innovations that are going to be done in Q3.

我們明白，現在我們需要把它看作一個投資管道，而不是一個電子商務管道，但這才是真正為你的品牌創造酷炫因素的地方。然後你就可以去亞馬遜，在那裡你會看到評分和大量的點擊量。然後，你再去看看其他零售商，包括零售商的網路商店。所以，這其實是當今主要參與者在如何製造病毒式傳播或如何創造渴望和需求時所採取的一種方式。所以我們也在美國與 CoverGirl 合作進行這項活動，他們最近也在 TikTok Shop 上進行了測試。我們將在下一季透過第三季推出的創新措施來加強這兩項措施。

The other thing that we are also seeing is that there is also a shift in terms of the share of what we call indie mass color cosmetics brands. If I take the example of MCoBeauty in Australia, which was kind of this kind of indie brands that are quite cheap in terms of pricing, very nimble, very agile, mainly from the shelf innovation from TPMs, et cetera, they are collapsing. They are collapsing after one or two years, and this is really something that we are seeing across many regions with this kind of players, including the key ones in the US, but also in UK who are starting to lose market share and who are not giving the growth of the category that retailers are expecting.

我們也觀察到，所謂獨立大眾彩妝品牌的份額也發生了變化。以澳洲的 MCoBeauty 為例，它屬於那種價格相當便宜、非常靈活敏捷的獨立品牌，主要依靠第三方行銷商的貨架創新等等，但它們正在崩潰。一兩年後，它們就崩潰了。我們確實在許多地區都看到了這類企業的這種現象，包括美國的主要企業，以及英國的企業，它們開始失去市場份額，並且沒有達到零售商所期望的品類增長。

So we expect a kind of inside the channels, we expect a kind of rebalancing between these indie players, which are more or less new players and the more traditional players, which are learning the lesson quite quickly.

因此，我們預計頻道內部會出現某種變化，這些獨立玩家（或多或少是新玩家）和更傳統的玩家之間會出現某種重新平衡，後者正在很快吸取教訓。

Shovana Chowdhury with JPMorgan.

摩根大通的肖瓦娜·喬杜里。

I have a couple of questions. You addressed the strategic review to Oliver's question earlier, but I wanted to dig a bit further into how you're thinking about the various options. Can you give us more color on the results that would inform your decision for each of the options out of this review, whether you decide to keep the business given like you're trying -- you had management changes and you just mentioned you're trying with CoverGirl testing out on TikTok, or would it be a JV or an outright sale? Given the strategic review, how do you prioritize the decision of the strategic review versus the Wella sale? Thanks.

我有幾個問題。你之前在回答 Oliver 的問題時談到了戰略評估，但我想更深入地了解一下你是如何考慮各種方案的。您能否更詳細地說明一下，本次評估中每個選項的決策依據為何？無論您是決定繼續經營這家公司（就像您正在嘗試的那樣——您們進行了管理層變動，而且您剛才提到您正在嘗試與 CoverGirl 合作在 TikTok 上進行測試），還是會選擇合資或直接出售？鑑於戰略評估的結果，您如何權衡戰略評估和出售威娜之間的優先順序？謝謝。

Okay. Let me take this last question. So indeed, what we are doing are two stories, two very different stories. So you have on one side, the Brazilian business, which, as Laurent stated it before, is a very profitable business, a business of $400 million, a business that doubled its size in the last, I would say, decade, a business that has its own factory that produces more or less 0.5 billion units per year. R&D specialized in melanin-rich skins. You have also end-to-end capabilities, be it in terms of digital capabilities, commercial capabilities, marketing capabilities. And last but not least, with a portfolio of brands that is very different from the global portfolio of brands that Coty is operating elsewhere.

好的。讓我來回答最後一個問題。所以，我們其實是在講兩個故事，兩個截然不同的故事。一方面是巴西的業務，正如洛朗之前所說，這是一個非常盈利的業務，價值 4 億美元，在過去的十年裡規模翻了一番，擁有自己的工廠，每年生產約 5 億件產品。專注於黑色素含量高的皮膚的研發。您還具備端到端的能力，無論是在數位化能力、商業能力或行銷能力方面。最後但同樣重要的是，其品牌組合與 Coty 在其他地區運營的全球品牌組合截然不同。

So it's really local players, the number one nail maker, Risqué, the number one nail skin care brand in the market, big growth in terms of face skincare, leadership position in terms of body scenting. So it's really a business that we believe have potentially more chances to continue to do its journey with a new acquirer, if I may call it like this, and this could happen quite quickly, given the size of the business, the profitability and the dynamics. So that's one.

