Capri Holdings Ltd (CPRI) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Capri Holdings Limited third-quarter fiscal 2025 financial results conference call.

大家好，歡迎參加 Capri Holdings Limited 2025 財年第三季財務業績電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce Jennifer Davis, Vice President of IR.

現在我很高興介紹 IR 副總裁 Jennifer Davis。

Please go ahead.

請繼續。

Good morning, everyone, and thank you for joining us on Capri Holdings Limited third-quarter fiscal 2025 conference call.

大家早安，感謝您參加 Capri Holdings Limited 2025 財年第三季電話會議。

With me this morning are Chairman and Chief Executive Officer, John Idol; and Chief Financial and Chief Operating Officer, Tom Edwards.

今天早上與我在一起的有董事長兼首席執行官約翰·艾多爾 (John Idol)；以及財務長兼營運長湯姆愛德華茲（Tom Edwards）。

Before we begin, let me remind you that certain statements made on today's call may constitute forward-looking statements which are subject to risks and uncertainties that could cause actual results to differ from those we expect.

在我們開始之前，讓我提醒您，今天電話會議上發表的某些陳述可能構成前瞻性陳述，這些陳述受風險和不確定性的影響，可能導致實際結果與我們的預期不同。

Those risks and uncertainties are described in today's press release and in the company's SEC filings, which are available on the company's website.

這些風險和不確定性在今天的新聞稿和公司的美國證券交易委員會文件中均有描述，可在公司網站上查閱。

Investors should not assume that the statements made during this call will remain operative at a later time, and the company undertakes no obligation to update any information discussed on today's call.

投資人不應假設本次電話會議中所作的聲明將在稍後繼續有效，且本公司不承擔更新今天電話會議中討論的任何資訊的義務。

Unless otherwise noted, all financial information on today's call will be presented on a non-GAAP basis.

除非另有說明，否則今天電話會議上的所有財務資訊均以非 GAAP 為基礎呈現。

These non-GAAP measures exclude certain costs associated with impairment charges, restructuring and other charges, ERP implementation costs, Capri transformation costs and costs related to the previously terminated merger with Tapestry, Inc. To view the corresponding GAAP measures and related reconciliation, please review our latest earnings release posted to our website earlier today at capriholdings.com.

這些非 GAAP 指標不包括與減損費用、重組和其他費用、ERP 實施成本、Capri 轉型成本以及與先前終止的與 Tapestry, Inc. 的合併相關的成本。

Now I would like to turn the call over to Mr. John Idol, Chairman and Chief Executive Officer.

現在，我想將電話轉給董事長兼執行長約翰·伊多爾先生。

Thank you, Jennifer, and good morning, everyone.

謝謝你，詹妮弗，大家早安。

Overall, our business remained challenged during the quarter, and we are disappointed with our results.

總體而言，本季我們的業務仍面臨挑戰，我們對我們的業績感到失望。

Since the termination of the merger agreement, we have reevaluated our strategic initiatives and long-term growth plans.

自合併協議終止以來，我們重新評估了我們的策略舉措和長期成長計劃。

We look forward to sharing details about our strategies to improve current sales trends and drive future growth at our upcoming Investor Day on February 19.

我們期待在 2 月 19 日即將舉行的投資者日上分享有關改善當前銷售趨勢和推動未來成長的策略的詳細資訊。

However, because we are still in the early stages of execution, our near-term performance will remain challenged.

然而，由於我們仍處於執行的早期階段，我們的近期表現仍將面臨挑戰。

Entering 2025, we are optimistic about our path forward.

邁入2025年，我們對前進的道路充滿樂觀。

The past 1.5 years has provided us with valuable insights that are shaping a promising future.

過去的一年半為我們提供了寶貴的見解，正在塑造充滿希望的未來。

Looking ahead, we expect trends to improve throughout fiscal year 2026, positioning us to return to growth in fiscal 2027 and beyond.

展望未來，我們預計 2026 財年的趨勢將會改善，這將使我們能夠在 2027 財年及以後恢復成長。

Now I would like to turn to our third quarter performance in more detail.

現在我想更詳細地介紹一下我們第三季的表現。

Revenue decreased 12% as our results were impacted by softening demand for fashion luxury goods globally with an outsized decline in China.

由於我們的業績受到全球時尚奢侈品需求疲軟（尤其是中國市場需求大幅下降）的影響，營收下降了 12%。

Our performance was further impacted by our store optimization program as well as our ongoing reductions in the wholesale channel.

我們的店鋪優化計劃以及批發通路的持續削減進一步影響了我們的業績。

At the same time, we made a number of missteps in our efforts to reposition our brands, in particular, at Versace and Michael Kors that negatively impacted our results.

同時，我們在重新定位品牌的過程中也犯了一些錯誤，尤其是范思哲和麥克高仕，這對我們的業績產生了負面影響。

Now looking at third quarter revenue trends by brand.

現在來看看以品牌劃分的第三季營收趨勢。

Starting with Versace.

從范思哲開始。

Revenue decreased 15% compared to prior year as results were affected by the decline in global demand for fashion luxury goods.

由於受到全球時尚奢侈品需求下降的影響，收入較前一年下降了 15%。

Additionally, in fall of 2023, we began to reposition the brand to place greater emphasis on luxury and craftsmanship, which was more in line with the quiet luxury trend.

此外，在 2023 年秋季，我們開始重新定位品牌，更加重視奢華和工藝，這更符合安靜的奢華趨勢。

We have been pleased with many aspects of our repositioning efforts.

我們對重新定位努力的許多方面感到滿意。

Our VIC consumers have grown at a double-digit rate as they have responded positively to the more sophisticated offerings.

我們的 VIC 消費者以兩位數的速度成長，因為他們對更精緻的產品做出了積極的反應。

Also, as part of our elevation strategy, we reduced end-of-season markdown rates in our stores, beginning with our spring/summer 2024 assortment.

此外，作為提升策略的一部分，我們從 2024 年春夏系列開始，降低了門市的季末降價率。

This included the elimination of markdowns and accessories as well as containment of overall markdown rates in our full-price stores.

其中包括取消降價商品和配件以及控制全價商店的整體降價率。

While this has had a near-term impact on Versace's revenue, AUR increased mid-single digits in our full-price channel in the quarter, better positioning the brand for healthier, sustainable future growth.

雖然這對范思哲的收入產生了短期影響，但本季我們的全價通路的 AUR 成長了中等個位數，更好地定位了品牌以實現更健康、可持續的未來成長。

We also made missteps in some of our repositioning efforts.

我們在重新定位的努力中也犯了一些錯誤。

While elevating the assortment, we believed we removed too many unique Versace statement items.

在提升產品種類的同時，我們認為我們刪除了太多獨特的范思哲特色商品。

Additionally, we significantly reduced our offerings of products at entry-level luxury price points.

此外，我們也大幅減少了入門級豪華價位產品的供應。

This impacted our retail sales but had a more significant impact on our wholesale business.

這影響了我們的零售額，但對我們的批發業務產生了更大的影響。

Going forward, we will focus on injecting more energy into Versace's assortment to achieve the ideal balance of fun and elegant

未來，我們將致力於為范思哲的產品系列注入更多活力，實現趣味與優雅的完美平衡

[styling].

[造型]。

You will see more of this product flow into stores throughout fiscal 2026.

在 2026 財年，您將看到更多此類產品流入商店。

Furthermore, after reviewing our pricing architecture, we will be introducing a wider offering of products to appeal to a broader base of luxury consumers.

此外，在審查了我們的定價架構後，我們將推出更廣泛的產品，以吸引更廣泛的奢侈品消費者。

Both of these initiatives will help us engage with consumers and drive higher full-price sell-throughs.

這兩項措施將有助於我們與消費者互動，並提高全價銷售量。

For holiday, we were able to affect a limited group of products, including accessories and sneakers.

對於假期，我們只能銷售有限的一組產品，包括配件和運動鞋。

For example, in November, we launched playful new bag styles to appeal to a broader luxury consumer and saw a positive inflection in women's accessories in our own retail channel.

例如，11月，我們推出了俏皮的新款包款，以吸引更廣泛的奢侈品消費者，並在我們自己的零售通路中看到女士配件的積極變化。

Another key indicator of strength of the Versace brand is the success of our eyewear and fragrance businesses.

范思哲品牌實力的另一個關鍵指標是我們的眼鏡和香水業務的成功。

Eyewear continues to experience growth.

眼鏡產業持續成長。

Grammy award-winning singer-songwriter, Sabrina Carpenter, and NBA basketball star, Alexander Sarr, both appeared in the new Biggie Eyewear campaign, which generated strong consumer demand.

葛萊美獎獲獎創作歌手薩布麗娜·卡彭特 (Sabrina Carpenter) 和 NBA 籃球明星亞歷山大·薩爾 (Alexander Sarr) 均出現在新款 Biggie Eyewear 宣傳活動中，引起了強勁的消費者需求。

Our fragrance business also continues to deliver robust growth.

我們的香水業務也持續保持強勁成長。

Third quarter results were driven by the highly successful launch of our latest Eros Energy men's fragrance featuring Channing Tatum as the face of the campaign.

第三季的業績得益於我們最新推出的 Eros Energy 男士香水的巨大成功，該香水以查寧·塔圖姆 (Channing Tatum) 為代言人。

Moving to brand awareness and consumer engagement.

轉向品牌知名度和消費者參與度。

Versace continued to benefit from high levels of brand awareness and engagement through its fall winter campaign, which channeled elevated energy.

范思哲 (Versace) 透過其秋冬活動繼續受益於高水準的品牌知名度和參與度，該活動傳遞出高昂的能量。

The iconic hallways and rooms of the Chateau Marmont Hotel in Los Angeles were used as a backdrop to highlight the collections, luxurious, strong fashion point of view.

洛杉磯馬爾蒙莊園酒店 (Chateau Marmont Hotel) 的標誌性走廊和房間被用作背景，以凸顯該系列的奢華和強烈的時尚觀點。

For holiday, communication efforts focused on giftable items, including the launch of our new tag bag.

對於假期，溝通工作重點是禮品，包括推出我們的新標籤包。

These activities helped contribute to a 15% year-over-year increase in Versace's global consumer database.

這些活動促使范思哲的全球消費者資料庫年增了 15%。

We believe we have the key building blocks and initiatives in place to realize the full potential of this incredible brand.

我們相信，我們已經掌握了關鍵的基礎要素和舉措，可以充分發揮這個令人難以置信的品牌的潛力。

To return Versace to growth, we are focusing on continuing to leverage our strong brand awareness to drive consumer engagement, expanding our product offering to inject more energy and reengage with the aspirational luxury consumer, improving store productivity and returning our wholesale business to growth.

為使范思哲恢復成長，我們專注於繼續利用我們強大的品牌知名度來推動消費者參與，擴大我們的產品範圍以注入更多活力並重新吸引有抱負的奢侈品消費者，提高門市生產力並恢復批發業務的成長。

Moving to Jimmy Choo.

轉向Jimmy Choo。

Revenue decreased 4% compared to prior year as results were impacted by a global slowdown in demand for fashion luxury goods.

由於受到全球時尚奢侈品需求放緩的影響，收入較前一年下降了 4%。

Our product strategy remains focused on further developing accessories and expanding Jimmy Choo's casual footwear offering.

