雅詩蘭黛 (EL) 2025 Q2 法說會逐字稿

Good day, and welcome to the Estee Lauder Companies second quarter fiscal 2025 earnings release and conference call.

您好，歡迎參加雅詩蘭黛公司 2025 財年第二季財報發布和電話會議。

(Operator Instructions) Please note, this event is being recorded.

（操作員指示）請注意，此事件正在記錄中。

I would now like to turn the conference over to Ms. Rainey Mancini.

現在我想將會議交給雷尼·曼奇尼女士。

Please go ahead.

請繼續。

Hello.

你好。

On today's webcast are Stéphane de La Faverie, President and Chief Executive Officer, and Akhil Shrivastava, Executive Vice President and Chief Financial Officer.

今天的網路直播嘉賓包括總裁兼執行長 Stéphane de La Faverie 和執行副總裁兼財務長 Akhil Shrivastava。

Since many of our remarks today contain forward-looking statements, let me refer you to our press release and our reports filed with the SEC, where you'll find factors that could cause actual results to differ materially from these forward-looking statements.

由於我們今天的許多言論都包含前瞻性陳述，請允許我向您推薦我們的新聞稿和向美國證券交易委員會提交的報告，您會發現可能導致實際結果與這些前瞻性陳述存在重大差異的因素。

To facilitate the discussion of our underlying business, the commentary on our financial results and expectations is before restructuring and other charges and adjustments disclosed in our press release.

為了方便討論我們的基礎業務，對我們的財務表現和預期的評論是在新聞稿中披露的重組和其他費用和調整之前進行的。

Unless otherwise stated, all organic net sales growth also excludes the non-comparable impacts of acquisitions, divestitures, brand closures, and the impact of foreign currency translation.

除非另有說明，所有有機淨銷售額成長也不包括收購、資產剝離、品牌關閉以及外幣折算的不可比影響。

You can find reconciliations between GAAP and non-GAAP measures in our press release and on the investors section of our website.

您可以在我們的新聞稿和我們網站的投資者部分找到 GAAP 和非 GAAP 指標之間的對帳表。

As a reminder, references to online sales include sales we make directly to our consumers through our brand.com sites and through third party platforms.

提醒一下，線上銷售包括我們透過我們的brand.com網站和第三方平台直接向消費者進行的銷售。

It also includes estimated sales of our products through our retailers' websites.

它還包括我們產品透過零售商網站銷售的預期銷售。

Throughout our discussion, our profit recovery and growth plan will be referred to as our PRGP.

在整個討論過程中，我們的利潤恢復和成長計劃將被稱為 PRGP。

During the Q&A session, we ask that you please limit yourself to one question so we can respond to all of you within the time scheduled for this webcast.

在問答環節，我們要求您將問題限制在一個範圍內，以便我們能夠在本次網路廣播安排的時間內答覆所有問題。

And now I'll turn the webcast over to Stéphane.

現在我將網路直播交給史蒂芬。

Thank you, Rainey, and hello to everyone.

謝謝你，雷尼，大家好。

Akhil and I are pleased to be with you today for our first earnings score as CFO and CEO of the Estee Lauder Companies.

阿基爾和我很高興今天能與大家一起慶祝我們作為雅詩蘭黛公司的首席財務官和首席執行官的第一個盈利結果。

We are incredibly honored to lead our iconic company defined by our core values and portfolio of beloved brands.

我們非常榮幸能夠領導這家以核心價值和深受喜愛的品牌組合為特徵的標誌性公司。

Having met with many employees, retailers, business partners, investors, and other stakeholders since being named CEO, three months ago, I am more convinced than ever that our fundamentals are strong.

自從三個月前被任命為執行長以來，我與許多員工、零售商、商業夥伴、投資者和其他利害關係人會面，我比以往任何時候都更確信我們的基本面是強勁的。

We have a strong foundation to leverage, given our brand equities, high quality products and exceptional talent.

憑藉我們的品牌資產、高品質的產品和傑出的人才，我們擁有強大的基礎。

Our focus is clear restore sustainable sales growth and achieve a solid double digit adjusted operating margin over the next few years as we aim to become the best consumer centric prestige beauty company.

我們的重點明確是恢復可持續的銷售成長，並在未來幾年實現穩固的兩位數調整後營業利潤率，因為我們的目標是成為以消費者為中心的最佳高端美容公司。

Let me begin by reflecting on the drivers of our challenge performance over the last few years.

首先，讓我回顧過去幾年我們應對挑戰表現的驅動因素。

Before turning to how we plan to realize our ambition for much improved results.

在討論我們計劃如何實現大幅改善結果的目標之前。

To consumer sentiment in China greatly pressured the prestige beauty industry and our business.

中國的消費者情緒給聲譽美容產業和我們的業務帶來很大壓力。

Given our strategically strong share in prestige beauty with the Chinese consumer, we were disproportionally impacted.

鑑於我們在中國消費者高端美容領域佔有重要策略份額，我們受到的影響尤其嚴重。

At the same time, the increasing complexity of our organization, coupled with a narrow focus on too few markets and channels to drive growth prevented us from tapping into the prevailing strength of prestige beauty around the world.

同時，我們組織結構日益複雜，加上我們只關注少數市場和管道來推動成長，這使得我們無法利用全球知名美容品牌的現有實力。

This was especially true in North America.

北美尤其如此。

Simply said, we lost our agility.

簡單地說，我們失去了敏捷性。

We did not capitalize on the higher growth opportunities quickly enough in channels, markets, media, and prestige price tiers, nor fuel new consumer acquisitions aggressively enough.

我們沒有足夠迅速地利用通路、市場、媒體和高端價格層級的更高成長機會，也沒有足夠積極地推動新消費者的獲取。

We also did not deliver sufficient levels of on trend innovation in our time to market often put us behind trend.

我們在產品上市時也沒有提供足夠水準的符合潮流的創新，這常常使我們落後於潮流。

This happened as prestige beauty become nimbler, driven by both incumbents and new entrants, as we learn with our own indie brand the ordinary, along with faster moving consumers magnifying our issues.

這是因為在現有企業和新進業者的推動下，高端美容產品變得更加靈活，正如我們透過自己的獨立品牌了解到平凡的事情，以及更快移動的消費者放大了我們的問題。

Compounding matters, lower sales in higher margin areas of our business coincided with our overall expense base becoming too large as we invested in capabilities ahead of growth that didn't materialize.

更為複雜的是，我們業務中利潤率較高的領域的銷售額下降與我們的整體費用基礎變得過大相吻合，因為我們在成長之前投資了一些能力，但這些投資並沒有實現。

Our bold new strategic vision of beauty reimagined is designed to address these factors to restore sustainable sales growth and deliver a solid double digit adjusted operating margin over the next few years.

我們大膽而新穎的「重塑美麗」策略願景旨在解決這些因素，以恢復可持續的銷售成長，並在未來幾年實現穩健的兩位數調整後營業利潤率。

We are reimagining our operating model to be leaner, faster, and more agile through the biggest transformation in our history to best serve consumers globally.

我們正在透過史上最大的轉型來重塑我們的營運模式，使其更精簡、更快速、更靈活，以便為全球消費者提供更好的服務。

Beauty Reimagin has five action plan priorities to achieve our ambition.

為了實現我們的目標，Beauty Reimagin 制定了五個行動計畫重點。

First, accelerate best in class consumer coverage.

首先，加速一流的消費者覆蓋範圍。

We are going to put the consumer at the heart of our business.

我們將把消費者放在我們業務的核心位置。

To do so, we plan to rapidly expand our portfolio presence in consumer preferred high growth channels, markets, media, and price tiers to fully participate in the growth opportunities of price

為此，我們計劃迅速擴大我們在消費者青睞的高成長管道、市場、媒體和價格層級的投資組合，以充分參與價格的成長機會。

(inaudible) .

（聽不清楚）。

We have numerous areas in which to capitalize geographically in the US, the UK, and emerging markets, and by channel from travel retail in Western markets to online platforms, specialty multi globally and pharmacies in Europe globally and pharmacies in Europe.

我們擁有眾多可利用的領域，從地理位置上講，我們在美國、英國和新興市場佔有優勢，從通路上講，我們則涵蓋西方市場的旅遊零售、線上平台、全球多元化專業店以及歐洲的藥局。

By doing so, we expect to better diversify our growth drivers.

透過這樣做，我們希望更好地實現成長動力的多樣化。

Second, create transformative innovation.

二是實現變革創新。

We aim to deliver faster market on trend innovation with an eye towards in-demand subcategories, benefits, and occasions.

我們的目標是更快地推出符合市場趨勢的創新，同時專注於熱門的子類別、優勢和場合。

For instance, there are several dynamic subcategories in skincare like body, of makeup, like multi-benefit lip products, and of fragrance like lifestyle for home, for our brands to either enter or expand.

例如，護膚品中有幾個動態子類別，如身體護理，化妝品中有幾個動態子類別，如多效唇部產品，香水中有幾個動態子類別，如家居生活方式，我們的品牌可以進入或擴展。

We will innovate across price tiers, from entry prices to luxury, making sure to bring products to market at attractive price points for new consumer acquisition.

我們將在從入門價格到豪華級的各個價格層級進行創新，確保以有吸引力的價格將產品推向市場，以吸引新的消費者。

As we look to step change our innovation, we are committed to tripling the percentage of our innovation that is launched in less than a year.

當我們尋求逐步改變我們的創新時，我們致力於將在不到一年的時間內推出的創新比例提高兩倍。

But boost consumer facing investments to accelerate new consumer acquisition.

但要增加面向消費者的投資，以加速新消費者的取得。

First and foremost, we plan to do this by increasing visible advertising spending, optimizing marketing programs, and eliminating current ANP spending that is unproductive.

首先，我們計劃透過增加可見的廣告支出、優化行銷計劃以及消除當前無效的 ANP 支出來實現這一目標。

Moreover, this also includes greater investment in selling to support our freestanding store acceleration for our luxury and artisanal fragrance brands to drive growth.

此外，這還包括增加對銷售的投資，以支持我們的豪華和手工香水品牌的獨立店加速發展，從而推動成長。

Fourth, fuel sustainable growth through both efficiencies with today's announcement of our now expanded PRGP.

第四，透過今天宣布的擴大 PRGP 計劃，透過提高效率來推動永續成長。

We've made significant progress to date in the PRGP, having delivered over 60% of our fiscal 2025 objective in the first half of the fiscal year.

我們在 PRGP 方面迄今已取得重大進展，在本財年上半年已實現了 2025 財年目標的 60% 以上。

This has primarily been driven by addressing elevated excess and obsolescence, realizing strategic pricing through fewer discounts, lowering professional service expenses and restructuring our workforce.