所以，真正佔據主導地位的是本土品牌，排名第一的指甲油製造商 Risqué，市場上排名第一的指甲護膚品牌，面部護膚品方面增長迅速，身體香氛方面處於領先地位。因此，我們認為這家企業更有可能在新收購方（如果我可以這樣稱呼的話）的幫助下繼續發展，而且考慮到企業的規模、盈利能力和發展動態，這種情況可能會很快發生。這是其中之一。

On the other side, regarding the color cosmetics business, there, again, the strategic review is a real one. It's not just a word to mean something else. It's really reviewing our strategic options. The first one is by nature to do the job of making this business as growing and as profitable as possible and as quickly as possible. And there, the duo that Gordon and myself are having at the helm of this business, hopefully, will produce quick results that we will see in the coming quarters.

另一方面，就彩妝業務而言，策略評估也是實實在在的。它不只是一個用來表示其他意思的字。這其實是在重新審視我們的戰略選擇。第一個目標就是盡一切可能讓這家企業發展壯大，獲利能力盡可能強，並且發展速度要盡可能快。希望我和戈登這對搭檔能夠帶領公司快速取得成效，並在接下來的幾季看到成果。

Then there is a deeper work that's going to be done on the cost structure, on the gross to net ability to lower this part that is today very, very heavy, but also on the A&CP allocation. We believe we went too far in terms of spending a lot on Gen Zs who are, by nature, the least loyal consumers on earth instead of keeping our key loyal millennial and Gen X users, which are the big portion of the market, but also the ones that are growing more and more this kind of market, given the indie brands are not growing anymore in the market.

接下來，我們將對成本結構進行更深入的研究，研究如何降低目前成本非常高的這部分成本，以及如何降低 A&CP 的分配。我們認為，我們在 Z 世代身上投入了太多資金，而 Z 世代天生就是地球上忠誠度最低的消費者，我們卻沒有留住我們主要的忠實千禧世代和 X 世代用戶。千禧世代和 X 世代用戶佔據了市場的大部分份額，鑑於獨立品牌在市場上的成長已經停滯不前，這類市場也在不斷成長。

So in a way, that's really the outcome potentially of this part. And there, the first results in 12 to 18 months, but it could take longer. So there is not the idea to sell the business tomorrow. There is the idea to really assess all the possibilities and see if this is an area where we want to continue to play or not, specifically given the fact that it's going to be more and more, and we see it a business of in and out small players, sometimes they go big, but they become smaller later, and they take a shelf space, and they disappear.

所以從某種意義上來說，這部分最終可能會產生這樣的結果。初步結果將在 12 至 18 個月內得出，但也可能需要更長。所以目前還沒有明天出售公司的計畫。我們的想法是認真評估所有可能性，看看這是否是我們想要繼續涉足的領域，特別是考慮到這個領域會越來越小，我們看到這是一個小玩家來來去去的行業，有時他們會發展壯大，但後來又會變小，佔據貨架空間，然後消失。

So that's really something we need to pay attention to. Do we want to play this game or not? Are we equipped to play this game? And are we able to do, I would say, positive progress in this area?

所以這確實是我們需要重視的事情。我們到底要不要玩這個遊戲？我們準備好迎接這場挑戰了嗎？那麼，我們能否在這個領域取得正面的進展呢？

Now does it have any impact on Wella? Absolutely not. Wella is a very separate topic. As Laurent said it several times, the standstill period is over since the end of calendar '24. We are actively more than ever working on this topic right now. So stay tuned.

那麼這會對威娜產生什麼影響呢？絕對不是。威娜是另一個完全不同的話題。正如洛朗多次所說，自 2024 年底以來，停滯期已經結束。我們目前比以往任何時候都更積極地致力於研究這個問題。敬請期待。

Thank you. And at this time, there are no further questions in queue. I will now turn the meeting back to our presenters.

謝謝。目前，隊列中沒有其他問題了。現在我將把會議交還給各位演講者。

Thank you, everyone, for your questions, and see you soon.

謝謝大家的提問，我們下次再見。

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝您抽空參與。您現在可以斷開連線了。