我們的產品策略仍專注於進一步開發配件和擴大 Jimmy Choo 的休閒鞋類產品。

In terms of accessories, we continue to believe the category can expand to 35% of the mix from approximately 23% today.

就配件而言，我們仍然相信該類別的佔比可以從目前的約 23% 擴大到 35%。

We have seen strong performance in the Sinch bag, the newest addition to the Bodman family.

我們已經看到了 Bodman 家族最新成員 Sinch 包的強勁表現。

During the third quarter, women's accessories performed well with sales in our retail channel up high single digits.

第三季度，女士配件表現良好，我們零售通路的銷售額成長了個位數。

We have also been pleased with the response to our expanding casual assortment.

我們也對我們不斷擴大的休閒產品系列的反應感到高興。

During the third quarter, casual footwear sales in our retail channel increased low double digits versus prior year.

第三季度，我們零售通路的休閒鞋銷售額較上年同期成長了兩位數。

Now turning to brand awareness and consumer engagement.

現在轉向品牌知名度和消費者參與度。

In October, Jimmy Choo launched a second capsule collection with the Japanese animated series, Sailor Moon, featuring a curated selection of accessories and footwear, the collection achieved exceptional sell-through rates.

十月，Jimmy Choo攜手日本動畫系列《美少女戰士》推出第二個膠囊系列，精選配件和鞋類，該系列取得了極高的銷售率。

It also generated significant engagement across social media, resulting in approximately 12 million impressions.

它還在社交媒體上引起了廣泛關注，總瀏覽量達到約 1200 萬次。

For winter, Jimmy Choo's campaign embodied the vibrant energy and festive spirit of the holiday season, [through a location] in La Carmen in Paris, a decadent interior provided a glamorous stage for the texture-rich winter collection.

對於冬季，Jimmy Choo 的宣傳活動體現了節日季節的活力與喜歡氣氛，在巴黎的拉卡門 (La Carmen) 舉行，奢華的室內裝飾為質感豐富的冬季系列提供了迷人的舞台。

Jimmy Choo also launched a playful social first video series starring Kim Cattrall.

Jimmy Choo也推出了由Kim Cattrall主演的趣味十足的社交首支影片系列。

The campaign, which referenced the brand's cultural legacy from Sex And The City helped drive awareness for the opening of the new Madison Avenue flagship boutique and drove over 4 million views.

該活動借鑒了該品牌在《慾望城市》中的文化遺產，有助於提高人們對麥迪遜大道新旗艦精品店開幕的認識，並吸引了超過 400 萬次瀏覽量。

Our marketing initiatives continue to underpin our focus on glamor.

我們的行銷舉措繼續鞏固我們對魅力的關注。

This helped contribute to a 12% year-over-year increase in Jimmy Choo's global consumer database.

這有助於 Jimmy Choo 的全球消費者資料庫年增 12%。

Looking forward, we are confident that we have the foundational elements and strategies needed to fully harness the potential of Jimmy Choo.

展望未來，我們相信我們擁有充分發揮Jimmy Choo潛力所需的基礎要素和策略。

To accelerate growth, we are focusing on engaging and energizing both new and loyal consumers, broadening our product offering in accessories and casual footwear, improving store productivity and stabilizing our wholesale business.

為了加速成長，我們專注於吸引和激勵新消費者和忠實消費者，擴大我們在配件和休閒鞋類方面的產品供應，提高商店生產力並穩定我們的批發業務。

Now turning to Michael Kors.

現在來談談 Michael Kors。

Revenue decreased 12% compared to prior year due to softening demand for fashion luxury goods globally.

由於全球時尚奢侈品需求疲軟，營收較前一年下降 12%。

Results were further impacted by our store optimization program as well as by continued reductions in the wholesale channel.

我們的商店優化計劃以及批發管道的持續減少進一步影響了結果。

In the fall of 2023, we began implementing a comprehensive transformation plan.

2023 年秋季，我們開始實施全面轉型計畫。

As part of this plan, we aim to appeal to a younger audience attempted to elevate price points too quickly and significantly reduced our signature product offering while injecting too much fashion for our core consumer.

作為該計劃的一部分，我們旨在吸引更年輕的受眾，試圖過快提高價格點，並大幅減少我們的標誌性產品供應，同時為我們的核心消費者註入過多的時尚元素。

Our data analytics and consumer feedback indicated that this plan was not gaining traction and alienating our core consumers.

我們的數據分析和消費者回饋表明，該計劃並未獲得支持，並且正在疏遠我們的核心消費者。

Going forward, we are refocusing on the heritage of the Michael Kors brand, adjusting our pricing architecture to align with historical levels, and rebuilding our core and signature assortments to achieve a more balanced product mix.

展望未來，我們將重新關注 Michael Kors 品牌的傳統，調整我們的定價架構以與歷史水平保持一致，並重建我們的核心和標誌性產品系列，以實現更均衡的產品組合。

These initiatives are being put in place to achieve higher full-price sell-throughs and AURs.

採取這些措施是為了實現更高的全價銷售率和 AUR。

Given our lead times, the product for fall and holiday reflected the strategies of the previous plan.

考慮到我們的交貨時間，秋季和假日產品反映了先前計劃的策略。

While we implemented some minor adjustments to the holiday assortments, the most significant changes will begin to take shape in the spring and become more pronounced by fall 2025.

雖然我們對節日產品進行了一些微調，但最重大的變化將在春季開始成形，並在 2025 年秋季變得更加明顯。

For holiday, we strategically realigned the pricing of several key bag styles to reflect the price points more in line with historical levels.

對於假期，我們策略性地重新調整了幾款主要包款的定價，以反映更符合歷史水平的價格點。

This led to an increase in full price sell-through rates on those styles.

這導致這些款式的全價銷售率上升。

Turning to eyewear and fragrance, which are key indicators of the strength of the Michael Kors brand.

談到眼鏡和香水，它們是 Michael Kors 品牌實力的關鍵指標。

Eyewear continued to experience growth.

眼鏡類產品持續成長。

Additionally, we saw strong growth in fragrance with the launch of Michael Kors new signature fragrances.

此外，隨著 Michael Kors 新款標誌性香水的推出，香水銷售也呈現強勁成長。

This is our first fragrance with EuroItalia, which introduces both women's and men's fragrance that evokes the sense of luxury and escape.

這是我們與 EuroItalia 合作推出的第一款香水，推出了喚起奢華和逃避感的男士和女士香水。

The results of this launch exceeded our expectations.

這次發布的結果超出了我們的預期。

Now turning to brand awareness and consumer engagement.

現在轉向品牌知名度和消費者參與度。

Michael Kors remains a powerful brand that resonates with consumers as evidenced by the 11% year-over-year increase in our database.

我們的資料庫中 Michael Kors 的銷量年增 11% 就證明了 Michael Kors 仍然是一個能夠引起消費者共鳴的強大品牌。

Looking ahead, we are excited to unveil our dynamic new marketing plans, which reconnect with the heritage of the Michael Kors brand by celebrating a modern interpretation of the Jet Set lifestyle.

展望未來，我們很高興推出充滿活力的新行銷計劃，透過慶祝對 Jet Set 生活方式的現代詮釋，該計劃與 Michael Kors 品牌的傳統重新聯繫起來。

We are elevating our campaigns by showcasing luxury destinations around the globe and celebrate our new vision, traveling the world in style.

我們透過展示全球各地的奢華目的地來提升我們的宣傳活動，並慶祝我們的新願景——時尚地環遊世界。

The spring campaign set to launch later this month was shot in Ibiza and features English actress and singer Suki Waterhouse, evoking the essence of the Michael Kors Jet Set lifestyle.

定於本月稍後推出的春季廣告活動在伊比沙島拍攝，由英國女演員兼歌手蘇琪沃特豪斯 (Suki Waterhouse) 出演，展現了 Michael Kors Jet Set 生活方式的精髓。

Michael Kors has a strong heritage, and we are eager to build on this solid foundation.

Michael Kors 擁有悠久的傳統，我們渴望在這個堅實的基礎上再接再厲。

Thanks to the insights we have gained from our data analytics and consumer feedback, we believe we have the right strategies underway to return the brand to growth over time.

透過從數據分析和消費者回饋中獲得的見解，我們相信我們已經制定了正確的策略，可以讓品牌隨著時間的推移恢復成長。

Going forward, we are focusing on implementing dynamic new marketing plans that modern our Jet Set heritage, optimizing the balance between our fashion and core offerings, creating exciting products with compelling value to drive higher full price sell-throughs, improving store productivity through our optimization and renovation programs and stabilizing our wholesale business.

展望未來，我們專注於實施充滿活力的新行銷計劃，以現代化的方式傳承我們的 Jet Set 傳統，優化我們的時尚與核心產品之間的平衡，創造具有引人注目的價值的令人興奮的產品，以推動更高的全價銷售，透過我們的優化和改造計劃提高門市生產力並穩定我們的批發業務。

In conclusion, I remain optimistic about Capri's future for several reasons.

總之，出於多種原因，我對 Capri 的未來仍然持樂觀態度。

First, we have three incredible fashion luxury brands with Versace, Jimmy Choo and Michael Kors.

首先，我們有三個令人難以置信的時尚奢侈品牌：Versace、Jimmy Choo 和 Michael Kors。

Our brands are globally recognized and deeply resonate with consumers; second, we have a solid distribution network to build upon with 1,200 luxury retail locations globally, combined with our robust digital platform, we have a strong framework for the future.

我們的品牌在全球範圍內得到認可並引起消費者的深刻共鳴；其次，我們擁有穩固的分銷網絡，在全球設有 1,200 個奢侈品零售點，再加上我們強大的數位平台，我們為未來奠定了堅實的框架。

Additionally, our extensive wholesale network serves as an important channel to reach consumers in areas where we do not have our own stores; third, we have the management team, design talent and global workforce of dedicated employees to successfully execute our initiatives; fourth, Capri has the financial strength to implement our strategies, which we will share at our upcoming Investor Day.

此外，我們廣泛的批發網路是我們接觸沒有自己商店的地區消費者的重要管道；第三，我們擁有管理團隊、設計人才和全球敬業的員工隊伍，能夠成功執行我們的計畫；第四，Capri 擁有實施我們策略的財務實力，我們將在即將到來的投資者日上分享這一點。

Now I'd like to turn the call over to Tom to discuss our results and future outlook in more detail.

現在我想把電話轉給湯姆，更詳細地討論我們的業績和未來前景。

Thank you, John, and good morning, everyone.

謝謝你，約翰，大家早安。

Overall, our business remained challenged during the quarter, and we are disappointed with our results.

總體而言，本季我們的業務仍面臨挑戰，我們對我們的業績感到失望。

We recognize that this performance does not reflect the true potential of our three iconic luxury houses.

我們認識到，這種表現並不能反映出我們三個標誌性奢侈品牌的真正潛力。

Our results were impacted by the overall slowdown in the fashion luxury market as well as by some of the strategic initiatives we previously put in place at Versace and Michael Kors that did not perform as expected.

我們的業績受到時尚奢侈品市場整體放緩以及我們之前在范思哲和邁克爾科爾斯實施的一些戰略舉措未達到預期的影響。

Since the termination of the merger agreement, we have reevaluated our strategic initiatives and long-term growth plans.

自合併協議終止以來，我們重新評估了我們的策略舉措和長期成長計劃。

We look forward to providing a more detailed update on our plans at our upcoming Investor Day.

我們期待在即將到來的投資者日上提供有關我們計劃的更詳細的更新。

Now turning to third quarter results in more detail.