這主要是為了解決過剩和過時的問題，透過減少折扣實現策略定價，降低專業服務費用並重組我們的勞動力。

However, greater expense reduction is necessary.

然而，進一步削減開支是必要的。

We have experienced further volume deleverage since the plant's inception, driven by moderated industry growth projection and geopolitical uncertainty, as well as the company specific issues as described.

自工廠成立以來，我們經歷了進一步的產量去槓桿，這是受產業成長預測放緩和地緣政治不確定性以及上述公司特定問題的影響。

We must redesign our expense structure for an evolving mix of business to better align with prestige, beauty growth drivers and given the significant changes in the travel retail industry.

我們必須重新設計我們的費用結構，以適應不斷發展的業務組合，從而更好地適應聲望、美容成長動力以及旅遊零售業的重大變化。

We're embarking on our biggest operational transformation in our company's history, enabled by now an expanded PRGP.

我們正在進行公司史上最大的營運轉型，現在 PRGP 已經擴大。

We are redesigning how much and where we spend, further rationalizing our non-consumer facing investments and significantly evolving our operating model to be more efficient.

我們正在重新設計我們的支出金額和支出地點，進一步合理化我們非面向消費者的投資，並顯著改善我們的營運模式，使其更有效率。

The new areas we have identified and adopting a more competitive approach to procurement, improving supply chain network efficiencies, and outsourcing of select services, the latter of which we plan to do with proven global partners.

我們已經確定了新的領域並採取了更具競爭力的採購方式，提高了供應鏈網路效率，並外包了精選服務，其中後者我們計劃與經過驗證的全球合作夥伴一起進行。

We are advancing well in the design of the outsourcing program with our potential partners.

我們與潛在合作夥伴在外包計畫設計方面進展順利。

We are laser focused on right sizing expenses with the dual mandate to meaningfully reinvest in consumer facing initiatives to drive top line growth and achieve a solid double digit adjusted operating margin over the next few years.

我們專注於合理控制開支，並肩負雙重使命，即對面向消費者的舉措進行有意義的再投資，以推動營收成長，並在未來幾年實現穩健的兩位數調整後營業利潤率。

And as we return to delivering sustainable sales growth, we will be positioned once again to realize operating leverage to further improve profitability.

隨著我們重新實現永續的銷售成長，我們將再次實現經營槓桿，進一步提高獲利能力。

We plan to give more detail on our growth algorithm once we have more fully operationalized the action plan priorities of beauty reimagined.

一旦我們更全面地實施了重新構想的美麗行動計劃優先事項，我們計劃提供有關成長演算法的更多細節。

Fifth, reimagine the way we work.

第五，重新構想我們的工作方式。

We are removing complexity and simplifying our organization.

我們正在消除複雜性並簡化我們的組織。

In doing so, we will provide for greater focus on execution, excellence for the consumer.

透過這樣做，我們將更加重視執行，為消費者提供卓越的服務。

Moreover, we are unburdening our smaller brands so they can be more successful in a larger organization while driving greater benefits of scale for larger brands.

此外，我們正在減輕小品牌的負擔，以便它們能夠在更大的組織中取得更大的成功，同時為更大的品牌帶來更大的規模效益。

As we make these changes, we will empower faster decision making in part through a flatter and leaner organization.

當我們做出這些改變時，我們將透過更扁平、更精簡的組織來加快決策速度。

The foundation of our beauty reimagined strategic vision is a new framework where we are clear on our strengths so that we can more optimally allocate resources.

我們重塑美麗的策略願景的基礎是一個新的框架，在這個框架中我們清楚自己的優勢，以便能夠更優化地分配資源。

Our strengths are where we will lead and excel brand desirability, consumer experience, innovation, quality, and hand to hand execution.

我們的優勢在於我們將引領並超越品牌吸引力、消費者體驗、創新、品質和親手執行。

In support of our strengths and for certain other areas of our business, we are hardwiring AI through the organization.

為了發揮我們的優勢以及其他某些業務領域，我們正在整個組織內大力推廣人工智慧。

We are at an exciting moment in time for the company with AI as we've been working with the best in class technology partners.

我們正處於人工智慧公司激動人心的時刻，因為我們一直在與一流的技術合作夥伴合作。

Their resources, technology and investments combined with our use cases and proprietary data are enabling us to deploy AI in a cost effective manner to drive efficiencies with high quality and differentiated outputs.

他們的資源、技術和投資與我們的用例和專有數據相結合，使我們能夠以經濟有效的方式部署人工智慧，以提高效率和高品質、差異化的輸出。

As one example, we are leveraging AI to forecast our demand and plan for our material and production needs, which has resulted in our weighted average forecast accuracy reaching new heights.

舉個例子，我們正在利用人工智慧來預測我們的需求並規劃我們的材料和生產需求，這使得我們的加權平均預測準確率達到了新的高度。

This better synchronizes our demand and supply and delivers significant improvements in inventories.

這更好地同步了我們的需求和供應，並顯著改善了庫存。

Added proof that the initiatives that we are deploying to restore stronger operating margins are sustainable.

這進一步證明我們為恢復更高的營業利潤率所採取的措施是可持續的。

We are ready to dramatically scale the integration of AI into our workflows from product development to marketing, supply chain, back office, and beyond to accelerate processes and improve decision making.

我們準備大幅擴大人工智慧與我們工作流程的整合，從產品開發到行銷、供應鏈、後台辦公室等，以加速流程並改善決策。

What's most exciting, we expect AI to free up resources to unleash even greater creativity by our brand teams for the consumer.

最令人興奮的是，我們希望人工智慧能夠釋放資源，讓我們的品牌團隊為消費者釋放更大的創造力。

As part of the expanded PRGP, we also plan to work with other external partners to outsource areas of our business that are not core to where we want to lead an excel.

作為擴展的 PRGP 的一部分，我們還計劃與其他外部合作夥伴合作，將我們業務中那些不是核心的領域外包出去，而我們希望在業務上取得卓越成就。

Since I became CEO, we've moved quickly to jumpstart Beauty Reimagine in my first 30 days.

自從我擔任執行長以來，我們在我的頭 30 天內就迅速啟動了 Beauty Reimagine。

First, we announced this morning, we established a new consumer centric executive team through a combination of elevated top talent internally and recruiting externally.

首先，我們今天上午宣布，我們透過內部提升頂尖人才和外部招募相結合的方式建立了一支新的以消費者為中心的執行團隊。

The new flatter linear team structure and governance model are designed to significantly improve collaboration and speed of decision making with clearer accountability across brands, regions and functions in support of our action plan priorities.

新的更扁平的線性團隊結構和治理模式旨在顯著提高協作和決策速度，並更明確跨品牌、地區和職能部門的責任，以支持我們的行動計劃重點。

Second, and as I said a few minutes ago, we strategically expanded PRGP, including its restructuring program with the full support of our Board of Directors.

第二，正如我幾分鐘前所說，我們在董事會的全力支持下策略性地擴展了 PRGP，包括其重組計劃。

This was a decision we did not take lightly, and it will result in a reduction of several 1,000 additional positions.

這是我們做出的一個非常謹慎的決定，這將導致數千個職位的減少。

Third, we dramatically simplify certain work streams across brands, regions, and functions to enable teams to focus more on external execution to drive sales growth.

第三，我們大幅簡化了跨品牌、跨地區、跨職能的某些工作流程，使團隊更專注於外部執行，從而推動銷售成長。

As we execute Beauty Reimagin, we are embracing a test and learned mentality.

當我們實施「美麗重塑」計畫時，我們懷著一種測試和學習的心態。

When we see an early wind, we will endeavor to move with speed to scale it.

當我們看到早期的風時，我們將努力加速以克服它。

Conversely, we will seek to move quickly to exit what's not working.

相反，我們將尋求迅速採取行動，消除不起作用的措施。

We are putting a new organizational structure in place to empower colleagues to act as owners as we improve communication, accountability and collaboration to be more decisive and faster to action.

我們正在建立新的組織結構，使同事能夠作為主人翁，同時改善溝通、責任和協作，從而更加果斷、更快地採取行動。

Encouragingly, as demonstrated in the second quarter, we have some momentum on which to build across the five action plan priorities of Beauty Reimagined.

令人鼓舞的是，正如第二季度所顯示的那樣，我們在「重塑美麗」的五項行動計劃重點方面擁有一定的發展勢頭。

As we accelerate best in class consumer coverage, nine brands have now launched on the US Amazon premium beauty stores, including the successful launch of the Ordinary in January.

隨著我們加快一流的消費者覆蓋範圍，目前已有九個品牌在美國亞馬遜高級美容商店上線，其中包括一月份成功上線的Ordinary。

Last March, Clinique was our first brand to launch on Amazon store font, at which time it also doubled down on its authentic dermatologist heritage with strong commercial execution across all channels.

去年三月，倩碧成為我們第一個在亞馬遜商店推出的品牌，同時，它還加倍強調了其正宗的皮膚科醫生傳統，並在所有管道上實現了強大的商業執行力。

Given Clinique's resounding success in the US, demonstrated by eight consecutive months of prestige beauty share gain through December, it launched in Canada Amazon premium beauty stores during the second quarter.

鑑於倩碧在美國取得的巨大成功（截至 12 月，其高端美容市場份額連續八個月增長），該公司於第二季度在加拿大亞馬遜推出了高端美容商店。

Across markets, in Asia Pacific, we continued to build our presence on TikTok Shop, Line and Shopee with more brands launching in some markets on these high-growth platforms.

在亞太地區的各個市場，我們繼續在 TikTok Shop、Line 和 Shopee 上擴大影響力，並在這些高成長平台上的一些市場推出更多品牌。

And we are thrilled that The Ordinary is debuting in Mainland China this month with its proven disruptive launch strategy.

我們非常高興《The Ordinary》本月將以其行之有效的顛覆性發行策略在中國大陸首次亮相。

We also realized excellent results as we extended the reach of our luxury and artisanal fragrance brand with our experiential in-store offerings, led by Le Labo and Editions de Parfums (inaudible) Malleas each delivered strong double-digit organic sales growth.

我們也透過體驗式店內服務擴大了我們的奢華手工香水品牌的影響力，取得了優異的業績，其中，Le Labo 和 Editions de Parfums（聽不清）Malleas 均實現了強勁的兩位數有機銷售額增長。

As we deliver our plans to create transformative innovation, Clinique, Estee Lauder and [La Mer] strategic launches for the nighttime usage occasion demonstrate the gains we can deliver where we have the right to play and win.

在我們實施變革性創新計畫的過程中，倩碧、雅詩蘭黛和海藍之謎針對夜間使用場合的策略發布展示了我們在有權參與和獲勝的領域所能取得的成果。

In Mainland China, La Mer grew in retail, in contrast to the industry's decline in prestige skin care, driven by its new rejuvenated nice.