現在更詳細地介紹第三季的業績。

Total company revenue of $1.3 billion decreased 12% versus prior year.

公司總收入為 13 億美元，較前一年下降 12%。

By channel, total company retail sales declined low double digits with e-commerce down high single digits.

按通路劃分，公司整體零售額下降低兩位數，其中電子商務下降高出個位數。

The impact of our store optimization program negatively impacted retail sales in the low single-digit range.

我們的店鋪優化計畫對零售額產生了低個位數的負面影響。

In the wholesale channel, revenue declined low teens due to overall softness in the channel as well as our prior initiatives to reduce our wholesale exposure.

在批發管道，由於通路整體疲軟以及我們先前減少批發風險的舉措，收入下降了百分之十幾。

Turning to revenue performance by geography.

談按地區劃分的收入表現。

In the Americas, revenue decreased 11%.

在美洲，收入下降了 11%。

In EMEA, revenue declined 9%.

在歐洲、中東和非洲地區，收入下降了 9%。

In Asia, revenue decreased 20%.

在亞洲，收入下降了20％。

Now looking at revenue performance by brand.

現在來看看各品牌的收入表現。

At Versace, revenue declined 15% compared to prior year.

范思哲的收入較前一年下降了 15%。

Global retail sales decreased low teens while wholesale declined double digits.

全球零售額下降了百分之十幾，而批發額則下降了兩位數。

By geography, total Versace revenue in the Americas decreased 21%.

以地理劃分，范思哲在美洲的總收入下降了 21%。

Revenue in EMEA declined 13%, while revenue in Asia decreased 11%.

歐洲、中東和非洲地區收入下降 13%，亞洲地區收入下降 11%。

At Jimmy Choo, revenue decreased 4% compared to prior year.

Jimmy Choo 的營收較前一年下降了 4%。

Global retail sales were approximately flat to last year, while wholesale declined mid-teens.

全球零售額與去年基本持平，而批發額則下降了百分之十幾。

By geography, total revenue in the Americas decreased 10%.

按地理劃分，美洲地區總收入下降了 10%。

Revenue in EMEA increased 9%, while revenue in Asia declined 17%.

歐洲、中東和非洲地區收入成長了 9%，而亞洲地區收入下降了 17%。

At Michael Kors, revenue decreased 12% compared to prior year.

Michael Kors 的營收較前一年下降了 12%。

Global retail sales decreased low teens while wholesale declined high single digits.

全球零售額下降了百分之十幾，而批發額則下降了百分之幾。

By geography, sales in the Americas decreased 10%, revenue in EMEA declined 13%, while revenue in Asia decreased 27%.

從地理來看，美洲地區銷售額下降 10%，歐洲、中東和非洲地區收入下降 13%，亞洲地區收入下降 27%。

Now looking at total company margin performance.

現在來看看公司整體利潤表現。

Gross margin of 64.4% declined 60 basis points to prior year.

毛利率為64.4%，較前一年下降60個基點。

The decline was primarily due to lower full price sell-throughs across the Group.

下降的主要原因是整個集團的全價銷售量下降。

Operating expense decreased $20 million as we continue to realize the benefits of our cost reduction program.

由於我們繼續實現成本削減計劃的效益，營運費用減少了 2000 萬美元。

As a percent of revenue, operating expense was 58.4% compared to 53% last year, primarily reflecting expense deleverage on lower revenue.

以佔收入的百分比計算，營業費用為 58.4%，而去年為 53%，主要反映了收入下降導致的費用去槓桿化。

Total company operating margin was 6% compared to 12.1% last year.

公司整體營業利益率為 6%，去年同期為 12.1%。

By brand, Versace operating margin of negative 10.9% compared to negative 6.2% last year.

依品牌劃分，范思哲營業利益率為負 10.9%，去年同期為負 6.2%。

Jimmy Choo operating margin of negative 3.8% compared to positive 2.4% last year, and Michael Kors' operating margin of 16.2% compared to 21.2% last year.

Jimmy Choo 的營業利潤率為負 3.8%，而去年同期為正 2.4%；Michael Kors 的營業利潤率為 16.2%，而去年同期為 21.2%。

The declines across all brands were primarily due to expense deleverage on lower revenue.

所有品牌的下滑主要歸因於收入下降導致的費用去槓桿。

Our tax rate for the quarter was 9.8% compared to last year's rate of 17.9%, primarily due to the global mix of earnings and the lapping of a onetime Italian tax reserve established in the third quarter last year.

我們本季的稅率為 9.8%，而去年的稅率為 17.9%，這主要歸因於全球收益組合以及去年第三季建立的一次性義大利稅收儲備的重疊。

Net income was $54 million or $0.45 per diluted share.

淨收入為 5,400 萬美元，即每股 0.45 美元。

This included $23 million or $0.19 of foreign currency losses.

其中包括 2,300 萬美元或 0.19 美元的外幣損失。

Now that we have completed the review of Capri Holdings' adjusted non-GAAP P&L results, I would like to briefly comment on the brand intangible and bill impairment charges associated with Versace and Jimmy Choo.

現在我們已經完成了對 Capri Holdings 調整後非 GAAP 損益結果的審查，我想簡要評論一下與 Versace 和 Jimmy Choo 相關的品牌無形資產和帳單減損費用。

These noncash accounting adjustments were the result of more modest revenue and earnings growth rate expectations.

這些非現金會計調整是較為溫和的收入和獲利成長率預期的結果。

We continue to believe in the long-term growth opportunities at both the Versace and Jimmy Choo.

我們仍然相信 Versace 和 Jimmy Choo 都擁有長期的成長機會。

Now turning to our balance sheet.

現在轉向我們的資產負債表。

We ended the quarter with cash of $356 million and debt of $1.48 billion, resulting in net debt of $1.12 billion.

截至本季末，我們的現金為 3.56 億美元，債務為 14.8 億美元，淨債務為 11.2 億美元。

Our strong balance sheet and free cash flow generation provide us with the resources to execute our strategic initiatives.

我們強勁的資產負債表和自由現金流為我們執行策略計劃提供了資源。

Looking at inventory, we ended the quarter with $892 million, a 13% decrease over last year, reflecting our ongoing diligent inventory management.

從庫存來看，本季末我們的庫存為 8.92 億美元，比去年同期下降 13%，這反映了我們持續勤勉的庫存管理。

Now turning to guidance.

現在轉向指導。

Looking at the fourth quarter, we are in the early stages of executing our new strategic initiatives to improve current sales trends and drive future growth.

展望第四季度，我們正處於執行新策略措施的早期階段，旨在改善當前銷售趨勢並推動未來成長。

We anticipate fourth quarter revenue will decline 20% to $975 million.

我們預計第四季營收將下降 20% 至 9.75 億美元。

This includes a foreign currency headwind of approximately $25 million and an impact from store closures related to our optimization program of approximately $15 million.

其中包括約 2500 萬美元的外匯逆風以及與我們的優化計劃相關的商店關閉帶來的影響約 1500 萬美元。

Looking at retail.

看看零售業。

We forecast sales in the fourth quarter will decline in the mid-teens.

我們預測第四季的銷售額將下降百分之十左右。

Excluding the impact of foreign currency and store closures, we anticipate retail sales in the fourth quarter will decline at a similar rate to the third quarter.

排除外匯和商店關閉的影響，我們預計第四季度零售額將以與第三季類似的速度下降。

In the wholesale channel, we forecast a decline of approximately 30%.

在批發渠道，我們預測降幅約為 30%。

We anticipate the fourth quarter will reflect the greatest wholesale quarterly decline and decreases will moderate as our efforts to stabilize the channel gain traction.

我們預計第四季批發業務將出現最大的季度降幅，隨著我們穩定通路的努力取得進展，降幅將會減緩。

By brand, we anticipate Versace revenue of approximately $200 million.

按品牌劃分，我們預期范思哲的營收約為 2 億美元。

We expect foreign currency to negatively impact sales by approximately $7 million.

我們預計外幣將對銷售額產生約 700 萬美元的負面影響。

Jimmy Choo revenue of approximately $125 million.

Jimmy Choo營收約1.25億美元。

We expect foreign currency to negatively impact sales by approximately $5 million and Michael Kors revenue of approximately $650 million.

我們預計外幣匯率將對銷售額造成約 500 萬美元的負面影響，並對 Michael Kors 的營收造成約 6.5 億美元的負面影響。

We expect foreign currency to negatively impact sales by approximately $15 million.

我們預計外幣將對銷售額造成約 1500 萬美元的負面影響。

Turning to gross margin.

轉向毛利率。

We forecast fourth quarter gross margin to be approximately flat versus prior year.

我們預測第四季的毛利率與去年同期大致持平。

In terms of operating expenses, we anticipate a decline of approximately $50 million in the fourth quarter resulting in a decrease of over $100 million for the full year.

在營運費用方面，我們預計第四季將減少約 5,000 萬美元，導致全年減少 1 億美元以上。

The reduction primarily reflects our cost savings initiatives, including store closures, global headcount reductions, office consolidation and other efficiency measures across supply chain and back office.

成本削減主要反映了我們的成本節約舉措，包括關閉商店、裁減全球員工、合併辦公室以及跨供應鏈和後台辦公室的其他效率措施。

As a result, we forecast an operating loss of $25 million in the fourth quarter.

因此，我們預測第四季的營業虧損為 2,500 萬美元。

By brand, we anticipate Versace operating margin in the negative high single-digit range, Jimmy Choo operating margin in the negative high single-digit range and Michael Kors operating margin in the positive mid-single-digit range.

依品牌劃分，我們預期 Versace 的營業利潤率將在負高個位數範圍內，Jimmy Choo 的營業利潤率將在負高個位數範圍內，而 Michael Kors 的營業利潤率將在正中個位數範圍內。

Based on our fourth quarter expectations, we forecast full year fiscal 2025 revenue of approximately $4.4 billion and operating income of approximately $100 million.

根據我們第四季的預期，我們預測 2025 財年全年營收約為 44 億美元，營業收入約為 1 億美元。

In fiscal 2026, we expect revenue to begin to stabilize and margins to expand.

在 2026 財年，我們預計營收將開始穩定，利潤率將擴大。

Looking at our preliminary expectations, we forecast total company revenue of approximately $4.1 billion.

根據我們的初步預期，我們預測公司總收入約為 41 億美元。

This includes an approximate $100 million negative impact from foreign currency exchange rates as well as an approximate $60 million impact from planned store closures.

其中包括外匯匯率造成的約 1 億美元的負面影響以及計劃關閉商店造成的約 6,000 萬美元的影響。

Excluding these two items, we expect retail revenue to be approximately flat versus fiscal 2025.

除這兩項外，我們預計零售收入將與 2025 財年基本持平。

We anticipate wholesale revenue will decline low double digits or high single digits in constant currency, which is a significant sequential improvement versus fiscal '25.

我們預期批發收入以固定匯率計算將下降低兩位數或高個位數，與 25 財年相比有顯著的連續改善。

It will take time for us to reengage with our partners and align our product offering to better meet the needs of consumers in this channel.

我們需要時間來與合作夥伴重新合作並調整我們的產品供應，以更好地滿足該通路消費者的需求。

That said, we have shown fall 2025 collections for all of our fashion luxury houses to our partners, and they have responded positively to the changes we are making in terms of product design and pricing architecture.

話雖如此，我們已經向合作夥伴展示了所有時尚奢侈品牌的 2025 年秋季系列，他們對我們在產品設計和定價架構方面所做的改變做出了積極的回應。

As we think about the cadence of the year, we anticipate gradual progression as our strategic initiatives gain traction.

當我們思考這一年的節奏時，我們預計隨著我們的策略舉措獲得支持，我們的進展將會逐步加快。

By brand, we anticipate Versace revenue of approximately $800 million.

按品牌劃分，我們預期范思哲的營收約為 8 億美元。

We expect foreign currency to negatively impact sales by approximately $25 million.

我們預計外幣將對銷售額產生約 2500 萬美元的負面影響。

Jimmy Choo revenue of approximately $550 million.

Jimmy Choo營收約5.5億美元。

We expect foreign currency to negatively impact sales by approximately $15 million, and Michael Kors revenue of approximately $2.75 billion.

我們預期外幣匯率將對銷售額造成約 1,500 萬美元的負面影響，對 Michael Kors 的營收造成約 27.5 億美元的負面影響。

We expect foreign currency to negatively impact sales by approximately $60 million.

我們預計外幣將對銷售額產生約 6,000 萬美元的負面影響。

Looking at gross margin, we expect modest gross margin expansion in fiscal 2026 with momentum building through the year.

從毛利率來看，我們預計 2026 財年的毛利率將適度擴大，並且全年成長勢頭強勁。

Turning to operating expenses.

談到營運費用。

We expect expenses to decline approximately $200 million primarily due to $150 million of new cost reduction initiatives.

我們預計費用將下降約 2 億美元，主要因為 1.5 億美元的新成本削減措施。

We are taking actions to close additional unprofitable stores, realize supply chain efficiencies, reduced back-office operating costs and implement a new workforce optimization plan.

我們正在採取行動關閉更多無利可圖的商店，提高供應鏈效率，降低後台營運成本，並實施新的勞動力優化計畫。

As a result, we expect operating income of approximately $150 million in fiscal 2026.

因此，我們預計 2026 財年的營業收入約為 1.5 億美元。

By brand, we anticipate Versace operating margin of approximately breakeven, Jimmy Choo operating margin down slightly and Michael Kors operating margin in the low double-digit range.

以品牌劃分，我們預期 Versace 的營業利潤率將大致達到損益兩平，Jimmy Choo 的營業利潤率將略有下降，Michael Kors 的營業利潤率將在兩位數的低點範圍內。

Looking to fiscal 2027, with our strategies fully in place, we expect to return to revenue growth.

展望 2027 財年，隨著我們的策略全面到位，我們預期營收將恢復成長。

We also anticipate continued operating margin expansion driven by modest gross margin expansion and additional cost reduction initiatives resulting in expense leverage.

我們也預計，在毛利率適度擴大和額外成本削減措施導致費用槓桿的推動下，營業利潤率將繼續擴大。

In conclusion, we remain optimistic about the long-term growth potential for Versace, Jimmy Choo and Michael Kors as we execute our strategic initiatives.

總之，隨著我們實施策略性舉措，我們仍然對 Versace、Jimmy Choo 和 Michael Kors 的長期成長潛力持樂觀態度。

Our powerful brands of enduring value and proven resilience, reinforcing our confidence in their ability to deliver strong revenue and earnings growth over time.

我們強大的品牌具有持久的價值和久經考驗的韌性，增強了我們對其能夠長期實現強勁收入和盈利增長的能力的信心。

We look forward to sharing more details around our growth strategies at our upcoming Investor Day on February 19.

我們期待在 2 月 19 日即將到來的投資者日上分享有關我們的成長策略的更多細節。

Now we will open up the line for questions.

現在我們將開放提問環節。

(Operator Instructions)

（操作員指令）

Simeon Siegel, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的西緬·西格爾 (Simeon Siegel)。

Thanks.

謝謝。

Hey, guys.

嘿，大家好。

Good morning.

早安.

I'm sure you're thrilled to be taking our collective questions again, but it is very nice to speak to you again.

我相信您很高興再次回答我們的集體問題，但我非常高興再次與您交談。

So John, how do you view the competitive and promotional environment now maybe versus a couple of years ago?

那麼約翰，與幾年前相比，您如何看待現在的競爭和促銷環境？

Anything you've seen that's changed and maybe any noteworthy sell-in or sell-through divergence as you're seeing at wholesale.

您所看到的任何變化，以及您在批發時看到的任何值得注意的銷售或銷售差異。

And then Tom, just the flat gross margin guide for Q4.

然後湯姆，第四季的毛利率指南持平。

Any thoughts on gross margin into next year and maybe what you expect net debt to look like within the '25 and '26 guidance.

您對明年的毛利率有何看法？

Thank you.

謝謝。

Good morning, Simeon.

早上好，西緬。

And we're excited to be back and speaking to everybody today.

我們很高興今天能回來和大家交談。

I think we have a lot more clarity on our strategies moving forward, and we're excited to share that with you on February 19, not only the guidance that we talked about today, but some additional future guidance as this company returns to revenue growth and to profitability levels that we think are more representative of how these brands should be performing.

我認為我們對未來策略有了更加清晰的認識，我們很高興在 2 月 19 日與您分享這些策略，不僅是我們今天談到的指引，還有隨著該公司收入增長和盈利水平恢復的一些額外未來指引，我們認為這更能代表這些品牌應有的表現。

The competitive landscape, I'll start first with the Versace and Jimmy Choo landscape.

就競爭格局而言，我先從 Versace 和 Jimmy Choo 的格局說起。

I don't think it's any more or less promotional in that group of European competitors.

我認為，在那群歐洲競爭對手中，它的促銷作用並不會增強或減弱。

I think that we're all obviously feeling the effects of that significant slowdown in China.

我認為我們都明顯感受到了中國經濟大幅放緩的影響。

And I don't think we see the recovery yet on the horizon.

我認為我們尚未看到復甦的跡象。

I think there's a lot of conversation about that it will happen in the second half of next year.

我認為有很多討論稱該事件將在明年下半年發生。

We think the declines will have a sequential improvement, but we do think there will still be a significant decline in China, in particular, in our fiscal year.

我們認為下滑情況將會逐步改善，但我們確實認為中國市場仍將大幅下滑，尤其是在我們的財年。

And then in terms of the Michael Kors, the more of the American competitors, I would say it's not any more or less, again, promotional.

然後就 Michael Kors 而言，與其相比，我想說的是，與其相比，美國的競爭對手並沒有多或少的促銷行為。

I think the consumer is very choiceful.

我認為消費者是非常有選擇性的。

And I think that's what we've really learned over the past six months in particular.

我認為這正是我們在過去六個月中真正學到的東西。

When you look at the Michael Kors business, unfortunately, our AUR is down.

當你看看 Michael Kors 的業務時，不幸的是，我們的 AUR 下降了。

And I think we talked about that on the previous call where we had raised prices significantly over the last 24-plus months, and that was successful coming out of COVID and then the customer got more and more choiceful.

我想我們在上次電話會議上討論過這個問題，我們在過去 24 多個月大幅提高了價格，這在擺脫 COVID 疫情後取得了成功，客戶的選擇也越來越多。

And unfortunately, we had to be more promotional because we had to get to the price points where she would buy the brand.

不幸的是，我們必須加強促銷力度，因為我們必須達到她願意購買該品牌的價格水平。

And actually, we're seeing a bit of a crossover in that we now know where she puts the pricing and valuation on the Michael Kors brand.

實際上，我們看到了一些交叉，因為我們現在知道她對 Michael Kors 品牌的定價和估值。

We have very good data analytics and consumer insights around that.

我們對此有非常好的數據分析和消費者洞察。

And as we -- as I said in my prepared remarks, we've seen an inflection where we priced a couple of our handbag groups more at the historical levels of our pricing and she responded very, very strongly to that.

正如我在準備好的發言中所說的那樣，我們看到了一個轉變，我們將幾款手袋的定價提高到了歷史水平，她對此做出了非常強烈的反應。

And we've seen the types of full price sell-throughs that we would like to see.

我們已經看到了我們希望看到的全價銷售類型。

So I think that, again, in conclusion, I wouldn't say it's any more or less promotional.

因此，我認為，總而言之，我不會說它的促銷作用有多大或多小。

I think the consumer is very choiceful.

我認為消費者是非常有選擇性的。

And I think we have to -- and by the way, we see that the same with Versace and Jimmy Choo, where, again, in that business, we lost a bit of the aspirational consumer, I think, for a lot of different reasons, one of which was we didn't have enough product for that consumer.

我認為我們必須這樣做——順便說一句，我們看到范思哲和吉米·週 (Jimmy Choo) 的情況也類似，同樣，在這兩個行業，我們失去了一些有抱負的消費者，我認為，原因有很多，其中之一就是我們沒有足夠的產品來滿足這類消費者的需求。

So as we look across the group, we've referred to it as our strategic pricing architecture.

因此，當我們縱觀整個集團時，我們稱之為我們的策略定價架構。

And we'll be more balanced in Versace in particular, Jimmy choose more or less there will make a few tweaks.

而且我們會更加平衡，特別是在范思哲，吉米的選擇或多或少會做出一些調整。

And then Michael cords, there's going to be some big changes.

然後邁克爾·科茲，將會有一些大的變化。

And we think that's really going to going to help drive future full price sell-through and revenue growth.

我們認為這確實有助於推動未來全價銷售和收入成長。

I'll let Tom speak to the wholesale piece.

我讓湯姆來談批發部分。

Simeon, when you talk about the gross margin, if you look at Q4, there are some puts and takes in there.

西緬，當你談到毛利率時，如果你看一下第四季度，你會發現其中有一些進出。

We're seeing some benefits for, as John mentioned, for lower markdowns in store for Versace and other quality of revenue efforts.

正如約翰所提到的，我們看到了范思哲店內降價和其他優質收入的一些好處。

On the other hand, we still have this product that was bought in for the prior strategy and where we're adjusting pricing for that, that is an offset.

另一方面，我們仍然有按照先前的策略購買的產品，我們正在調整價格，這是一種抵消。

So we expect flat margin in the quarter.

因此我們預計本季利潤率將持平。

As we look at fiscal '26, we do expect margin improvement, modest gross margin improvement.

展望26財年，我們確實預期利潤率將改善，毛利率將適度改善。

And that will happen as we buy into the new strategy and our new pricing architecture.

當我們接受新策略和新定價架構時，這就會實現。

So as that moves through starting in spring and then more fully in fall and holiday, we expect to see higher full price sell-throughs and higher AURs, which will then support higher gross margins.

因此，隨著這一趨勢從春季開始，然後在秋季和假期進一步發展，我們預計全價銷售率和 AUR 會更高，從而支持更高的毛利率。

So we expect a progression there.

因此我們期待那裡取得進展。

And overall, for the year, a modest gross margin improvement.

總體而言，今年的毛利率略有提高。

Simeon, I don't think I answered the wholesale part of the question.

西緬，我認為我沒有回答問題的全部部分。

Let me just take that for one second.

讓我花一秒鐘來思考。

So our wholesale business, if you recall, has been impacted by really three things.

所以如果你還記得的話，我們的批發業務實際上受到了三件事的影響。

First, we raised our prices and changed our strategies really at more at Versace and Michael Kors.