在中國大陸，與高端護膚品產業的下滑形成鮮明對比的是，在全新年輕化產品的推動下，La Mer 的零售額實現了成長。

Clinique CX, the brand's new advanced post-procedure treatment franchise for China further epitomizes our aspirations.

倩碧 CX 是該品牌在中國新推出的先進術後護理特許經營品牌，進一步體現了我們的願望。

Clinique CX debuted in November at the Chinese Dermatologist Association with Medical Device 2 classification after less than 12 months development from concept to launch.

從概念到上市，經過不到 12 個月的開發，倩碧 CX 於 11 月在中國皮膚科醫師協會首次亮相，並被評為醫療器材 2 類。

We also announced the opening of a new BioTech Hub in Belgium in December and the collaboration with MIT in January to further accelerate the company's cutting-edge biotechnology innovations.

我們也宣佈12月在比利時開設新的生物技術中心，並於1月與麻省理工學院合作，以進一步加速公司尖端生物技術創新。

Finally, we saw the fruits of our labor when we boosted consumer-facing investment to reach new audiences, as seen by Jo Malone London's significant growth with men in the second quarter.

最後，當我們增加面向消費者的投資以吸引新的受眾時，我們看到了勞動成果，正如 Jo Malone London 在第二季男性市場的顯著成長所見。

Before I close, I want to speak briefly about our third quarter outlook.

最後，我想簡單談談我們第三季的展望。

While we are not satisfied with our third quarter outlook, it primarily reflects weak retail sales trend in our Asia travel retail business, which deteriorated in the second quarter driven by Korea.

雖然我們對第三季的展望並不滿意，但這主要反映了我們亞洲旅遊零售業務的零售銷售趨勢疲軟，受韓國的影響，第二季零售銷售趨勢惡化。

While our retail sales trends in Hainan were still negative in the second quarter, they improved sequentially, fueled by our retail activations.

儘管第二季海南的零售銷售趨勢仍然為負，但在我們的零售活動的推動下，零售銷售趨勢較上季有所改善。

For the third quarter, we expect overall soft retail trends to persist in Asia travel retail, significantly pressuring our organic net sales despite the improvement we made with our in-trade inventory levels in the first half of fiscal 2025, which we intend to maintain across current levels.

對於第三季度，我們預計亞洲旅遊零售業整體疲軟的零售趨勢將持續，儘管我們在 2025 財年上半年的貿易庫存水平有所改善，但我們打算將庫存水平維持在當前水平，但這將對我們的有機淨銷售額造成巨大壓力。

In order to reignite our retail sales growth, we are strategically increasing consumer-facing investments around the world in the third quarter.

為了重燃我們的零售額成長，我們在第三季策略性地增加了全球面向消費者的投資。

We expect the benefits of the PRGP to both fund these investments and modestly offset the meaningful operating deleverage from the sales decline.

我們預期 PRGP 的收益既能為這些投資提供資金，又能適度抵銷銷售下滑造成的顯著經營去槓桿。

In closing, while we have much work to do, we are confident that Beauty Reimagined is the way to realize our ambition to restore sustainable sales growth and achieve a solid double-digit adjusted operating margin over the next few years.

最後，雖然我們還有很多工作要做，但我們相信，「重塑美麗」是我們實現目標的途徑，即在未來幾年恢復可持續的銷售成長，並實現穩健的兩位數調整後營業利潤率。

To our employees, thank you for your passion and contribution at this pivotal moment in our company's history.

對於我們的員工，感謝你們在我們公司歷史的這個關鍵時刻所展現的熱情和貢獻。

I am grateful for all the ideas that you've shared with me over the past months, and I'm energized for what we can achieve together.

我很感激大家在過去幾個月與我分享的所有想法，並且我對我們共同取得的成就充滿信心。

This is our shared vision.

這是我們共同的願景。

I will now turn the call over to Akhil.

現在我將電話轉給阿基爾。

Thank you, Stéphane, and hello, everyone.

謝謝你，史蒂芬，大家好。

It's an honor to be with you today in my new role as CFO of Estee Lauder Companies.

今天，我很榮幸能夠以雅詩蘭黛公司財務長的新身分與大家會面。

I'm energized to partner with Stéphane as we boldly drive the execution of Beauty Reimagined, our transformative strategic vision.

我很高興能與 Stéphane 合作，大膽推動我們變革性策略願景「Beauty Reimagined」的實施。

While we've made progress with initiatives under our PRGP, we recognize there's still much to accomplish.

雖然我們在預防減貧全球政策 (PRGP) 下的舉措方面取得了進展，但我們認識到仍有許多工作要做。

As we collaborate with our global teams to simplify processes and execute with speed and agility, we are confident we can achieve a leaner cost structure through significantly expanding our PRGP.

透過與全球團隊合作簡化流程並快速且靈活地執行，我們相信可以透過大幅擴展 PRGP 來實現更精簡的成本結構。

We believe this evolution positions us to invest more in consumer-centric activities that drive recruitment and fuel sustainable, profitable growth and cash generation for the long term.

我們相信，這種轉變使我們能夠在以消費者為中心的活動上投入更多，從而推動招聘並實現長期可持續的盈利增長和現金創造。

I'll discuss this in more detail shortly.

我稍後將更詳細地討論這一點。

But first, let me recap our second quarter results, covering overall performance, organic net sales by region and product category, margin, cash flows, restructuring charges and other items.

但首先，讓我回顧一下我們的第二季業績，包括整體業績、按地區和產品類別劃分的有機淨銷售額、利潤率、現金流量、重組費用和其他項目。

Organic net sales declined 6%, at the high end of the outlook range we gave in October.

有機淨銷售額下降 6%，處於我們 10 月給出的預期範圍的高點。

Adjusted EPS was $0.62 in the quarter, exceeding our outlook.

本季調整後每股收益為 0.62 美元，超過我們的預期。

This reflects better than expected gross margin expansion given a higher than expected category mix in skincare.

由於保養品類別組合高於預期，反映出毛利率擴張優於預期。

It also reflects disciplined expense management, while we continue to invest in consumer facing activities to support growth in key areas of the business.

這也反映了嚴格的費用管理，同時我們繼續投資面向消費者的活動，以支持業務關鍵領域的成長。

Starting with our regions.

從我們的地區開始。

In Asia Pacific, net sales decreased 11%, primarily driven by double digit declines in Mainland China, Korea and Hong Kong SAR, mainly due to subdued consumer sentiment.

在亞太地區，淨銷售額下降 11%，主要由於中國大陸、韓國和香港特別行政區的兩位數降幅，這主要歸因於消費者信心低迷。

The decline in Korea also reflects our November 2024 exit of Dr. Jart from the travel retail channel as well as the impacts of recent political and social unrest.

韓國市場的下滑也反映了我們於 2024 年 11 月退出 Dr. Jart 的旅遊零售管道，以及近期政治和社會動盪的影響。

These declines were partially offset by double-digit organic net sales growth in Japan, where both domestic and traveling consumers continue to fuel growth across nearly all channels of distribution.

這些下降被日本兩位數的有機淨銷售額成長部分抵消，日本國內和旅遊消費者繼續推動幾乎所有分銷管道的成長。

Organic net sales in EMEA fell 6%.

歐洲、中東和非洲地區的有機淨銷售額下降 6%。

This reflects continued retail softness in our Asia travel retail business, which resulted in lower replenishment orders.

這反映了我們亞洲旅遊零售業務的持續零售疲軟，導致補貨訂單減少。

Organic net sales were flat in the Americas.

美洲地區的有機淨銷售額持平。

This was mainly due to the 1% decline in North America where we still have relatively high exposure in slower growth channels.

這主要是由於北美地區下降了 1%，而我們在該市場成長較慢的管道中仍然擁有相對較高的市場份額。

This was partially offset by double-digit online sales growth, which included early shipments for The Ordinary's launch in Amazon's US Premium Beauty store in January.

但這一增幅被兩位數的線上銷售成長部分抵消，其中包括 1 月在亞馬遜美國高級美容商店推出的 The Ordinary 的早期發貨。

Moving on to product categories.

繼續討論產品類別。

Organic net sales decreased 12% in Skin Care and 8% in Hair Care.

皮膚護理產品部門的有機淨銷售額下降了 12%，頭髮護理產品部門的有機淨銷售額下降了 8%。

The challenges in Asia Pacific and our Asia travel retail business have the greatest effect on our Skin Care category.

亞太地區和亞洲旅遊零售業務的挑戰對我們的保養品類別影響最大。

This more than offset the sales growth we saw in the Americas led by double-digit growth from The Ordinary.

這遠遠抵消了我們在美洲看到的 The Ordinary 兩位數成長引領的銷售成長。

In makeup, organic net sales decreased 1%.

化妝品部門的有機淨銷售額下降了 1%。

The collective decline from TOM FORD, M·A·C and Smashbox more than offset the high single-digit growth from Clinique's launched last March and Amazon's US Premium Beauty store.

TOM FORD、M·A·C 和 Smashbox 的整體下滑抵消了倩碧去年 3 月推出的品牌形象和亞馬遜美國高級美容商店的高個位數增長。

Fragrance organic net sales increased 2%.

香水有機淨銷售額成長2%。

Le Labo continued to excel with strong double-digit sales growth across all geographic regions driven by [HEDO] products and innovation.

在 [HEDO] 產品和創新的推動下，Le Labo 在所有地理區域繼續保持強勁的兩位數銷售成長。

Now turning to our margins.

現在轉向我們的利潤。

For the quarter, our gross margin expanded 310 basis points compared to last year.

本季度，我們的毛利率比去年同期擴大了 310 個基點。

This reflects net benefits from our PRGP that drove the reduction in excess and obsolescence, lower discounts, benefits from our strategic pricing actions and operational efficiencies.

這反映了我們的 PRGP 帶來的淨收益，推動了過剩和過時產品的減少、折扣的降低、以及我們策略定價行動帶來的好處和營運效率的提高。

Operating expenses increased 500 basis points as a percent of sales during the quarter.

本季度，營業費用佔銷售額的百分比增加了 500 個基點。

This reflects a 210 basis points increase in advertising, promotion and innovation expenses.

這反映出廣告、促銷和創新費用增加了210個基點。

This includes our investments to fuel performance during holiday and key shopping moments and drive consumer engagement for new product launches.

這包括我們為提高假日和關鍵購物時刻的表現以及推動消費者參與新產品發布而進行的投資。

We also saw an increase of 130 basis points from higher selling expense.

我們也看到銷售費用增加了 130 個基點。

This reflects higher costs to support key activations including during holiday and our distribution expansion.

這反映了支持關鍵活動（包括假期期間和分銷擴張）的成本增加。

And our sales deleverage offset the net benefits realized under the PRGP.