首先，我們提高了價格，並改變了策略，這在 Versace 和 Michael Kors 身上表現得更為明顯。

And I would say that had significant impact of our wholesale businesses and our customers not feeling that, that was the right strategy for them to develop and grow with.

我想說，這對我們的批發業務和客戶產生了重大影響，我們的客戶認為，這是他們發展和成長的正確策略。

Secondly, I think that you're aware that in particular, in Michael Kors, we reduced distribution points and again, to improve our quality of sale, that was about a $200 million reduction for us in this fiscal year.

其次，我想您知道，特別是在 Michael Kors，我們減少了分銷點，並且為了提高銷售質量，這導致我們本財年的支出減少了約 2 億美元。

We would have liked to have seen that flow back into our retail business that did not.

我們原本希望這些資金能回流到我們的零售業務，但事實並非如此。

But we are carrying forward with that.

但我們仍在繼續這項努力。

And that initiative will be finished by the end of this spring season that we're heading into right now.

這項計劃將在我們現在即將進入的春季末完成。

So we think that -- and we've shown our lines, as you've heard in Tom's prepared remarks to our wholesale clients and they are very pleased with the direction that we have taken with product first, secondly, with price architecture.

所以我們認為——我們已經展示了我們的路線，正如您在湯姆對我們的批發客戶的準備好的發言中所聽到的，他們對於我們首先在產品方面、其次在價格架構方面所採取的方向感到非常滿意。

And we believe that the wholesale declines will slow.

我們相信批發業務下滑的動能將會減緩。

And in fact, probably in the second half of next year or the upcoming fiscal year will actually be flat see some small increases.

事實上，可能在明年下半年或即將到來的財年實際上會持平，出現一些小幅增長。

And so we're already working with our partners on planning that strategy.

因此，我們已經開始與合作夥伴共同製定該策略。

And I would say we're making good progress, and it's nice to see them coming in here, feeling that the -- both the Versace opportunities that we've positioned, and the Michael Kors opportunities are something that they want to lean into.

我想說的是，我們正在取得良好的進展，很高興看到他們來到這裡，感覺我們定位的范思哲機會和邁克爾·科爾斯機會都是他們想要依靠的。

Thank you, Simeon.

謝謝你，西緬。

Simeon, I'll handle the debt question.

西緬，我來處理債務問題。

With regard to Q3, we came in below our year-end forecast at $1.1 billion in net debt.

就第三季而言，我們的淨債務低於年底預測，為 11 億美元。

We still expect at year-end, approximately $1.2 billion normal timing of working -- cash flows and working capital as we buy spring inventory.

我們仍然預計，到年底，由於我們購買春季庫存，正常的營運現金流和營運資本將達到約 12 億美元。

So we continue to expect a similar year-end number that we shared earlier.

因此，我們繼續預計年底的數字將與我們先前公佈的數字類似。

For fiscal '26, our business is very strong, and we expect to generate strong free cash flow.

對於 26 財年，我們的業務非常強勁，我們預計將產生強勁的自由現金流。

I would expect ending debt for fiscal '26 to be lower.

我預計26財年的期末債務將會較低。

And I'd say at this point, approximately $200 million, but that leaves us plenty of cash to invest in our strategies and to drive the business as we invest in things like data analytics and begin our store renovation program for Michael Kors.

我想說的是，目前大約有 2 億美元，但這給我們留下了足夠的現金來投資我們的策略並推動業務，因為我們投資於數據分析等領域並開始為 Michael Kors 進行店鋪翻新計劃。

So those are, of course, the first priorities, but we will then continue to reduce debt as we move forward.

因此，這些當然是首要任務，但我們也會在未來繼續減少債務。

Great.

偉大的。

Thanks so much guys.

非常感謝大家。

See you in a couple of weeks.

幾週後見。

Bob Drbul, Guggenheim Partners.

古根漢合夥人公司的鮑伯‧德布爾 (Bob Drbul)。

Hi, good morning.

嗨，早安。

If I could just follow up a little bit on some of the pricing and the strategic pricing initiatives, I guess specifically with Kors and Versace, can you just talk more around like levels or the changes in the declines or the reductions in AUR, ASP?

如果我可以稍微跟進一些定價和策略定價舉措，特別是針對 Kors 和 Versace，您能否多談談水平或 AUR、ASP 下降或減少的變化？

And then the other question that I have is just around the marketing plans, I think, around course you mentioned.

然後我的另一個問題是關於行銷計劃，我想，當然是關於您提到的。

I mean is there going to be a big change in level of spend around cores?

我的意思是核心支出水準會發生很大的變化嗎？

Or it's just a reallocation of the dollars that you're pending.

或者這只是您待處理的資金的重新分配。

Thanks.

謝謝。

Thanks for the question, Bob.

謝謝你的提問，鮑伯。

So let me start with the marketing first in Kors.

那我先從 Kors 的行銷說起。

So I think you heard us for me say in our prepared remarks, the company was tried to work on something that was called the transformation plan.

所以我想你們已經聽到我們在準備好的發言中說過，公司正在嘗試實施所謂的轉型計畫。

And I think the intent was good intent.

我認為其意圖是好的。

The strategy was not received well by our core customer and, quite frankly, a different customer that we were trying to reach out to.

這項策略並沒有受到我們核心客戶的歡迎，坦白說，我們試圖接觸的是另一個客戶。

After our -- looking at our consumer insights, our data analytics, the customer really came back to us, and again, we did some outside research as well. and said, this is what we believe Michael Kors stands for.

在我們了解了消費者洞察和數據分析之後，客戶確實回到了我們身邊，我們也做了一些外部研究。並表示，這正是我們所相信的 Michael Kors 所代表的。

And in fact, everyone came back and said, we believe you're a company that's about Jet Set.

事實上，每個人都回覆說，我們相信你們是一家與 Jet Set 有關的公司。

And we had data from -- also from some very, very large companies that we partner with in our marketing that said it was the third or fourth most search term for the brand in totality.

我們從一些與我們在行銷方面合作的非常大的公司獲得的數據表明，它是該品牌的第三或第四大搜尋字詞。

So after looking at all that data and how the customer reacted to our previous strategy, we have gone back to really celebrate our heritage, which is Jet Set.

因此，在查看了所有數據以及客戶對我們先前策略的反應後，我們回歸本質，真正弘揚我們的傳統，即 Jet Set。

And there's a new kind of mantra around that.

並且還有一種新的咒語圍繞著它。

It's traveling the world in style, and you're going to see all that work on February 19.

它正在世界各地巡迴展出，你們將在 2 月 19 日看到它的全部作品。

We've also done some consumer research around that and the sentiment is very positive.

我們也針對此做了一些消費者研究並且情緒非常正面。

And it's all looked at through a modern lens.

這一切都是透過現代的視角來觀察的。

And so we're excited about how we think the customer is going to react to that.

因此，我們非常期待了解客戶會對此作何反應。

As it relates to -- the marketing spend will be, I would say, different from what we've done in the past.

就其相關而言——我想說，行銷支出將與我們過去所做的有所不同。

And again, I'd rather not get into that detail today, but we'll share that information with you on February 19 as we really lay out our strategies on how we're going to implement this Jet Set and traveling the world heritage refocus.

再說一次，我今天不想談論這些細節，但我們會在 2 月 19 日與大家分享這些信息，屆時我們將真正制定出關於如何實施 Jet Set 和世界遺產旅行計劃的戰略。

In terms of the pricing, again, what we have seen is that we elevated prices too quickly and that the consumer ultimately wanted us to be at certain price ranges.

至於定價，我們再次發現，我們漲價太快了，而消費者最終希望我們將價格控制在某個特定的範圍內。

And so therefore, we ended up discounting to get to those price ranges and -- which obviously had a negative effect, I think, on the brand image and also on the way the customer perceived our product.

因此，我們最終打折以達到這些價格範圍——我認為這顯然對品牌形像以及客戶對我們產品的看法產生了負面影響。

So we went back -- we looked at two things.

所以我們回去研究了兩件事。

We looked at historical pricing first.

我們首先查看了歷史定價。

And secondly, we actually look at the out-the-door pricing.

其次，我們實際上看的是出廠定價。

So our AURs were down close to high single digits for Michael Kors.

因此，對於 Michael Kors 來說，我們的 AUR 下降了接近個位數。

And we think we'll be able to elevate that to flat or actually growth next year.

我們認為明年我們能夠將這一數字提升至持平或實際成長。

And it sounds counterintuitive, but actually by lowering certain prices offering more -- we have a good, better, best strategy, more in the good and better parts of the line and get better full price sell-throughs, which will mean lower discounting.

這聽起來有悖常理，但實際上，透過降低某些價格來提供更多產品——我們有一個好、更好、最好的策略，在產品線的好和更好的部分提供更多產品，並獲得更好的全價銷售，這意味著更低的折扣。

We're starting that process as we speak right now.

我們現在就開始這一進程。

There will be some negative impact to some of the reduction in discounting around certain -- in particular, of our full-price styles.

減少某些商品的折扣將產生一些負面影響，特別是我們的全價款式。

And -- but we think that's the right direction for us to head in.

而且——但我們認為這是我們前進的正確方向。

And also, that will, we believe, result in higher gross margins ultimately as we have better full price sell-throughs.

而且我們相信，由於我們的全價銷售率更高，這最終將帶來更高的毛利率。

And again, I will point out to you two bags that we've seen recently that have had these green shoots that I mentioned before, and that's a Melitta shoulder bag that quite frankly is $398, but the sell-throughs are very, very strong for us.

再次，我要向大家指出我們最近看到的兩款包，它們都有我之前提到過的新銷路，那是一款 Melitta 單肩包，坦白說，價格為 398 美元，但對我們來說，它的銷量非常非常強勁。

And then on another bag, which called [LAYLA] which we just introduced over the past few weeks, that's a satchel of $258, and that's seen very strong reception from the consumer.

還有另一款包，叫做 [LAYLA]，是我們在過去幾週剛推出的，這是一款售價 258 美元的挎包，受到了消費者的熱烈歡迎。

So I think we're the right price value relationship is, and I would say that's the key to this, the consumer is responding.

所以我認為我們正確的價格價值關係是，我想說這是關鍵，消費者正在做出反應。

I would like to add one further note as well because a lot of times we talk about handbags and et cetera, in this company.

我還想補充一點，因為我們在這家公司很多時候談論手提包等等。

But we have a strong ready-to-wear business.

但我們的成衣業務很強。

And in that area, we raised prices 30% to 40%.

在該地區，我們將價格提高了30%至40%。

And those prices will come down 30% to 40%.

這些價格將下降30%至40%。

And you're going to see probably 65% of that activity happen in the spring season.

您將會看到大約 65% 的活動發生在春季。

And you'll see it in full place for the fall season.

在秋季，您將看到它的完整形象。

And we believe that's actually going to drive more traffic to our retail stores as you're probably aware, consumers purchase ready-to-wear on a more frequent basis than they do handbags and footwear.

我們相信這實際上會為我們的零售店帶來更多的客流量，正如您可能知道的，消費者購買成衣的頻率比購買手袋和鞋類的頻率更高。

And Michael certainly has a style that we think will be representative of something with the consumer desires.

我們認為麥可的風格確實能夠代表消費者的需求。

So we're going to lean into ready-to-wear to help us drive our store activities.

因此，我們將依靠成衣來幫助我們推動店鋪活動。

It's not a change of spacing in our stores.

這並不是我們商店空間的改變。

It's just a change of pricing and taking us back to our more historical levels.

這只是價格的變化，讓我們回到更歷史性的水平。

Great.

偉大的。

Thank you.

謝謝。

Ike Boruchow, Wells Fargo.

富國銀行的艾克·博魯喬（Ike Boruchow）。

Hey.

嘿。

Good morning, everyone.

大家早安。

Good to hear from me again.

很高興再次收到我的來信。

A question for Tom and then a question for John.

問湯姆一個問題，然後問約翰一個問題。

I guess the revenue trajectory has been a little bumpy in the past couple of quarters.

我認為過去幾季的營收軌跡有點坎坷。

And then obviously, based on the fourth quarter guide, obviously, there's channel dynamics.

然後顯然，根據第四季度的指南，顯然存在渠道動態。

I guess my question is, as we move into the cadence of next year, should everything kind of linearly begin to get less bad?

我想我的問題是，隨著我們進入明年的節奏，一切是否應該開始逐漸變得不那麼糟？

Or could we expect more lumpiness?

或者說我們能期待更多的不平衡嗎？

And then just a follow-up for John.

接下來是約翰的後續問題。

I guess I'll just ask, I mean, there's been speculation around the sale of Versace and/or Choo for a few months in editorials and what have you.

我想我只想問一下，我的意思是，幾個月來社論中一直有關於范思哲和/或週仰傑出售的猜測，你有什麼消息嗎？

I mean, I guess, are you able to come there?

我的意思是，我想，你能去那裡嗎？

How should we be thinking about the portfolio, how you're envisioning the portfolio?

我們應該如何考慮投資組合，您如何設想投資組合？

Anything you can share there would be helpful.

您分享的任何內容都會很有幫助。

Thank you.

謝謝。

Hi, Ike.

你好，艾克。

So starting off with the revenue trajectory for '26, I think as we said, we see a retail flat to maybe slightly positive excluding FX and the store closure impact.

因此，從 26 年的收入軌跡開始，我認為正如我們所說的那樣，如果排除外匯和商店關閉的影響，零售額將持平甚至略微上漲。

And as our strategy has come into place and we're buying into them and getting the right product at the right price, we do expect to see a progression through the year of sales.

隨著我們的策略實施，我們不斷收購他們，並以合適的價格獲得合適的產品，我們確實希望看到全年銷售業績的進步。

On wholesale, we are still seeing the tail end of reducing our distribution and also the need to ramp up and selling in for spring and more importantly, for fall/winter next year.

在批發方面，我們仍然看到分銷量減少的趨勢，並且需要增加春季銷售力度，更重要的是，需要增加明年秋冬季的銷售量。

So we'd expect wholesale to start the year negative and then to improve as we get later into the year.

因此，我們預期批發業務今年年初會出現負成長，但隨著年末出現改善。

And again, I could -- just finishing on that, for Q4 of this year, the greatest impact for the company in revenue decline on a percentage basis is really the wholesale.

我再說一遍，就今年第四季而言，對公司營收下降影響最大的其實是批發業務。

So this is this is going to be what we believe our last very, very large and significant decline in wholesale.

所以，我們認為，這將是批發業務最後一次非常非常大且顯著的下滑。

Again, we've worked with our partners in the wholesale channel.

再次，我們已經與批發管道的合作夥伴進行了合作。

We've been able to affect some of that relationship and the idea of increasing some of the bookings.

我們已經能夠影響一些關係和增加一些預訂的想法。

You'll see some of that happen in Q1, and it will really accelerate in Q2, Q3 and Q4 next year as we'll be able to ship into a lot of the strategies that we've talked about on today's call.

您將看到其中一些情況在第一季出現，並將在明年第二季、第三季和第四季真正加速，因為我們將能夠實施我們在今天的電話會議上討論的許多策略。

And that's really across the board.

這確實是全面的。

That's all three of our houses as well.

那也是我們三人的房子。

As it relates to our assets, first and foremost, we're a public company, and we always are looking at shareholder value.

就我們的資產而言，首先，我們是一家上市公司，我們始終專注於股東價值。

We know we have two highly valuable assets in Jimmy Choo and Versace.

我們知道我們擁有 Jimmy Choo 和 Versace 兩項非常寶貴的資產。

We like you have read a lot of the speculation that's been out in the marketplace.

我們希望您能夠讀到市場上出現的許多猜測。

I think I said on the last call, we're always going to listen to interested parties who may or may not have an interest in these assets.

我想我在上次電話會議上說過，我們將始終傾聽可能對這些資產感興趣或不感興趣的相關方的意見。

Currently, that's not what our strategy is.

目前，這不是我們的策略。

Currently, our strategy is we're going to build three businesses.

目前，我們的策略是打造三項業務。

And we think as again, we've got three incredible assets.

我們再次認為，我們擁有三項不可思議的資產。

And where people are interested in parts or the whole, we will always have that conversation.

當人們對部分或整體感興趣時，我們總是會進行這樣的對話。

But that is currently not our focus -- or currently, our focus is on meeting with you all on February 19 and sharing what our strategies are for growth with three incredible fashion luxury houses.

但這不是我們目前的重點——或者目前，我們的重點是 2 月 19 日與大家會面，與三家令人難以置信的時尚奢侈品公司分享我們的成長策略。

Thanks.

謝謝。

(Operator Instructions)

（操作員指令）

Brooke Roach, Goldman Sachs.

高盛的布魯克·羅奇。

Good morning and thank you for taking my question.

早上好，感謝您回答我的問題。

John, I was hoping you could elaborate on the expectation for retail to improve to flat to slightly positive, excluding FX and some of the store closures.

約翰，我希望你能詳細說明零售業改善至持平或略有增長的預期，不包括外匯和部分商店關閉。

Can you help us understand what assumptions are embedded with there -- within that the most important strategies that you're putting into place and when and what you're assuming for traffic increases and the impact of your marketing plans relative to core like-for-like improvements in product that you have better visibility to?

您能否幫助我們理解其中蘊含的假設——其中，您正在實施的最重要的策略，以及您對流量增加的假設（何時增加以及增加的原因），以及您的行銷計劃相對於您更清楚了解的核心同類產品改進的影響？

Thank you.

謝謝。

Good morning, Brooker.

早上好，布魯克。

Thank you for your question.

感謝您的提問。

So Brooke, I would say the first thing always for us is an amazing product.

所以布魯克，我想說，對我們來說，第一件事永遠是推出令人驚嘆的產品。

And I'm very excited by what our teams have put together at all three of the houses in terms of product innovation.

我對我們三家公司的團隊在產品創新方面所取得的成果感到非常興奮。

And again, our own retail buying teams have seen this product, in particular, for fall that's where the markets that we're in today.

而且，我們自己的零售採購團隊也看到了這種產品，特別是針對秋季的產品，這就是我們今天所在的市場。

And they have given really incredible response to what we're doing.

他們對於我們所做的事情給予了非常令人難以置信的回應。

And so I think that we feel that we have a pretty good understanding of what we need to do to excite the customer.

所以我認為，我們非常清楚需要做些什麼才能讓客戶滿意。

We're not going to be perfect at that.

我們不會在這方面做到完美。

But we feel in a much better place than we did a year ago sitting here at this time.

但現在我們坐在這裡的感覺比一年前好多了。

Secondly, I think the marketing initiatives, and I'll start with Michael Kors.

其次，我認為是行銷舉措，我先從 Michael Kors 開始。

As I said to you, we've done a lot of work internally as well as research externally.

正如我跟你說過的那樣，我們在內部做了很多工作，在外部也做了大量研究。

And we think our heritage and leveraging our heritage and in a modern -- under a modern lens is going to really have an inflection with how the consumer interacts with the brand.

我們認為，我們的傳統、利用我們的傳統，以及在現代的視角下，將真正影響消費者與品牌的互動方式。

That being said, you've seen that all three of our luxury houses have had very strong database growth.

話雖如此，您會發現我們三家豪宅的資料庫都成長得非常強勁。

So there's tremendous interest from our customers and the database growths are people who are purchasing from us.

因此，我們的客戶表現出極大的興趣，資料庫的成長意味著向我們購買產品的人數。

So we're seeing that as a very good lead indicator.

因此我們認為這是一個非常好的領先指標。

And I think what we're seeing with, let's call it, high single-digit traffic decline that we've seen at many of the brands less so in North America, more so in Asia, et cetera.

我認為，我們看到許多品牌的流量都出現了高個位數的下滑，在北美這種現象較少，在亞洲等地則較為嚴重。

We're looking for that to flatten out next year, and that will be driven by our marketing initiatives and how we're bringing people to our stores or to our e-commerce sites.

我們希望明年這一數字能夠趨於平穩，這將取決於我們的行銷舉措以及我們如何吸引人們到我們的商店或電子商務網站。

We're going to share more of that with you on February 19 in a fairly specific detail with each of our CEOs who will present at the presentation and our marketing teams as well.

我們將在 2 月 19 日與出席演示的每位執行長以及我們的行銷團隊分享更多相當具體的細節。

So we feel good about that.

因此我們對此感到很高興。

And then lastly, again, more in Versace and Michael Kors, some of the initiatives we've made in our pricing architecture, I'll give you one good example in Versace.

最後，再次強調，我們在范思哲和邁克爾·科爾斯的定價架構中採取了一些舉措，我給你舉一個范思哲的很好的例子。

We've launched a new bag called The Tag Bag.

我們推出了一款名為「The Tag Bag」的新包款。

And the early indications are very, very strong, a little younger in its attitude.

早期跡象非常強烈，其態度略顯年輕。

And the pricing is between, I think, $950 and $1,250 in that range.

我認為定價在 950 美元到 1,250 美元之間。

And so it's still luxury pricing, but the more opening price point of luxury, and that's just a balance point that we were missing previously, and now we're getting a very good reaction to that.

因此，它仍然是奢侈品定價，但奢侈品的起始價格點更高，這正是我們之前所忽略的平衡點，現在我們對此做出了非常好的反應。

We've introduced a new sneaker called The Galaxia in Versace.

我們推出了一款名為「The Galaxia in Versace」的新運動鞋。

It retails for $550.

其零售價為 550 美元。

We're off to a terrific start with that product.

這款產品的推出讓我們有了一個很好的開始。

Again, we're still going to have speakers that are going to retail for $1,000 as well, but we were probably missing some of that entry level for the more aspirational consumer that we had previously, and we've had a waiting issue in terms of what that looked like in the line.

再說一遍，我們仍將推出零售價為 1,000 美元的揚聲器，但我們可能缺少一些針對以前更有抱負的消費者的入門級產品，而且我們在等待這些產品線的外觀方面也遇到了問題。

And then lastly, there's going to be a very large strategic move on the men's side in Versace around our strategic -- and our short pricing, which is a very big part of our business in men's.

最後，范思哲男裝方面將採取非常大的策略舉措，圍繞著我們的策略——以及我們的短期定價，這是我們男裝業務的一個非常重要的部分。

And in fact, when we look at the real out-the-door price versus what we were trying to sell it at, we're bringing those down in many cases from some EUR1,500 down to EUR950 and we think we'll get better full price selling, improve our gross margin.

事實上，當我們將實際出廠價與我們試圖出售的價格進行比較時，在許多情況下我們將價格從 1,500 歐元降至 950 歐元，並且我們認為我們將獲得更好的全價銷售，從而提高我們的毛利率。

And interestingly enough, some of the early work that we've done around that is our AUR actually went up in Versace in the third quarter.