我們的銷售去槓桿抵消了 PRGP 下實現的淨收益。

I'll expand on this later.

我稍後會詳細說明這一點。

Operating income decreased 20% to $462 million, and our operating margin contracted 200 basis points to 11.5% compared to 13.5% last year.

營業收入下降 20% 至 4.62 億美元，營業利潤率收縮 200 個基點至 11.5%，去年同期為 13.5%。

Our effective tax rate for the quarter was 42.6%, compared to 37.7% last year.

我們本季的有效稅率為 42.6%，去年同期為 37.7%。

The increase is primarily due to the unfavorable impact of previously issued stock-based compensation and a change in a global mix of earnings.

成長主要由於先前發行的股票薪酬和全球獲利結構變化的不利影響。

Diluted EPS was $0.62, compared to $0.88 last year.

稀釋每股收益為 0.62 美元，去年同期為 0.88 美元。

As of December 31, we have recorded $403 million of charges under our PRGP restructuring program.

截至 12 月 31 日，我們已根據 PRGP 重組計劃記錄了 4.03 億美元的費用。

These charges primarily relate to initiatives aimed at transforming various functions, brands and regions.

這些費用主要與旨在轉變各種職能、品牌和地區的措施有關。

During the quarter, we recorded $861 million of impairment charges related to TOM FORD and Too Faced.

在本季度，我們記錄了與 TOM FORD 和 Too Faced 相關的 8.61 億美元的減損費用。

This reflects challenges in Asia Pacific and our Asia travel retail business for TOM FORD and continued underperformance from Too Faced.

這反映了 TOM FORD 在亞太地區和亞洲旅遊零售業務中面臨的挑戰，以及 Too Faced 持續的表現不佳。

The increase in the weighted average cost of capital also contributed to the impairment charges for both brands.

加權平均資本成本的增加也導致了兩個品牌的減損費用。

Moving now to our cash generation, CapEx investments and dividend payments.

現在轉向我們的現金產生、資本支出投資和股利支付。

For the six months, we generated $387 million in net cash flows from operating activities, compared to $937 million last year.

六個月內，我們經營活動產生的淨現金流為 3.87 億美元，去年同期為 9.37 億美元。

Lower net cash flows from operations this year as compared to last year is due to the decrease in earnings adjusted for noncash items and an unfavorable change in operating assets and liabilities.

今年經營活動的淨現金流量較去年同期下降的原因是調整非現金項目的收益減少以及經營資產和負債的不利變化。

This includes the fact that last year, we made a very significant year-on-year reduction in our inventory.

其中包括去年我們庫存年比大幅減少。

We invested $273 million in capital expenditures compared to $527 million last year.

我們的資本支出為 2.73 億美元，而去年為 5.27 億美元。

The reduction in capital expenditures was primarily driven by the prior-year payments relating to the manufacturing facility in Japan.

資本支出的減少主要由於去年與日本製造工廠相關的付款。

It also reflects the improvements we have made to optimize expenditures as we are determined to improve our free cash flow.

這也反映了我們為優化支出所做的改進，因為我們決心改善我們的自由現金流。

Turning to dividends.

談到股息。

We returned $366 million in cash to stockholders.

我們向股東返還了 3.66 億美元現金。

Looking ahead, to harness the full growth potential of our strategic vision as we transform how we operate and invest in our business, we must boldly pivot with a consumer-centric mindset, focused on cost discipline, optimizing our resources for growth and fueling consumer-facing investments to further ignite our brands.

展望未來，為了在轉變業務運營和投資方式的同時充分發揮我們戰略願景的成長潛力，我們必須大膽地以消費者為中心，注重成本控制，優化我們的成長資源，推動面向消費者的投資，進一步激發我們的品牌活力。

Now I'm going to elaborate on our PRGP that is a critical enabler of this strategic vision.

現在我將詳細闡述我們的 PRGP，它是實現這個策略願景的關鍵推動因素。

We have made significant progress in executing our plan thus far.

迄今為止，我們在執行計劃方面已取得重大進展。

While we remain on track to deliver the previously communicated $1.1 billion to $1.4 billion in net benefits, the current headwinds we are facing are now expected to partially offset these benefits.

雖然我們仍有望實現先前宣布的 11 億至 14 億美元的淨收益，但目前預計面臨的阻力將部分抵消這些收益。

To date, the net benefits we have realized thus far have been more than offset by our operating deleverage.

到目前為止，我們實現的淨收益已被我們的經營去槓桿所抵消而有餘。

Our profitability has been pressured by our sales volume declines: mix, ongoing inflation and a cost base that was scaled in anticipation of growth that did not materialize.

我們的獲利能力受到銷售量下滑的壓力：產品組合、持續的通貨膨脹以及為實現成長而擴大的成本基礎。

We have also continued to invest in consumer-facing activities and distribution expansion to fuel sustainable growth.

我們也繼續投資面向消費者的活動和分銷擴張，以推動永續成長。

To address these challenges and accelerate our return to sustainable sales growth and profitability, we have made the decision to further expand the PRGP, including its restructuring program.

為了應對這些挑戰並加速恢復永續銷售成長和獲利能力，我們決定進一步擴大 PRGP，包括其重組計劃。

Anchored by the five key action plans Stéphane discussed, the expanded PRGP is essential to our operational transformation, fueling investments for growth, not ahead of it.

擴大後的 PRGP 以史蒂芬討論的五項關鍵行動計劃為基礎，對於我們的營運轉型至關重要，它將推動投資以實現成長，而不是超前成長。

We are focused on improving operational efficiencies, optimizing our cost structure to be leaner and enhancing leverage across the business, especially during periods of volatility and low sales growth.

我們專注於提高營運效率，優化成本結構以精簡成本並增強整個業務的槓桿率，尤其是在波動和銷售成長較低的時期。

This transformation enables us to reallocate resources, allowing us to better prioritize and increase consumer-facing investments.

這種轉變使我們能夠重新分配資源，從而讓我們能夠更好地確定優先順序並增加面向消費者的投資。

By doing so, we are better positioned to address changes in our mix of business whether driven by internal or external factors.

透過這樣做，我們可以更好地應對業務組合的變化，無論是由內部還是外部因素驅動的。

Related, we have made the difficult decision to expand our restructuring program.

與此相關的是，我們做出了擴大重組計畫的艱難決定。

With all initiatives under the program, we now expect a net reduction of 5,800 to 7,000 positions globally, including approvals to date.

透過該計劃下的所有舉措，包括迄今為止批准的職位，我們預計全球將淨減少 5,800 至 7,000 個職位。

Approvals for specific initiatives under this restructuring program in total are still expected to be completed by the end of fiscal 2026.

此重整計畫下具體措施的批准預計仍需到 2026 財政年度末才能完成。

In the now expanded restructuring program, we expect to take total charges of $1.2 billion to $1.6 billion and generate annual gross savings of $800 million to $1 billion before taxes.

在目前擴大的重組計畫中，我們預計總費用將達到 12 億至 16 億美元，並產生每年 8 億至 10 億美元的稅前總節約。

A portion of these savings is expected to be reinvested in consumer-centric activities and additional investments to fuel growth.

預計其中一部分儲蓄將重新投資於以消費者為中心的活動及額外投資以促進成長。

The actions under the PRGP, including its restructuring program, are expected to be substantially executed in fiscal '25 and '26 and completed in fiscal '27.

PRGP 下的行動（包括其重組計劃）預計將在 25 和 26 財年基本實施，並在 27 財年完成。

We expect nearly all of the full run rate benefits to be realized during fiscal '27.

我們預計幾乎所有的全部運轉率收益都將在 27 財年實現。

Overall, we aim to accelerate our return to sustainable sales growth and deliver a solid double-digit adjusted operating margin over the next few years.

總體而言，我們的目標是加速恢復永續銷售成長，並在未來幾年實現穩健的兩位數調整後營業利潤率。

We are moving with a sense of urgency to execute the action plans of Beauty Reimagined to start delivering annual sales and margin improvement quickly.

我們正緊急行動起來，執行「重塑美麗」的行動計劃，以迅速實現年度銷售額和利潤率的提高。

As Stéphane said, we plan to share more details once the Beauty Reimagined action plans are operationalized.

正如史蒂芬所說，我們計劃在「重塑美麗」行動計劃實施後分享更多細節。

Let me now discuss our outlook.

現在讓我討論一下我們的前景。

We expect our business to continue to be challenged by subdued consumer sentiment in China and Korea, pressuring Asia travel retail.

我們預計，我們的業務將繼續受到中國和韓國消費者信心低迷的挑戰，從而給亞洲旅遊零售業帶來壓力。

In light of this, along with evolving global geopolitical uncertainty, we anticipate continued volatility and low visibility in the near term.

有鑑於此，加上全球地緣政治不確定性的不斷演變，我們預期短期內波動性將持續且能見度較低。

As a result, we are only providing an outlook for the third quarter.

因此，我們僅提供第三季的展望。

We expect a strong double-digit sales decline in our global travel retail business in the second half of the fiscal year.

我們預計本財年下半年全球旅遊零售業務的銷售額將出現兩位數的大幅下滑。

This reflects shipments based on our expectation of persistent industry retail softness and incremental pressure from the change in selling policies at several Korean retailers.

這反映了我們對行業零售持續疲軟的預期以及幾家韓國零售商銷售政策變化帶來的增量壓力。

Additionally, recall that we resumed replenishment orders in the third quarter last year, making for a difficult comparison.

此外，回想一下，我們去年第三季就恢復了補貨訂單，因此很難進行比較。

However, we are encouraged that, for the second quarter, our retail trends, while still negative, improved sequentially in both Mainland China and globally, excluding travel retail.

然而，令人鼓舞的是，第二季我們的零售趨勢雖然仍然負面，但在中國大陸和全球（旅遊零售除外）都比上季有所改善。

We anticipate our retail sales trends, excluding travel retail, to significantly improve in the third quarter as we increase consumer-facing investments.

隨著我們增加面向消費者的投資，我們預計，不包括旅遊零售的零售銷售趨勢將在第三季顯著改善。

Given that context, let me walk you through our specific outlook for the third quarter.

鑑於這種背景，讓我向您介紹我們對第三季的具體展望。

We expect organic net sales for our third quarter to decrease 10% to 8% compared to last year.

我們預計第三季的有機淨銷售額將較去年同期下降 10% 至 8%。

As I previously mentioned, this is primarily driven by a strong double-digit decline in our global travel retail business.

正如我之前提到的，這主要是由於我們的全球旅遊零售業務出現兩位數的強勁下滑。

In the rest of the business, we expect the net sales decline to moderate.