有趣的是，我們在此方面所做的一些早期工作使我們的 Versace 的 AUR 在第三季度實際上有所上升。

And we think that was a lot because we reduced the promotionality and some of the work we did around some of our opening price points.

我們認為這是很大的進步，因為我們減少了促銷活動，並且減少了圍繞一些開盤價點所做的工作。

So we think that's going to start to gain traction as well with the consumer.

因此我們認為這也將開始受到消費者的青睞。

And then the last thing is, I want to point out in the Michael Kors business, in particular, I think we mentioned that there was a strategy around reducing our signature which is a very, very significant part of the Michael Kors business.

最後一點是，我想特別指出的是，在 Michael Kors 業務中，我認為我們提到有一個圍繞減少簽名的策略，這是 Michael Kors 業務中非常非常重要的一部分。

We believe that we will be in a very, very strong shape come -- beginning towards the latter part of the spring season.

我們相信，從春季後期開始，我們的狀態將會非常強勁。

And we believe that we can get that signature penetration back up to 40%.

我們相信我們可以將簽章滲透率恢復到 40%。

That drives a lot of consumers, both loyal consumers, tourists, et cetera, into our stores.

這吸引了許多消費者，包括忠實消費者、遊客等等，進入我們的商店。

We think -- and the marketing programs we put around that, we think, will really help enhance the way the consumers experience the Michael Kors brand.

我們認為—我們圍繞這一點制定的行銷計劃將真正有助於提升消費者對 Michael Kors 品牌的體驗。

So we've got a lot of things, Brooke, that we think will help us get there.

所以布魯克，我們有很多事情要做，我們認為這些事情可以幫助我們實現目標。

And we're going to be coming off of some relatively low comps after the poor performance that we had in 2025.

在經歷了 2025 年的糟糕表現後，我們的業績將會回落。

So I think our expectations are modest, and I think they're achievable.

因此我認為我們的期望是適中的，而且我認為是可以實現的。

Thank you, Brooke.

謝謝你，布魯克。

Thank you so much.

太感謝了。

Oliver Chen, TD Cowen.

奧利佛陳（Oliver Chen），TD Cowen 公司。

Hi, John.

你好，約翰。

You mentioned quiet luxury on the call earlier.

您之前在通話中提到了安靜的奢華。

Just curious about your thoughts on the evolution of that relative to core and signature and what you're doing at the Michael Kors brand with where you want to go with fashion execution.

我只是好奇您對相對於核心和標誌的演變的看法，以及您在 Michael Kors 品牌所做的事情以及您希望在時尚執行方面走向何方。

Also, as you think about outlet versus full price segmentation or thoughts around that, that would be helpful, too.

此外，當您考慮直銷店與全價細分或圍繞此的想法時，這也會有所幫助。

Thanks a lot.

多謝。

Sure.

當然。

Good morning, Oliver.

早上好，奧利佛。

I want to first start with Versace on that question because I think, as I stated in our opening -- my opening remarks, it's almost two years ago that we started to really reposition the Versace brand.

我想先從范思哲 (Versace) 開始回答這個問題，因為我認為，正如我在開幕詞中所說的那樣，大約兩年前我們才開始真正重新定位范思哲 (Versace) 品牌。

And we made a decision that we were going to lean into luxury and craftsmanship, more the history of the origins when Gianni and Donatella founded the company.

我們決定更傾向於奢華和工藝，更專注於詹尼和多納泰拉創立公司時的起源歷史。

And we made quite a statement with our fashion show out in Los Angeles.

我們在洛杉磯舉辦的時裝秀引起了強烈迴響。

nd we believe very, very deeply in that strategy.

我們非常堅信這項戰略。

We are cleaning up the Versace business.

我們正在清理范思哲業務。

We have some other announcements we'll make on the next call on further things that we're doing to position this brand as a pure luxury brand and competing at the very highest end of fashion luxury.

在下次電話會議上，我們還將宣布一些其他事項，說明我們將採取哪些措施將品牌定位為純粹的奢侈品牌，並在最高端的時尚奢侈品領域競爭。

And we're staying -- we're keeping our head down.

我們將繼續保持低調。

It's painful, but we're keeping our heads down and we're going to stay the course on that strategy.

這很痛苦，但我們會保持低調，並堅持這項策略。

We have a very balanced full price-to-outlet structure in I believe all of our businesses in Jimmy Choo and in Versace, we're in -- whether it's in full price centers, where we sit with the best luxury brands and in the outlet centers, we sit with the same as our competitors.

我認為，我們在 Jimmy Choo 和 Versace 的所有業務中都擁有非常均衡的全價到直銷結構，無論是在全價中心，我們與最好的奢侈品牌並駕齊驅，還是在直銷中心，我們與競爭對手並駕齊驅。

So we're -- we believe, very tight with our distributions.

所以我們相信，我們的分佈非常嚴格。

Both of these companies have approximately 220 doors each.

這兩家公司各有約 220 扇門。

And we think that's the right distribution.

我們認為這是正確的分佈。

Ultimately, that could probably be closer to 300 over time, but we're kind of going to keep our heads very steady with the store networks that we have today.

最終，隨著時間的推移，這個數字可能會接近 300 家，但我們會保持目前擁有的商店網路的穩定性。

And there's no question the quiet luxury trend is still in place, and you know the brands that are performing extremely well around that initiative.

毫無疑問，低調奢華的潮流依然存在，你知道那些在這潮流下表現極為出色的品牌。

We did quiet Versace down from its positioning when we bought the company.

當我們收購范思哲公司時，我們確實降低了它的定位。

And some of the key indicators, especially the VICs, I think you saw on our call.

我想您在我們的電話會議中看到了一些關鍵指標，尤其是 VIC。

I mean it's up over 20% and is driving huge velocity for us inside the stores.

我的意思是它增長了20%以上，並且為我們商店內部帶來了巨大的速度。

And so we now -- we know we're doing the right thing.

所以我們現在知道我們在做正確的事。

She and especially the wealthy customer is leaning into us.

她，尤其是那位富有的顧客，正在向我們靠攏。

And we know if we get that right, where we didn't have that right before and we start to now turn back on some of the initiatives around the aspirational customer, we think we're going to really see an inflection in Versace as we move throughout the year next year.

我們知道，如果我們能做到這一點，而不是像以前那樣，現在開始重新關註一些針對有抱負的客戶採取的舉措，那麼我們認為，隨著明年全年的發展，我們將真正看到范思哲的轉折點。

And again, on our next call, we'll explain some of the other positioning things that we're doing that I think will -- it will be helpful for you to understand what we're doing at Versace.

再說一次，在下一次電話會議中，我們將解釋我們正在做的其他一些定位工作，我認為這將有助於您了解我們在范思哲所做的事情。

And then in terms of Michael Kors, if you really look at the Michael Kors style and look which is more of our historical look.

然後就 Michael Kors 而言，如果你真正看一下 Michael Kors 的風格，你會發現它更符合我們的歷史風格。

It was based on a lot of glamor and a lot of products that really was right during its time period.

它以許多魅力和許多在當時確實正確的產品為基礎。

The transformation that happened at the company was too strong to try to really look at a Gen Z customer in particular, and to try and lean into that much more heavily.

公司所經歷的轉型過於強勁，以至於無法真正關注 Z 世代客戶，也無法嘗試更倚重這群人。

And unfortunately, that alienated our core customer and some other things.

不幸的是，這疏遠了我們的核心客戶和其他一些東西。

But when you look at the product, and it's literally arriving in stores over the next few weeks, and the marketing campaigns.

但是當你看到產品時，你會發現它在接下來的幾週內就會到達商店，而且還會進行行銷活動。

You saw one of the pictures with Suki Waterhouse in our press release.

您在我們的新聞稿中看到了 Suki Waterhouse 的照片。

You'll see that what we're really looking to bring Michael Kors back to is something that's incredibly seek and glamorous probably not with that level of shine and -- but it's going to be very much about standout style, which you'll hear about at our upcoming Investor Day.

您會發現，我們真正想要讓 Michael Kors 回歸到令人難以抗拒和魅力十足的風格，可能不需要那麼耀眼奪目，但更重要的是脫穎而出的風格，您會在我們即將舉行的投資者日上聽到有關這方面的內容。

And Michael has been such an incredible talent for over 40 years.

40 多年來，邁克爾一直才華橫溢。

He's got a lot to offer for the consumer from a fashion point of view, but Michael always brings it to you in kind of the most sheek perspective.

從時尚的角度來看，他可以為消費者提供很多東西，但麥可總是以最時尚的視角帶給您。

We may have lost that over an 18-month period of time.

我們可能在 18 個月的時間裡就失去了這一點。

I think it's back, it's going to be back very strong.

我認為它已經回歸了，而且會強勢回歸。

Michael is highly engaged and has a great vision on how and where he wants to take this company.

麥可非常投入，並且對於如何以及將公司帶往何方有著遠大的願景。

So I think you'll see that in quickly all channels from us.

所以我認為您很快就會在我們所有管道上看到這一點。

And again, you've seen us reduce our store fleet.

而且，您再次看到我們減少了門市數量。

Our ultimate goal is to get down to about 650 stores worldwide.

我們的最終目標是將全球門市數量縮減到 650 家左右。

And that will be smaller distribution than some of our competitors.

與我們的某些競爭對手相比，其分銷範圍較小一些。

Also, our wholesale distributions won't be that far off in terms of alignment.

此外，我們的批發分銷在協調方面不會相差太遠。

I'd say, quite frankly, very much the same.

坦白說，我想說，非常相似。

So we're going to be -- if there was ever a concern that this company was over distributed.

所以，如果有人擔心這家公司的分銷過度，我們就會這麼做。

I think that's no longer an issue.

我認為這不再是一個問題。

I think we have the right balance of full price and outlet.

我認為我們在全價和直銷之間取得了適當的平衡。

And lastly, as we talked about in our last -- our previous call, we're going to renovate about 150 of our stores.

最後，正如我們在上次電話會議中談到的那樣，我們將對大約 150 家商店進行翻新。

This will be primarily our full-price stores over the next 24 months for starting that project literally as we speak.

現在我們正準備在接下來的 24 個月內啟動這個項目，這主要是我們的全價商店。

And we're excited about the new store concept.

我們對新的商店概念感到非常興奮。

And again, we're going to talk to you a lot about that at our February 19 Investor Day.

再次強調，我們將在 2 月 19 日的投資者日上與您詳細討論這個問題。

Thanks, John.

謝謝，約翰。

Paul Lejuez, Citigroup.

花旗集團的 Paul Lejuez。

Hey there, guys.

嘿，大家好。

Tom, curious if you can give a CapEx number for next year, just sort of what you're thinking about?

湯姆，我很好奇你能否給出明年的資本支出數字，你在想什麼？

And then, John, from you, just at a high level, I'm curious if as you went through the merger period, how much of that distraction and uncertainty contributed to what we're seeing in the business today where your hands tied in any way things you want to do, actions you want to take that you couldn't what were those?

然後，約翰，從您高層的角度來說，我很好奇，在您經歷合併期間，有多少幹擾和不確定性導致了我們今天在業務中看到的情況，您無法做任何您想做的事情，無法採取任何您想採取的行動？

And how easy is it to get some of that in motion?

那麼，讓這些行動變得容易嗎？

And is that kind of what we're seeing today?