在其餘業務中，我們預期淨銷售額下滑將會減緩。

Currency translation is expected to negatively impact reported net sales by 2 percentage points.

貨幣換算預計將對報告的淨銷售額產生 2 個百分點的負面影響。

For the third quarter, we anticipate moderate gross margin expansion, reflecting a tailwind from the in-period charge last year, which was triggered by the previous pull-down of production.

對於第三季度，我們預期毛利率將溫和擴大，這反映出去年同期收費的順風，而去年同期收費是由先前的產量下降引發的。

We also expect continued benefits from the PRGP as an offset to our expected sales volume deleverage and continued consumer-facing investments.

我們也預期 PRGP 將繼續帶來收益，以抵消我們預期的銷售量去槓桿和持續面向消費者的投資。

We expect our third quarter effective tax rate to be approximately 36%, compared to 30.5% last year.

我們預計第三季有效稅率約為 36%，而去年同期為 30.5%。

The increase primarily reflects the estimated change in our geographical mix of earnings.

這一增長主要反映了我們收入地理結構預計發生的變化。

We expect third quarter adjusted EPS of $0.20 to $0.30, primarily driven by the expected strong sales decline in global travel retail.

我們預計第三季調整後每股收益為 0.20 美元至 0.30 美元，主要受預計全球旅遊零售銷售大幅下滑的影響。

Currency translation is expected to dilute EPS by $0.04.

貨幣換算預計會使每股收益稀釋 0.04 美元。

In closing, we acknowledge that we have a lot of hard work ahead.

最後，我們承認我們還有許多艱苦的工作要做。

But we are empowered by a Beauty Reimagined vision.

但「重塑美麗的」願景賦予了我們力量。

With its mandate to pivot boldly with the consumer-centric mindset, speed and agility, we are confident and better positioned to accelerate our return to sustainable sales growth and long-term profitability.

憑藉著以消費者為中心的思維方式、速度和敏捷性的大膽轉變，我們有信心並有能力加速恢復可持續的銷售成長和長期盈利能力。

On behalf of Stéphane and our new leadership team, I want to extend a heartfelt gratitude to our talented employees around the world.

我謹代表史蒂芬和我們的新領導團隊，向世界各地的優秀員工表達衷心的感謝。

Together with you, we are driving the critical transformation to unlock the full potential of our beloved company.

我們正在與您一起推動關鍵轉型，以充分釋放我們心愛的公司的全部潛力。

That concludes our prepared remarks.

我們的準備好的演講到此結束。

I'll now turn it over to the operator to begin the Q&A session.

現在我將把麥克風交給操作員，開始問答環節。

(Operator Instructions)

（操作員指令）

Bryan Spillane, Bank of America.

美國銀行的布萊恩‧斯皮蘭 (Bryan Spillane)。

Thanks, operator.

謝謝，接線生。

Good morning, everyone.

大家早安。

Thanks for all of the detail today, very, very helpful.

感謝您今天提供的所有詳細信息，非常非常有幫助。

And I know there's a lot that you've got going on.

我知道你有很多事情要做。

But Stéphane, maybe just to step back for a sec, I guess as we were -- I was just reading through the press release this morning and listening to the prepared remarks, some of what I'm hearing or what it comes across is there's some prioritization happening, meaning by changing the organization structure internationally, it's going to create, I think, more focus in some of those regions that maybe needed them.

但是史蒂芬，也許我們只是暫時停下來，我想就像我們一樣——我今天早上剛剛閱讀了新聞稿並聽取了準備好的發言，我所聽到的或傳達出的一些信息是，正在發生一些優先事項，這意味著通過改變國際組織結構，我認為它將在一些可能需要的地區創造更多的關注。

And in that light, can you talk a little bit about the portfolio?

從這個角度來看，您能談談投資組合嗎？

I know there's been some new stories about the potential to maybe sell some brands.

我知道有一些關於可能出售某些品牌的新報道。

But absent that, just how are you looking at the portfolio and prioritizing where the investments go, and maybe there are certain brands or categories that you'll run more for cash?

但除此之外，您如何看待投資組合併確定投資的優先順序，也許某些品牌或類別您會花更多的錢來運作？

Just trying to get a better understanding of maybe how you're looking at the portfolio itself and prioritizing.

只是想更好地理解您如何看待投資組合本身並確定優先順序。

Thank you, Bryan, no, thank you, very good question.

謝謝你，布萊恩，不，謝謝你，這個問題問得非常好。

I'm happy to discuss.

我很樂意討論。

First of all, your question is on the organization.

首先，你的問題是關於組織的問題。

Obviously, you saw as part of the press release we put out this morning, obviously, the change and the evolution of our organization.

顯然，您在我們今天早上發布的新聞稿中看到了我們組織的變化和發展。

First and foremost, this organization was thought through to be leaner and faster.

首先，這個組織被認為更加精簡，並且更加快速。

Obviously, we are -- if you look at the organization at three blocks, one about the regions, one about the brand and one the operation, we've really looked at every single of the element to be able to just like act faster and to deploy and execute the Beauty Reimagined strategy in a much faster way.

顯然，如果從三個方面來看待我們的組織，一個是關於區域，一個是關於品牌，一個是關於運營，我們確實研究了每一個要素，以便能夠更快地採取行動，並以更快的方式部署和執行“重塑美麗”戰略。

To your point, Bryan, the realignment of the regions across four clusters allow us to have a much more focus, one on the Americas, looking at it on the total region.

正如您所說，布萊恩，對四個集群的區域進行重新調整使我們能夠更加關注美洲，並著眼於整個地區。

One in Asia with the integration of travel retail as part of this region, which allows us to have like much further and greater alignment between the local market and travel retail on the activities that we are going to run.

其中一個是亞洲，我們將旅遊零售作為該地區的一部分進行整合，這使我們能夠在即將開展的活動中進一步加強本地市場和旅遊零售之間的協調。

Then you have also the entire alignment of the EMEA, UK and the newly created emerging market.

然後你也可以看到 EMEA、英國和新興市場的整體協調。

We've said it for a long time, emerging market is a key focus of our acceleration going forward.

我們早就說過，新興市場是我們未來加速發展的重點。

So creating a new organization that allows us to focus on markets such as India, Middle East, Southeast Asia, and you name it, will allow us to really capture the fast-growing middle class in this market and to position our brand in every key market.

因此，創建一個新的組織，使我們能夠專注於印度、中東、東南亞等市場，這將使我們能夠真正抓住這個市場快速成長的中產階級，並在每個關鍵市場定位我們的品牌。

And obviously, China gets elevated and reporting directly to me, obviously, based on this strategic importance and, frankly, the continuous importance of the market and the long-term outlook of China that is very good.

顯然，中國的地位得到了提升，並直接向我匯報，顯然是基於這一戰略重要性，坦白說，中國市場持續的重要性以及中國非常好的長期前景。

When it comes to the portfolio of brands that you've discussed, obviously, we are -- what we are doing is that we are conducting on a regular basis a thorough analysis of where our brands needs to just like deploy and where their strengths is.

當談到您所討論的品牌組合時，顯然，我們正在做的是定期對我們的品牌需要部署的地方以及它們的優勢所在進行徹底的分析。

We undertake always every year a full portfolio review of our brand, and we do it with the Board, and we do it also with every single of our brands.

我們每年都會對我們的品牌進行全面的組合審查，我們會與董事會一起進行審查，並且我們會對我們的每個品牌進行審查。

We look at categories, we look at region, we look at HEDO product, we look at new innovation and where we want to accelerate them and make sure that we transform.

我們專注於類別、關注地區、專注於 HEDO 產品、專注於新創新以及我們想要在哪些地方加速它們，並確保我們實現轉型。

One, we accelerate what works, and that's what I said in my prepared remarks.

第一，我們要加快有效的措施，這就是我在準備好的發言中所說的。

We want to pivot and to be much more agile.

我們希望轉變並變得更加敏捷。

Stop what is not working in brand and in region.

停止在品牌和地區內不起作用的行為。

And accelerate innovation going forward as part of the second pillar of Beauty Reimagined, which is the creation of this transformative innovation plan that will allow us to accelerate.

作為「重塑美麗」計劃的第二大支柱，我們將加速創新進程，並制定這項變革性的創新計劃，讓我們能夠加速創新。

In all of that, it will allow us to really deploy our brand with a lot more agility based on the brand organization, the regional organization and, at the same time, the full review that we are doing on every single of our brand on an ongoing basis.

總的來說，這將使我們能夠基於品牌組織、區域組織以及我們正在持續對每個品牌進行的全面審查，更靈活地部署我們的品牌。

And frankly, the last one, I would say, we are committing to drive the maximum value for each of our brands and each of our regions around the world.

坦白說，最後一點，我想說，我們致力於為全球每個品牌和每個地區創造最大的價值。

Lauren Lieberman, Barclays.

巴克萊銀行的勞倫·利伯曼。

Great.

偉大的。

Thanks.

謝謝。

Good morning, everyone.

大家早安。

I was curious, Stéphane, if you could talk a little bit about how you manage the pace of reinvestment.

我很好奇，史蒂芬，你能否談談你是如何管理再投資步伐的。

Because I noticed once or twice through the prepared remarks, you discussed one of the challenges in the past was investing ahead of the curve, investing for growth that didn't materialize.

因為我注意到，在準備好的發言中，您曾討論過一次或兩次過去面臨的挑戰之一是提前投資，即為尚未實現的增長進行投資。

But at the same time, we need to keep reinvesting, right?

但同時，我們需要繼續再投資，對嗎？

So I mean to my years, I feel like the difference between one in the other is just a matter of success rate in ROI, right?

所以我的意思是，就我多年的經驗而言，我覺得兩者之間的差異只是投資回報率的成功率的問題，對嗎？

If the sales had materialized, those investments would not have been deemed unsuccessful.

如果銷售得以實現，這些投資就不會被視為不成功。

So I just need a little help in understanding that change in approach on spending ahead of sales growth versus spending to drive sales growth.

因此，我只是需要一點幫助來理解這種先於銷售成長的支出方式的轉變，而不是透過支出來推動銷售成長。

Thanks.

謝謝。

Thank you, Lauren, and great to hear from you.

謝謝你，勞倫，很高興收到你的來信。

So on the -- my prepared remarks, what I said what we did in the past is, obviously, we've invested ahead of growth in our capabilities.

所以在我準備好的發言中，我說過，我們過去所做的顯然是，我們在能力成長之前就已經進行了投資。

We did a lot of investment, as you may recall, in term of manufacturing network, in terms of system operating model, innovation centers around the world, for us to be able to just make sure we meet the consumer and being able to just like deliver with a more regional manufacturing network.

您可能還記得，我們​​在製造網路、系統營運模式、全球創新中心方面進行了大量投資，以確保我們能夠滿足消費者的需求，並能夠透過更區域化的製造網路進行交付。

What I'm referring to in terms of investment is really much in line to the Beauty Reimagined vision, which is investing in consumer facing.

我所指的投資其實與 Beauty Reimagined 的願景非常一致，即投資面向消費者的業務。

So it's really much shifting our investment going forward to be where the consumers are, investing in the right media platform, being in the right distribution network with the right innovation.

所以，這實際上意味著我們的投資將轉向消費者所在的地方，投資於正確的媒體平台，建立正確的分銷網絡並進行正確的創新。

So in some way, is reducing our investment in SG&A and accelerating all investments in consumer-facing like advertising, like promotions that we have in any given market depending on the profile of each of the brands.

因此，從某種意義上說，我們正在減少對銷售、一般和行政費用 (SG&A) 的投資，並加速所有面向消費者的投資，例如廣告、促銷等，這些投資取決於我們在任何特定市場開展的情況，具體取決於每個品牌的概況。

So the commitment is for us to, as you saw the profile of Q2 and Q3, is really to invest in our brand and consumer facing to really be able to accelerate retail.

因此，正如您在第二季和第三季看到的情況一樣，我們的承諾是真正投資於我們的品牌和麵向消費者的業務，以真正加速零售業的發展。

That's the essence of Beauty Reimagined, is to be able to free up the resources in the P&L to allow us to invest in consumer-facing to reignite retail.

這就是 Beauty Reimagined 的本質，能夠釋放損益表中的資源，讓我們能夠投資面向消費者的領域，重振零售業。

And our commitment is to have strong retail growth to rebuild strong double-digit organic operating margin, but at the same time for us to grow in both markets.

我們的承諾是實現強勁的零售成長，重建強勁的兩位數有機營業利潤率，同時在兩個市場實現成長。

Our ambition is definitely to gain market share in the key markets, in the key brands and key categories around the world.

我們的目標肯定是在全球主要市場、主要品牌和主要產品類別中獲得市場份額。

And as we said it previously, our strategy is to rebalance the growth, to access this growth in the West, from East to West, we need to invest in consumer-facing and just like to make sure that we can accelerate.

正如我們之前所說，我們的策略是重新平衡成長，為了在西方實現成長，從東到西，我們需要投資面向消費者的業務，以確保我們能夠加速成長。

And today, we have already some strong momentum as we see in various places such as like campaign that we've done with Estee Lauder on Thursday Night Football campaign in the US, or also Jo Malone men's campaign that we said we were going to accelerate the capture of new consumers, and we did it in men, and we have a tremendous growth in this category.

如今，我們已經在各個地方看到了一些強勁的發展勢頭，例如我們與雅詩蘭黛在美國進行的周四足球之夜活動，以及喬·瑪瓏男士活動，我們說過要加速吸引新消費者，我們在男性消費者方面做到了這一點，而且我們在這個類別中取得了巨大的增長。

At the same time, also Clinique, we stated over and over again, with the move that we did close to -- in March of last year, we've been able to just capture lapsed consumers and new consumers through the expansion into Amazon Premium Beauty stores.

同時，倩碧也一再聲明，透過我們在去年 3 月採取的舉措——透過向亞馬遜高級美容商店擴張，我們已經能夠吸引流失的消費者和新消費者。

And as a result, we have had eight months of consecutive market share gain in the US market.

結果，我們在美國市場的市佔率已連續八個月成長。

So all these elements gives us the confidence to really invest in our brands in the right geography, but also where we have some successes around the world.

因此，所有這些因素使我們有信心在正確的地區真正投資我們的品牌，並且我們在世界各地也取得了一些成功。

So the investment is more going forward targeting again the consumer acquisition and to be able to reignite overall growth.

因此，投資將更多地針對消費者獲取，並能夠重新激發整體成長。

I would add a few things, Lauren, that we are making a clear distinction here between consumer-facing and fixed costs.

勞倫，我想補充幾點，我們在這裡明確區分消費者導向的成本和固定成本。

So as Stéphane said, on consumer facing, a lot more discretion, there's a lot more variability and a lot faster learning to quickly pivot our plans.

正如 Stéphane 所說，面向消費者時，我們需要更加謹慎、更具可變性，並且需要更快地學習，以便快速調整我們的計劃。

In the past, we made some investments which are big bets in fixed costs and capabilities, then you are stuck with them.

過去，我們進行了一些在固定成本和能力上押下大賭注的投資，然後你就被困住了。

And that's the big distinction we are making in pouring all our investments, to drive the business and constantly pivot.

這就是我們投入所有投資來推動業務並不斷轉型的重大差異。

And that's what we'll keep driving regularly month by month, quarter by quarter, and constantly pivot.

我們會逐月、逐季持續推動這個目標，並不斷調整。

Dana Telsey, Telsey Group.

達娜‧特爾西 (Dana Telsey)，特爾西集團 (Telsey Group)。

Hi, good morning, everyone.

大家早安。

Stéphane, as you think of the new initiatives you're putting in place with the Beauty Reimagined as we go through the next year or two years, what are the markers you're looking for to show the proof points that it's working?

史蒂芬，當您想到在未來一兩年內透過「重塑美麗」計畫實施的新舉措時，您會尋找什麼標誌來證明這些舉措是有效的？

And how are you thinking about the travel retail channel as we move through this?

當我們經歷這個過程時，您如何看待旅遊零售通路？

Thank you.

謝謝。

Thank you, Dana.

謝謝你，達娜。

Look, there's five pillars to our Beauty Reimagined vision.

看，我們的「重塑美麗」願景有五大支柱。

And on terms of markers or KPI, we are tracking and we are creating actually a very thorough way of like tracking and follow every single of our action to just make sure that everything we do is going to deliver on this promise that we are making today.

就標記或 KPI 而言，我們正在跟踪，並且實際上正在創建一種非常徹底的方式來追蹤和追蹤我們的每一個行動，以確保我們所做的一切都能兌現我們今天所做的承諾。

The first one is the consumer coverage.

第一個是消費者覆蓋。

What I mean about consumer coverage is our ability to just capture the consumers where they are.

我所說的消費者覆蓋範圍是指我們能夠隨時隨地捕捉消費者的消費習慣。

We know we didn't make fast move in terms of new distribution when the consumer was moving.

我們知道，當消費者發生變化時，我們在新分銷方面未能迅速採取行動。

And that's what we've demonstrated with the move that we made a few months ago with Amazon and many others like TikTok Shop in Asia and even in the US.

幾個月前我們與亞馬遜以及亞洲乃至美國的 TikTok Shop 等許多其他公司合作的舉措就證明了這一點。

So we are going to really measure how quickly we move in this channel and how much we can like capture lapsed consumer but also new consumer.

因此，我們將真正衡量我們在這個管道中的行動速度，以及我們能夠在多大程度上吸引流失的消費者以及新消費者。

The second thing is our transformative innovation.

第二件事是我們的變革創新。

I'm committed with the team to really accelerate innovation in a dramatic way to meet the consumer.

我致力於與團隊一起加速創新以滿足消費者的需求。

We have many great examples already like La Mer, Clinique, Estee Lauder in the US and in China, but also throughout all our France brand.

我們已經有很多優秀的例子，像是美國和中國的 La Mer、倩碧、雅詩蘭黛，以及我們整個法國品牌。

If you think about it, even like Le Labo going from strength to strength has been also about their ability to deploy the right innovation in the right geography around the world.

如果你仔細想想，即使像 Le Labo 這樣不斷成長的企業，也離不開他們在世界各地正確的地區部署正確的創新的能力。

The first thing is, what we discussed in the prior question, is the consumer facing.

首先，我們在上一個問題中討論的是面向消費者的問題。

So making sure that we are going to track, like Akhil said, month after month, quarter after quarter, the return on investment on every single investment we make in consumer-facing.

因此，就像阿基爾所說的那樣，我們要確保能夠逐月、逐季地追蹤我們在面向消費者方面所做的每一項投資的投資回報率。

And we're becoming more and more sophisticated in leveraging insights, leveraging data to meet like the consumers where they are.

我們在利用洞察力、利用數據來滿足消費者需求方面變得越來越老練。

And hardwiring AI through the organization not only will allow us to become better in supply chain, like I highlighted, but also to use AI to better target consumers with the right assets, but the right media targeting around the world.

而且，正如我所強調的那樣，透過組織硬連線人工智慧不僅可以讓我們在供應鏈中變得更好，而且還可以利用人工智慧更好地瞄準擁有正確資產的消費者，以及全球正確的媒體定位。

The fourth one, which is the PRGP.

第四個是PRGP。

The PRGP allows us to obviously, reduce the SG&A, free up like the necessary investment to invest in innovation and advertising, and at the same time resume and restore a solid double-digit operating margin in the next few years.

PRGP 顯然可以讓我們降低銷售、一般及行政開支，釋放必要的投資用於創新和廣告，同時在未來幾年恢復並恢復穩定的兩位數營業利潤率。

And the last thing, which we are going to track and already tracking inside the organization, is the simplification of ways of working.

最後一件事，也是我們將要追蹤並且已經在組織內部追蹤的事情，就是簡化工作方式。

I made it clear in my operating -- my prepared remarks, sorry.

我在我的準備好的發言中已經說得很清楚了，抱歉。

We become -- we lost agility -- the agility came from the complexity of the organization.

我們變得──我們失去了敏捷性──敏捷性來自於組織的複雜性。

My commitment is to simplify the ways of working and that we can track it, and we track it every day already by simply reducing the number of meetings internally, to focus more externally.

我的承諾是簡化工作方式並使其易於跟踪，而且我們每天都在跟踪它，只需減少內部會議次數，即可將更多精力放在外部。

I personally spent the month of December to meet with every single retailer in North America and some around the world.

我自己花了整個 12 月的時間與北美以及世界各地的每位零售商會面。

I'm about to embark in multiple travels around the world, we meet with our partners, retailers, et cetera, to be laser-focused on making sure that we reignite retail.

我即將開始多次環球旅行，我們將會見我們的合作夥伴、零售商等，全神貫注於確保重振零售業。

So I would say in that, we have a very clear tracking, a very clear vision.

所以我想說，我們有一個非常清晰的追踪，一個非常清晰的願景。

And this Beauty Reimagined vision has been deployed to the new executive team and throughout the organization and will continue to be deployed as we speak, to make sure that we all speak the same language with one clear objective, which is, again, to reveal strong retail growth, grow above market and to gain share and to resume the strong double-digit operating margin.

這個「重塑美麗」的願景已在新任執行團隊和整個組織中得到實施，並將持續實施，以確保我們所有人都使用同一種語言，實現一個明確的目標，那就是再次實現強勁的零售增長，超越市場，獲得份額，並恢復強勁的兩位數營業利潤率。

And so your second part of the question on travel retail.