這是否就是我們今天所看到的呢？

And then just last, any big holes in leadership that still need to be felt that you could share with us.

最後，您能否與我們分享領導階層中尚待解決的重大漏洞。

Good morning, Paul.

早安，保羅。

Thanks for your question.

感謝您的提問。

I'll start with the merger.

我先從合併開始。

And again, not a lot really to comment per se on that.

再說一次，對此實際上沒有太多可評論的。

But it was highly distracting for the management team.

但這對管理團隊來說非常分散注意力。

And I think as we've said in our previous call and in this call, there was a lot of work and energy and effort that went into the management teams preparing for that potential merger.

我認為，正如我們在上次電話會議和本次電話會議中所說的那樣，管理團隊為準備這次潛在的合併投入了大量的工作、精力和努力。

And so I would just say it's highly, highly distracting, and we didn't have as much time to work on our longer-term strategies.

因此我只能說這非常非常分散我們的注意力，而且我們沒有太多的時間來製定我們的長期策略。

And I would say that there was some confusion about what strategy should I be working on given where the company was going to be at whatever period of time.

我想說的是，考慮到公司當時的狀況，我對應該實施什麼策略感到有些困惑。

But we've obviously put that behind us.

但我們顯然已將此事拋諸腦後。

And I think we're super engaged, and I have to complement the senior leadership team at all three of our companies for rebounding very quickly, putting in place strategies that we think are going to drive the business.

我認為我們已經非常投入了，我必須讚揚我們三家公司的高階領導團隊，他們能夠迅速反彈，並制定我們認為能夠推動業務發展的策略。

I think Jimmy Choo has always been relatively clear about how they -- where they're going to go and how they're going to get there.

我認為 Jimmy Choo 對於他們的發展方向和如何實現目標一直都比較清楚。

We'd like a few more weddings to happen right now.

我們希望現在能舉辦多幾場婚禮。

We'd like people to dress up in a few more high heels, but we're feeling that trend is coming our way.

我們希望人們多穿一些高跟鞋，但我們感覺這種趨勢正在朝著我們這邊發展。

So we're feeling optimistic.

因此我們感到樂觀。

As I just mentioned before, the Versace strategy, we feel quite confident that we're on the right path once we really start to anniversary some of the -- in particular, some of the quality of sale initiatives.

正如我之前提到的，對於范思哲策略，我們非常有信心，一旦我們真正開始紀念一些——特別是一些銷售品質舉措，我們就走在了正確的道路上。

And that's something that goes back to Brooke's question.

這又回到了布魯克的問題。

We'll kind of anniversary most of that by the end of calendar year this year.

我們將在今年年底前慶祝其中大部分週年紀念日。

Some of that will actually anniversary in the beginning of fall season.

其中一些實際上將在秋季開始時週年紀念日。

So we think as the consumer understands that, particularly our full-price channel and Versace, they're not going to see that level of discounting happening.

因此我們認為，只要消費者明白這一點，特別是我們的全價管道和范思哲，他們就不會看到這種程度的折扣。

It will start to bear fruit for us.

它將開始為我們帶來成果。

And then lastly, with Michael Kors, I'd say that's where really the biggest strategy changes had to take place.

最後，對於 Michael Kors，我想說這才是真正需要進行最大策略變革的地方。

And with the ending of the merger, it gave us much more confidence to make that move, make it bold, make it quickly, use the data analytics and consumer insights to guide us and quite frankly, use Michael's vision to guide us.

隨著合併的結束，我們更有信心採取這一舉措，大膽、迅速，利用數據分析和消費者洞察來引導我們，坦白說，利用邁克爾​​的願景來指導我們。

And if the little tiny green shoots early on or anything between some of the handbags that we talked about that are getting traction and some of the consumer wholesale reaction or any lead indicators, we're feeling good about the initiatives that we've put in place.

如果早期出現的一些微小的綠芽或我們所談論的一些手袋之間有任何联系，並且得到了消費者的批發反應或任何領先指標，那麼我們對我們所實施的舉措感到滿意。

And then lastly, in terms of leadership, the answer is we lost very few people during the merger.

最後，就領導力而言，答案是我們在合併期間損失的人員很少。

And again, I have to say thank you to our global teams.

我還要再次向我們的全球團隊表示感謝。

They have had a dedication to this company.

他們對這家公司有著奉獻精神。

And we believe that they will be, hopefully, as part of the secret sauce that we'll be moving us forward to returning to revenue growth in particular, in fiscal '27.

我們相信，希望它們將成為我們恢復收入成長的秘訣之一，特別是在 27 財年。

But as we move towards operating earnings growth in '26, our teams will be critical to implementing and making that happen for us.

但隨著我們在26年實現營業收入成長，我們的團隊對於實施和實現這一目標至關重要。

I'll turn it over to Tom for your other questions.

我將把您的其他問題交給湯姆。

Paul, regarding CapEx, for this year, fiscal '25, we expect to spend approximately $125 million in CapEx, and that's for systems and store -- limited store openings.

保羅，關於資本支出，今年，也就是25財年，我們預計將花費約1.25億美元的資本支出，用於系統和商店——有限的商店開業。

For next year, we're looking at about the same range.

對於明年，我們預計範圍大致相同。

And that will support the beginnings of the Michael Kors renovation program for our stores.

這將為 Michael Kors 針對我們門市的改造計畫提供初步支援。

Some very focused store openings.

一些非常有針對性的商店開業。

We're closing many more stores than we'll be opening next year, after this year closing over 100, next year, we expect to close approximately 70.

我們關閉的商店比明年新開的商店多得多，今年關閉了 100 多家，明年我們預計將關閉約 70 家。

And then we'll also be investing in areas like e-commerce and data analytics.

然後我們還將投資電子商務和數據分析等領域。

So it's approximately the same year-over-year.

因此與去年同期相比大致相同。

Thank you, guys.

謝謝你們。

Good luck.

祝你好運。

Dana Telsey, Telsey Advisory Group.

達娜‧特爾西 (Dana Telsey)，特爾西顧問集團 (Telsey Advisory Group)。

Hi.

你好。

Good morning, everyone.

大家早安。

As you think about -- and you were just mentioning, Tom, the retail store changes that are going on, how are you thinking about outlet versus full price in terms of what you're opening or closing.

正如您所想的——湯姆，您剛才提到，零售店正在改變，就您開設或關閉的商店而言，您是如何考慮直銷店與全價店的？

And when you think about the marketing spend that you're investing, John, how are you thinking about it by brand?

約翰，當您考慮所投入的行銷支出時，您是如何按品牌考慮的？

And are there any other metrics that you're looking at in terms of new customer acquisition that you're targeting to gauge the business as it progresses.

在新客戶獲取方面，您是否也關注其他指標來衡量業務的進展？

Thank you.

謝謝。

Good morning, Dana.

早安，達娜。

And let me start with the stores and Tom was -- our CapEx, Tom, was correct.

讓我從商店開始，湯姆——我們的資本支出，湯姆，是正確的。

We're going to continue to invest in upgrades to our technology inside of our company.

我們將繼續投資於公司內部技術的升級。

We spent hundreds of millions of dollars over the last few years and in particular, on our e-commerce and our data analytics capabilities.

過去幾年，我們花了數億美元在電子商務和數據分析能力建置。

And so we're in a very good position there.

因此我們在這方面處於非常有利的地位。

And we're just going to have to spend less going forward as a percentage because of the amount of effort and technology that we brought into the company over really the past 2.5, 3 years.

由於過去 2.5 到 3 年我們為公司投入了大量的精力和技術，我們今後必須減少支出的比例。

So we feel good about that, number one; number two, we are going to close some 75 stores next year.

所以我們對此感覺很好，這是第一名；第二，我們明年將關閉約75家商店。

The majority of those will be full price stores and the majority of those will be Michael Kors full-price stores.

其中大多數將是全價商店，而大多數將是 Michael Kors 的全價商店。

And we think that we, again, have a very good balance between full price and outlet stores.

我們認為，我們在全價和直銷店之間取得了非常好的平衡。

We are not opening new outlet stores, so the distribution and store count that we have today will remain flat over the next few years.

我們不會開設新的直銷店，因此未來幾年我們目前的分銷和商店數量將保持不變。

And we're going to work very hard to across the Group, and we've said this in my prepared remarks and Tom's we're really looking at -- once we finish most of our store closures, which should be by the end of next year -- next fiscal year that we're really looking at densities and productivities inside the fleet that we will have.

我們將在整個集團內非常努力地工作，我和湯姆在我準備好的發言中都說過，我們真正關注的是——一旦我們完成大部分門店的關閉，也就是在明年年底——下一個財年，我們將真正關注我們車隊的密度和生產力。

And so the point that I wanted to make is the majority of our CapEx around stores will go to actually store renovations.

所以我想說的是，我們在門市方面的資本支出大部分將用於門市的實際裝修。

And it's early days, but we are encouraged by the new store concept, and you'll see those when you -- at our presentation, we're encouraged by some of the early results that are taking place there.

現在還為時過早，但我們對新的商店理念感到鼓舞，在我們的演示中，您會看見那裡取得的一些早期成果，這令我們感到鼓舞。

And so we're going to put more investment as a company into our retail fleets, then we will into where we've been outsized investment in IT and technology over the last three years and now, we'll go more into CapEx inside -- the Michael Kors store fleet, in particular, we've really renovated most of the Versace fleet.

因此，作為一家公司，我們將對零售車隊進行更多投資，然後將投入到過去三年來對 IT 和技術的巨額投資中，現在，我們將更多地投入內部資本支出 - 特別是 Michael Kors 商店車隊，我們已經對大部分 Versace 車隊進行了翻新。

It's probably 90% renovated, Jimmy choose about the same.

大概是90%翻新了，Jimmy的選擇也差不多。

So we're going to really target the majority of our investment around the Michael Kors store fleet.

因此，我們的大部分投資將集中在 Michael Kors 門市。

And then lastly, in terms of marketing spend, depending on the brand, we're spending between 7% and 8% on marketing.

最後，就行銷支出而言，根據品牌不同，我們在行銷上的支出在 7% 到 8% 之間。

It can go higher than that depending on how we see the results of certain initiatives that we're putting forth.

根據我們如何看待我們提出的某些舉措的結果，這個數字可能會更高。

And Dana, I would rather leave that piece of the initiatives to our Investor Day because we have some very interesting tactics that will be as forthright with you as we can without sharing too much with our competitors, but we're definitely looking at how we market through a different lens even than what we did this past year.

達娜，我寧願把這部分計劃留到投資者日再實施，因為我們有一些非常有趣的策略，我們會盡可能坦率地告訴你，但不會與競爭對手分享太多，但我們肯定會從不同的角度來審視我們的營銷方式，甚至與去年的情況不同。

Thank you.

謝謝。

And I would like to thank everyone for joining us on this call today.

我還要感謝大家今天參加這次電話會議。

We look forward to seeing you on February 19 to share more of our longer-term strategic our longer-term strategies.

我們期待在 2 月 19 日與您見面，分享更多我們的長期策略。

And additionally, we will be speaking to you about some of our longer-term guidance as we return the company to revenue and operating earnings growth.

此外，隨著公司收入和營業利潤恢復成長，我們還將與您討論一些長期指導方針。

Thank you very much.

非常感謝。

This concludes today's conference.

今天的會議到此結束。

You may disconnect your lines at this time.

現在您可以斷開您的線路。

Thank you for your participation.

感謝您的參與。