這是您問題的第二部分，關於旅遊零售。

Travel retail remains an important part of the business.

旅遊零售仍然是業務的重要組成部分。

But it is very clear that we are reducing overall the dependency on travel retail and reducing the volatility of our overall business.

但很明顯，我們總體上正在減少對旅遊零售的依賴，並降低整體業務的波動性。

That being said, I want to just be clear, travel retail is an important channel for us to recruit and retain consumers.

話雖如此，我只想明確一點，旅遊零售是我們吸引和留住消費者的重要管道。

And in many instances, as certainly you've seen, it is a window of creating brand desirability for our brand around the world.

而且在許多情況下，正如您所看到的，它是我們的品牌在世界各地創造品牌吸引力的窗口。

We know like the rest of the organization, we didn't capture growth enough with travel retail in the West.

我們知道，與組織的其他部分一樣，我們在西方的旅遊零售領域沒有獲得足夠的成長。

So while we are reducing dependency in travel retail in the East, we are also seeking new opportunities in the West with new brands and new categories that we have in our portfolio that we can deploy in a much faster way and creating a greater impact.

因此，在我們減少對東方旅遊零售依賴的同時，我們也在西方尋求新的機會，利用我們產品組合中的新品牌和新類別，我們可以以更快的方式進行部署，並產生更大的影響。

Thank you.

謝謝。

Dara Mohsenian, Morgan Stanley.

摩根士丹利的 Dara Mohsenian。

Hi, good morning.

嗨，早安。

So we spent a lot of time on the execution plans with the reorganization, the detail is very helpful.

因此，我們花了很多時間在重組的執行計劃上，細節非常有幫助。

I was just hoping also to get a bit more perspective from you on the softer cultural changes among the workforce that are needed behind the organizational changes, the cultural points you're most focused on emphasizing over the next few years.

我只是希望從您那裡獲得更多有關組織變革背後所需的勞動力更溫和的文化變革的觀點，以及未來幾年您最關注強調的文化要點。

And just also, how important is bringing in outsiders, whether it's the management, which appears limited so far, even use of consultants, external help as you look to sort of implement these detailed plans that you've outlined?

而且，引入外部人員有多重要，無論是管理層（目前看來這方面很有限），還是使用顧問、外部幫助來實施您所概述的這些詳細計劃？

.

。

Thank you.

謝謝。

I love this question.

我喜歡這個問題。

Obviously, cultural change is going to be critical because it has to be completely honest and transparent.

顯然，文化變革至關重要，因為它必須完全誠實和透明。

This vision of Beauty Reimagined will be able to execute it as a team we commit behind one basically the vision, which we are.

重塑美麗的願景將能夠作為一個團隊來執行，我們致力於實現這個願景。

And that's the reason why we deployed this new executive team, already announced like this morning, and I've spoken to every single leader, and all of them are committed behind it.

這就是我們部署這個新執行團隊的原因，這個消息今天早上就已經宣布過了，而且我已經與每一位領導人進行了交談，他們全都致力於此。

It is about -- we all love this company.

這是關於——我們都熱愛這家公司。

We know that culture is like very important.

我們知道文化非常重要。

Our values remain extremely strong.

我們的價值觀依然極為堅定。

And we are actually also realizing and recognizing where our strengths are.

我們實際上也認識並意識到了我們的優勢在哪裡。

And this is the reason why I mentioned in my prepared remarks that we are bringing some external partners to help us in this transformation.

這就是我在準備好的發言中提到我們將引入一些外部合作夥伴來幫助我們實現這項轉型的原因。

There are a lot of like great partners that have done that multiple times, and we are recognizing like, today, we need somehow in this execution of the PRGP.

有很多優秀的合作夥伴已經多次這樣做了，我們今天認識到，我們需要以某種方式執行 PRGP。

And I'm really committed with the vision we have at the support of the Board, at the support of the executive team that we are going to continue to build on our culture and our values and make this company way more agile than it has ever been before.

我堅信，在董事會和執行團隊的支持下，我們將繼續鞏固我們的文化和價值觀，使公司比以往任何時候都更加靈活。

I mentioned it also, we are going through the biggest operational transformation in our history.

我也提到過，我們正在經歷史上最大的營運轉型。

This is going to take a lot of hard work.

這需要付出很多艱苦的努力。

This is going to take partners outside that are going to help us and guide us.

這將吸引外部合作夥伴來幫助我們、指導我們。

But I know ultimately that every single person that I spoke into -- two in this company today, within the Estee Lauder Companies, is absolutely committed to change, is absolutely committed to just bring speed and agility and everything that we are doing so we can rebuild this company to the rightful place that it belongs, which is really at the top.

但我最終知道，與我交談過的每一個人——今天在這家公司裡，雅詩蘭黛公司內部的兩個人，都絕對致力於變革，絕對致力於帶來速度和靈活性，我們所做的一切都是為了將這家公司重建到它應有的位置，也就是真正的巔峰。

Dara, I would add one thing.

達拉，我想補充一點。

I mean, of course, as Stéphane talked about, I mean, really what he's asking us all to do as leaders to support in this is really build a culture of three things that I take away very importantly from what he's telling us.

我的意思是，當然，正如史蒂芬所說的，他實際上要求我們作為領導者在這方面支持的是真正建立一種由三件事組成的文化，從他告訴我們的事情中我得到了非常重要的啟示。

One, each one of us are owners and leaders and really empowered and accountable.

首先，我們每個人都是主人和領導者，擁有真正的權力和責任。

Secondly, the consumer is at the heart of everything we do, whatever be your function, whatever be your work, wherever you are in the company.

其次，無論您的職能是什麼，無論您從事什麼工作，無論您在公司的哪個位置，消費者都是我們所做一切的核心。

And then thirdly, a clear focus on value creation, and long-term value creation while navigating some of the challenges.

第三，在應對一些挑戰的同時，明確關注價值創造和長期價值創造。

And these things are, as a leadership team, we all are owning it along with our employees around the world.

作為領導團隊，我們與世界各地的員工共同擁有這些事物。

Great.

偉大的。

Thanks.

謝謝。

Oliver Chen, TD Cowen.

奧利佛陳（Oliver Chen），TD Cowen 公司。

Hi, Stéphane and Akhil, as you think about prestige, what's your thoughts on the future of prestige in terms of hybridization, masstige, ingestibles in the broader sense of what the consumer thinks or doesn't think about what prestige means.

你好，Stéphane 和 Akhil，當你們考慮聲望時，你們對混合化、大眾化、可食用化等聲望的未來有何看法，從更廣泛的角度來看，消費者對聲望的含義有何看法或不看法。

Also on your innovation pipeline, which looks quite exciting, what might be nearer term versus longer term?

另外，您的創新管​​道看起來非常令人興奮，近期和長期的創新管道分別是什麼？

Because there's many great things that are underway.

因為有很多偉大的事情正在進行中。

And as we think about the operating margin, just the recipe for expansion back to history, if there's a way to simplify that.

當我們考慮營業利潤率時，如果有辦法簡化這一點，那麼擴張的秘訣就回到了歷史。

I'm sure it's a combination of fixed cost leverage as well as innovation.

我確信這是固定成本槓桿和創新的結合。

Thank you.

謝謝。

Thank you, Oliver.

謝謝你，奧利佛。

I'll start and Akhil can add a little bit more flavor to the margin.

我先開始，然後阿基爾 (Akhil) 可以為邊緣添加一點趣味。

So let me just start from the top of like your question about the outlook on the market.

因此，讓我從頭開始回答您關於市場前景的問題。

Frankly, the long-term fundamental of the beauty market are very, very strong and remains strong.

坦白說，美容市場的長期基本面非常非常強勁，而且仍然強勁。

Remember, we play in the areas where middle class is extremely important to future growth.

請記住，我們所處的領域中的中產階級對於未來的成長極為重要。

And middle class is continue to rise in many markets around the world, that is in the East, that is in the West, in many markets around the world.

中產階級在世界許多市場持續崛起，無論是在東方，或是西方，在世界許多市場。

We also, I believe, have a moment in time, we are living a great opportunity in terms of distribution expansion.

我也相信，我們正處於一個正確的時機，在分銷擴張方面，我們正面臨一個絕佳的機會。

The buyers have like been completely redefined when it took -- it comes to like distribution and how and where you can connect with the consumers.

當涉及到分銷以及如何以及在何處與消費者建立聯繫時，買家似乎已經被完全重新定義。

As we demonstrated, we go from our own freestanding stores with brands like Le Labo or Jo Malone, but at the same time, we are also like able to operate in channels like Amazon Premium Beauty prestige that allows us to connect with the consumer, and seek new consumer and continue with this principle of recruiting and sourcing from mass market into like prestige and luxury where we are.

正如我們所展示的，我們從自己的獨立商店開始銷售 Le Labo 或 Jo Malone 等品牌，但同時，我們也能夠在 Amazon Premium Beauty 等聲望管道中運營，這使我們能夠與消費者建立聯繫，尋找新消費者，並繼續這一從大眾市場招募和採購的原則，進入我們所在的聲望和奢侈品市場。

And I would say, the third thing and very important thing, is this ability to connect with consumers faster and in an even closer way than we've ever done it before.

我想說的第三件事也是非常重要的一點就是我們能夠比以前更快、更緊密地與消費者建立聯繫。

So the combination of these three elements, I really believe like shows great potential for the overall industry.

因此，我相信這三種要素的結合將為整個產業帶來巨大的潛力。

And as part of the Beauty Reimagined, finally, we are also focus on capturing this part of the business that we haven't had access to in the distribution, but also at the same time, how we're going to target consumers better.

作為「重塑美麗」計畫的一部分，我們最終也將專注於抓住我們在分銷中尚未觸及的這一業務領域，同時，我們也將專注於如何更好地瞄準消費者。

Because our fundamentals are strong, our portfolio of brands is strong.

因為我們的基本面強勁，所以我們的品牌組合也很強大。

We just need to make sure that our brands with the right innovation is going to be visible to the consumer.

我們只需要確保我們的品牌能夠透過正確的創新被消費者看到。

So every investment we make from an end-to-end connect from what they see and where they shop and the ability for us to just like capture that in a very agile and very quick way around the world.

因此，我們所做的每一項投資都從端到端連接開始，涵蓋消費者看到的內容和購物地點，我們能夠以非常靈活和快速的方式在世界各地捕捉到這些資訊。

Obviously, you're talking about pricing.

顯然，你談論的是定價。

Pricing has -- also challenged because of the buyers that have transformed completely from a distribution standpoint.

由於買家從分銷角度發生了徹底的轉變，定價也面臨挑戰。

We have brands like La Mer that continues to grow from strength to strength, being able to just grow and significantly gain share in markets like China in the last quarter.

我們擁有像 La Mer 這樣的品牌，其實力持續增強，上個季度在中國等市場不斷增長並大幅提升市場份額。

And at the same time, you have The Ordinary, which is, by definition, the brand that is really capturing, at the entry of prestige, a lot of consumers, as demonstrated by our ability to move huge amount of units in multiple points of distribution.

同時，我們還有 The Ordinary，從定義上來說，它是一個真正吸引大量消費者的品牌，我們能夠在多個分銷點銷售大量產品的能力就證明了這一點。

And we are very excited with the launch earlier this week of The Ordinary at Amazon because it will allow us to just like capture a greater number of consumers and that we can just aspire to do it in many places around the world.

我們對本週早些時候在亞馬遜上推出的 The Ordinary 感到非常興奮，因為它讓我們能夠吸引更多的消費者，而且我們希望在世界許多地方做到這一點。

So what I would say, we have a portfolio that is well diversified from the top of luxury to the entry of prestige with a world of beauty that I believe is well positioned to continue grow based on this indicator of growing middle class, new distribution and the ability to connect with the consumer in a much more tailored and personal way than ever before.

所以我想說的是，我們的產品組合非常多樣化，從頂級奢侈品到入門級美妝產品，我相信，基於不斷壯大的中產階級、新的分銷渠道和以比以往更加定制和個性化的方式與消費者建立聯繫的能力，我們的產品組合將繼續增長。

Thank you, Stéphane.

謝謝你，史蒂芬。

Hello, Oliver.

你好，奧利佛。

So Stéphane touched upon our sales growth.

因此 Stéphane 談到了我們的銷售成長。

I mean, of course, as we look, we are driving the three critical things for long-term value: sales growth, margin and cash flow.

我的意思是，當然，正如我們所看到的，我們正在推動長期價值的三個關鍵因素：銷售成長、利潤率和現金流。

And from a margin perspective, you saw that our margins are in the single digit right now.

從利潤率的角度來看，您會發現我們的利潤率現在是一位數。

We have demonstrated a clear way to improve gross margin over the last few years, and there is still a lot more work to do here, and we are confident based on the work we have already done and what we see ahead that with the whole zero-waste mindset and the supply chain efficiency, we can make significant progress here.

過去幾年來，我們已經展示了提高毛利率的明確方法，但這方面還有很多工作要做，基於我們已經完成的工作以及我們對未來的展望，我們有信心，憑藉整個零浪費思維和供應鏈效率，我們可以在這方面取得重大進展。

So that would be a critical building block as we go towards solid double-digit margin in the next few years.

因此，這將是我們在未來幾年內穩固的兩位數利潤的關鍵基石。

Within OpEx, we are -- you saw that we have increased -- we have doubled the restructuring program.

在營運支出 (OpEx) 方面，您會看到我們增加了——我們已經將重組計劃增加了一倍。

So that's a significant increase on the employee cost opportunities that would be there.

因此這將顯著增加員工成本的機會。

Secondly, as Stéphane called out, we are step-changing our work on procurement, which means every single line item of our expense is an opportunity to improve.

其次，正如史蒂芬所呼籲的，我們正在逐步改變我們的採購工作，這意味著我們的每項開支都是一個改進的機會。

So that's the second big pillar.

這是第二大支柱。

And the third big pillar is shared service, where we have done work in the past few years but we have an opportunity to step-change with some of the leading partners around the world.

第三大支柱是共享服務，過去幾年我們已經開展了這方面的工作，但我們有機會與世界各地的一些領先合作夥伴一起實現跨越式發展。

So with all of those building blocks, we remain confident that we can move towards a solid double-digit margin in the next few years.

因此，有了所有這些基礎，我們仍然有信心在未來幾年內實現穩固的兩位數利潤率。

And of course, we will share with you more details on the upcoming forums.

當然，我們將在即將舉行的論壇上與您分享更多詳細資訊。

Okay.

好的。

Very helpful.

非常有幫助。

Thank you.

謝謝。

One quick follow-up.

快速跟進一次。

M&A, Stéphane and Akhil.

M&A，Stéphane 和 Akhil。

There are a lot of good founder-led brands and innovations happening everywhere.

世界各地都有很多由創辦人領導的優秀品牌和創新。

How are you going to think about M&A within your culture or not in terms of as you look forward to new opportunities?

當您期待新的機會時，您會如何看待與您的文化相適應的併購？

I think, Oliver, on the M&A, as you know, part of our strategy, we are laser-focused with Beauty Reimagined to really reignite growth and rebuild profitability.

奧利弗，正如你所知，關於併購，我認為這是我們策略的一部分，我們專注於 Beauty Reimagined，以真正重燃增長並重建盈利能力。

And as such, we are in, obviously, our portfolio is key.

因此，我們的投資組合顯然是關鍵。

As I said, we have some strengths that we need to accelerate and we have areas where we know we need to transform.

正如我所說，我們有一些優勢需要加強，我們也知道有些領域需要轉型。

And this is what we are going to tackle in the next few months, to really making sure that we are putting every single of our beautiful brand in the right position to really accelerate and contribute to the overall growth of the company.

這就是我們在接下來的幾個月要解決的問題，真正確保我們將每個美麗的品牌放在正確的位置，以真正加速和促進公司的整體成長。

When it comes to M&A, we will come to you like in the future.

當談到併購時，我們將會像將來一樣來找你。

But obviously, every time there's an opportunity, we have a team, a great team, that is looking at what is available, but it has to be looked with the lens of, one, is it complementary to the portfolio?

但顯然，每當有機會時，我們都會有一個團隊，一個優秀的團隊，來研究現有的東西，但必須用以下幾個角度來看待：第一，它是否與投資組合互補？

Is it going to add one thing?

它會添加一件事嗎？

And at the same time, we need to just also like manage and balance our overall balance sheet, overall in the near term.

同時，我們也需要在短期內管理和平衡我們的整體資產負債表。

Yes.

是的。

The only thing I would add is that we clear priorities to delever in the short term, our balance sheet.

我唯一想補充的是，我們明確了短期內去槓桿的優先事項，也就是我們的資產負債表。

And then, of course, we are brand builders and we are constantly looking at opportunities.

當然，我們是品牌建立者，我們一直在尋找機會。

But in the near term, as Stéphane outlined, our priority would be to deleverage the balance sheet.

但在短期內，正如史蒂芬所概述的，我們的首要任務是去槓桿。

Olivia Tong, Raymond James.

奧莉維亞通 (Olivia Tong)、雷蒙詹姆斯 (Raymond James)。

Great.

偉大的。

Thank you so much.

太感謝了。

You had mentioned a lot about increased complexity of the prestige beauty portfolio, clearly lots of changes both domestically and globally over the last several years.

您多次提到高端美容產品組合的複雜性日益增加，顯然過去幾年國內和全球都發生了許多變化。

Presumably, you've gone to your key retailers in your early days as CEO.

據推測，在您擔任執行長的初期，您已經拜訪過主要零售商。

Can you elaborate on your discussions with them?

能詳細說明與他們的討論嗎？

And then also, the game plan to capture more of the consumer in Asia, especially given their increased willingness to accept local brands in the premium segment despite obviously very significant investments that you've made.

此外，你的計劃是吸引更多的亞洲消費者，特別是考慮到儘管你顯然已經投入了非常多的資金，但他們越來越願意接受高端市場的本土品牌。

And then lastly, in Western markets, what you're doing to differentiate yourself versus your competition in key categories.

最後，在西方市場，你們在關鍵產品類別中採取了哪些措施來讓自己與競爭對手區分開來。

Thank you.

謝謝。

So Olivia, like if I'm clear on the question you're asking is, obviously, like from what are we doing from a differentiation, obviously, to win.

所以奧莉維亞，如果我清楚你問的問題，顯然，我們從差異化方面做了什麼，顯然是為了贏球。

And I think the second pillar of Beauty Reimagined with the transformative innovation stimulus plan in a way that we are putting out there is really for us to be able to connect with the consumer in a greater way and in a faster way.

我認為，我們推出的變革性創新刺激計畫的第二個支柱是重塑美麗，以便我們能夠以更好、更快的方式與消費者建立聯繫。

As committed, we are going to triple the number of launches that we are going to bring to market within less than a year.

根據承諾，我們將在不到一年的時間內將推向市場的產品數量增加兩倍。

That allows us, when you think about this overall acceleration of innovation, to better tailor innovation by retailer to connect with the consumer at different places around the world.

當你考慮到整體創新加速時，這使我們能夠更好地根據零售商量身定制創新，以與世界各地的消費者建立聯繫。

And there are clear retailers, frankly, from our own (inaudible) to consumer to the partners that we are working that are defined to be more about the trial and recruitment when some others are much more about like retention and recruitment.

坦白說，從我們自己的（聽不清楚）到消費者再到我們正在合作的合作夥伴，顯然有些零售商更注重試用和招募，而有些零售商則更注重保留和招募。

So we are really tailoring not only an innovation plan to accelerate, but also an innovation plan that allows us to be able to react to an increased fragmented distribution around the world that allows us to just capture all the consumers.

因此，我們實際上不僅制定了加速創新計劃，而且還制定了一項創新計劃，使我們能夠對全球日益分散的分銷做出反應，從而讓我們能夠吸引所有的消費者。

So I would say, in this one, complexity can be managed as long as you have the right innovation that goes to the right consumers in the right distribution.

所以我想說，在這一點上，只要你有正確的創新，並以正確的分銷方式傳遞給正確的消費者，複雜性是可以管理的。

And now in that, as part of the first pillar of Beauty Reimagined, is to meet the consumer where they are with the right product, but also at the right price point.

現在，作為「重塑美麗」的第一大支柱，我們的目標是以合適的價格為消費者提供合適的產品。

And I think this is one of the new elements that we are bringing to just make sure that, yes, La Mer can play in the price tier where they are, but you have multiple brands that have the right to play at different price points of prestige and luxury.

我認為這是我們引入的新元素之一，目的是為了確保 La Mer 能夠在其所在的價格層級上發揮作用，但您有多個品牌有權在不同價位的聲望和奢侈品上發揮作用。

And that's what we intend, and you are going to see a lot more innovation coming tailored by consumer by distribution by price point across, frankly, all the four categories that we operate in and the many subcategories that we see growing in the future.

這正是我們的意圖，您將會看到更多根據消費者、分銷管道和價格點量身定制的創新，坦白說，涵蓋我們運營的所有四個類別以及我們認為未來會增長的許多子類別。

I hope it answers your question, Olivia.

我希望這能回答你的問題，奧利維亞。

This will conclude our question-and-answer session as well as our conference call for today.

我們的問答環節以及今天的電話會議到此結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。